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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. One in which terms of the contract are implied by acts or conduct of the '_ parties.






2. 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.






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






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






5. The person who executes a promissory note.






6. A person in possession of an instrument.






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






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






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






10. The authority of an agent - stated in the document or agreement creating the agency.






11. The individual who initiates a civil action.






12. Stock reacquired by a corporation.






13. 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.






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






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






16. Courts that conduct the original trial and render their decision.






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






18. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






19. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






20. Those goods which are not in existence at the time a contract is agreed to.






21. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






22. Court hearing cases appealed from lower courts.






23. Any contract other than a formal contract - whether written - oral or implied.






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






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






26. 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).






27. Operates in the state that granted the charter.






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






29. One in possession of commercial paper.






30. A criminal offense which is neither treason nor a felony.






31. An expression of willingness to enter a contractual agreement.






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






33. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






34. The person to whom an offer is made.






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






36. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






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






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






39. The contracting of services rather than goods.






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






41. The change of one of the parties to a contract at the mutual agreement of the original parties.






42. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






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






44. Confirming an act that was executed without authority or an act which was voidable.






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






46. An agreement to an offer resulting in a contract.






47. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






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






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






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