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






2. A corporation formed to carry out government functions.






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






4. The person who executes a promissory note.






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






6. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






7. A person in possession of an instrument.






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






9. One who ships goods by common carrier.






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






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






12. A negotiable instrument containing a promise to pay.






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






14. The person who executes any draft.






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






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






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






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






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






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






21. 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.






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






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






24. Laws enacted by local municipalities.






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






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






27. A document of conveyance that provides written evidence of one's title to tangible personal property.






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






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






30. Stock that entitles owner vote.






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






32. 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.






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






34. Court hearing cases appealed from lower courts.






35. Stock with an assigned face vale.






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






37. The person to whom an offer is made.






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






39. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






40. Official document detailing a defendant's defense.






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






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






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






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






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






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






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






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






49. The party to whom the assignment is made.






50. An endorsement which limits the liability of the endorser.