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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. A written request initiating a civil suit.






2. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






3. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






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






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






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






7. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






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






9. One in possession of commercial paper.






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






11. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






12. Stock with an assigned face vale.






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






14. Anything that may be owned.






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






16. A document of conveyance that provides written evidence of one's title to tangible personal property.






17. One who ships goods by common carrier.






18. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






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






20. The contract existing between the consignor (shipper) and the carrier.






21. Person who writes his or her name on back of instrument.






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






23. A corporation formed to carry out government functions.






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






25. 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.






26. Customs that have become recognized by the courts as binding on the community.






27. An award paid to the injured party to cover the exact amount of their loss - but no more.






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






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






30. 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.






31. A means whereby one party conveys rights to another person who is not a party to the original contract.






32. An agreement between two or more competent persons which is enforceable by law.






33. 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.






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






35. Movable tangible personal property.






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






37. Laws which are enacted by legislative bodies.






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






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






40. 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.






41. The person - company - or financial institution ordered to pay a draft.






42. Official document detailing a defendant's defense.






43. A written request initiating a civil suit.






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






45. 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.






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






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. The party who acquires possession but not the title of personal property in a bailment.






49. The person against whom legal action is brought. 1






50. A negotiable instrument containing a promise to pay.