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






2. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






3. An offense which is injurious to society as a whole.






4. An individual actively and openly engaged in the business and held out to everyone as a partner.






5. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






6. To take into police custody.






7. Movable tangible personal property.






8. That which the promisor demands and receives as the price for a promise.






9. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






10. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






11. Stock giving special advantage as to payment of dividends - upon liquidation or both.






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






13. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






14. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






15. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






16. Laws enacted by local municipalities.






17. One in possession of commercial paper.






18. 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.






19. Declared value of outstanding stock.






20. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






21. 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.






22. A criminal offense that is punishable by confinement in prison or by death.






23. The person who executes a promissory note.






24. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






25. A commercial paper payable to bearer; i.e. to the person having possession of such.






26. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






27. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






28. The individual who initiates a civil action.






29. An agent's authority to do things not specifically authorized in order to carry out express authority.






30. One authorized by the principal to execute specific acts.






31. A check for which the bank assures that the drawer has sufficient funds to make payment.






32. 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.






33. One who ships goods by common carrier.






34. A negotiable instrument containing a promise to pay.






35. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






36. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






37. A warranty imposed by law - arising automatically because the sale has been made.






38. An agreement of no legal effect.






39. An agreement made and executed in satisfaction of the rights one has from a previous contract.






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






41. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

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42. A person in possession of an instrument.






43. A written request initiating a civil suit.






44. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






45. Stock with an assigned face vale.






46. Official document detailing a defendant's defense.






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






48. The party who gives up possession - but not title - of property in a bailment.






49. A contract which will be enforced by the court.






50. Partner unknown to public with no part in management.