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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 party who initiates - or makes - an offer.






2. A contract remedy by which the court requires the breaching party to perform the contract.






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






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






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






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






7. Laws enacted by local municipalities.






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






9. 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






10. Canceling - annulling - avoiding.






11. A means whereby one party conveys rights to another person who is not a party to the original contract.






12. To take into police custody.






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






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






15. The change of one of the parties to a contract at the mutual agreement of the original parties.






16. A decision of a court.






17. 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.






18. An offense which is injurious to society as a whole.






19. Stock reacquired by a corporation.






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






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






22. Stating an untrue fact.






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






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. A written request initiating a civil suit.






26. The individual who initiates a civil action.






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






28. 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.






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






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






31. One who takes initial steps to form corporation.






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






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






34. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






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






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






37. Laws which seek to promote competition among businesses.






38. An award paid to the injured party to cover the exact amount of their loss - but no more.






39. A business owned by one person.






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






41. A corporation formed to carry out government functions.






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






43. A person in possession of an instrument.






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






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

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






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






48. A negotiable instrument containing a promise to pay.






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






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