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






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






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






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






5. 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.






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






7. A judicial order or decree forbidding the performance of a certain act.






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






9. Stating an untrue fact.






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






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






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






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






14. A decision of a court.






15. Court hearing cases appealed from lower courts.






16. The person who executes a promissory note.






17. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






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






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






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






21. The party to whom the assignment is made.






22. Laws enacted by local municipalities.






23. One in possession of commercial paper.






24. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






25. An agreement of no legal effect.






26. An agent's authority to do things not specifically authorized in order to carry out express authority.






27. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






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






31. 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.






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






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






34. 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.






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






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






37. 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.






38. A written request initiating a civil suit.






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






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






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






42. To take into police custody.






43. A business owned by one person.






44. The person who executes any draft.






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






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






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






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






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






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