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Business Law Vocab

Subjects : law, business-law
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. All property which is not real property.






2. Person who pretends to be a partner or permits others to represent him or her as a partner.






3. A negotiable instrument containing a promise to pay.






4. The signature or statement of purpose by the owner on the back of the instrument.






5. The party to whom any negotiable instrument is made payable.






6. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.






7. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






8. Those having title to one or more shares of stock in a corporation; combined - they represent ownership of the corporation.






9. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






10. Pretrial steps taken to learn the details of the case.






11. Laws which are enacted by legislative bodies.






12. Court hearing cases appealed from lower courts.






13. Those contracts that must be in special form or produced in a certain way - such as under seal.






14. Movable tangible personal property.






15. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






16. A law that restricts the period of time within which an action may be brought to court.






17. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






18. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






19. The transfer of possession but not the title of personal property by one party to another - under agreement.






20. A relationship of trust and confidence - such as that which exists between partners in a partnership.






21. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






22. A body of persons elected by the stockholders to define and establish corporate policy.






23. The person to whom an offer is made.






24. Charging a person with a crime and asking for that person's plea.






25. An individual who takes no active part in the management of a business but has capital invested in the business.






26. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






27. A corporation formed to carry out government functions.






28. An endorsement which limits the liability of the endorser.






29. The contracting of services rather than goods.






30. Declared value of outstanding stock.






31. An endorsement which designates the particular person to whom payment is to be made.






32. The act of transferring ownership of a negotiable instrument to another party.






33. A contract remedy by which the court requires the breaching party to perform the contract.






34. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






35. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






36. Stock that entitles owner vote.






37. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






38. Having no words other than the signature of the endorser.






39. That consideration stipulated by contract - generally expressed in money or money's worth.






40. A business owned by one person.






41. Person not party to a contract - but whom parties intended to benefit.






42. The party making the assignment.






43. The transfer of title to goods from the seller to the buyer for a consideration called the price.






44. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






45. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






46. The annulment or cancellation of an instrument - act or promise by one doing or making it.






47. A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.






48. Laws dealing with crimes and the punishment of wrongdoers.






49. The repudiation of - or election to avoid - a voidable contract.






50. An agreement which is not in the form required by law.