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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 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.






2. Laws which are enacted by legislative bodies.






3. The party making the assignment.






4. A negotiable instrument containing a promise to pay.






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






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






7. 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.






8. A check drawn on a bank's own funds and signed by a responsible bank official.


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






10. Stock reacquired by a corporation.






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






12. Canceling - annulling - avoiding.






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






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






15. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






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






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






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






19. A written request initiating a civil suit.






20. Anything that may be owned.






21. 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.






22. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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






24. The party who initiates - or makes - an offer.






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






26. A written request initiating a civil suit.






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






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






29. A person in possession of an instrument.






30. One to whom goods are shipped by common carrier.






31. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.






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






33. A corporation formed to carry out government functions.






34. 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.






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






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






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






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






39. Laws enacted by local municipalities.






40. Movable tangible personal property.






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






42. A decision of a court.






43. To take into police custody.






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






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






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






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






48. A business owned by one person.






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






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