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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. The goods specified by the buyer and seller.






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






3. Stating an untrue fact.






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






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






6. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.






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






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






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






10. 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.






11. Those goods which are - at the time of the contract - in existence and owned by the seller.






12. The individual who initiates a civil action.






13. A person in possession of an instrument.






14. An endorsement which prevents the use of the instrument for anything except the stated use.






15. 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.






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






17. Those contracts in which the terms have not been completely executed or fulfilled.






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






19. 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.






20. 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.






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






22. Designation that applies when a corporation operates in any state other __ than where it is chartered.






23. Official document detailing a defendant's defense.






24. Improper influence that is asserted by one dominant person over another - without the threat or harm.






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






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

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27. To take into police custody.






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






29. 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






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






31. One in possession of commercial paper.






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






33. Stock reacquired by a corporation.






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






35. One who takes initial steps to form corporation.






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






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






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






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






40. 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.






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






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






43. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






44. A corporation formed to carry out government functions.






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






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






47. The person who executes any draft.






48. The person who executes a promissory note.






49. The contracting of services rather than goods.






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