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






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






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






4. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






5. Stock reacquired by a corporation.






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






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






8. 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.






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






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






11. To take into police custody.






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






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






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






15. The person to whom an offer is made.






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






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






18. Anything that may be owned.






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






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






21. The person who executes a promissory note.






22. 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.






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






24. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






25. The person who executes any draft.






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






27. One who ships goods by common carrier.






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






29. 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.






30. Canceling - annulling - avoiding.






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






32. That which the promisor demands and receives as the price for a promise.






33. One that is incorporated in a foreign country.






34. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






35. Stating an untrue fact.






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






37. Stock with an assigned face vale.






38. Those contracts that must be in special form or produced in a certain way - such as under seal.






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






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






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






42. Movable tangible personal property.






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






44. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






45. 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.






46. A person in possession of an instrument.






47. The signature or statement of purpose by the owner on the back of the instrument.






48. All property which is not real property.






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






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