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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. Movable tangible personal property.






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






3. Official document detailing a defendant's defense.






4. A business owned by one person.






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






6. The individual who initiates a civil action.






7. Canceling - annulling - avoiding.






8. 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.






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






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






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






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






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






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






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






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






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






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






19. The party making the assignment.






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






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






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






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






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






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






26. A written request initiating a civil suit.






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






28. The party to whom the assignment is made.






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






30. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






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






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






33. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






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






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






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

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






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






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






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






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

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






44. One in possession of commercial paper.






45. Stock reacquired by a corporation.






46. All property which is not real property.






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






48. A negotiable instrument containing a promise to pay.






49. A law that restricts the period of time within which an action may be brought to court.






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