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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 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.






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






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






4. The individual who initiates a civil action.






5. Stock reacquired by a corporation.






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






7. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






8. Movable tangible personal property.






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






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

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






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






13. One in possession of commercial paper.






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






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






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






17. Exceeding the maximum rate of interest which may be charged on loans.






18. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






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






20. 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.






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






22. A written request initiating a civil suit.






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






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






25. Court hearing cases appealed from lower courts.






26. Power to act for someone else.






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






28. A corporation formed to carry out government functions.






29. Stock with an assigned face vale.






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






31. A party who appoints a second party to serve as an agent.






32. 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.






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






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






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






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






38. The goods specified by the buyer and seller.






39. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






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






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






43. 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.






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






45. A person in possession of an instrument.






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






47. A corporation formed by individuals to form some non-governmental function.






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






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






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






Can you answer 50 questions in 15 minutes?



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