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






2. The person who executes a promissory note.






3. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






4. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






5. Laws enacted by local municipalities.






6. Anything that may be owned.






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






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






9. 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.






10. An agreement of no legal effect.






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






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

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






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






15. Stating an untrue fact.






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






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






18. Court hearing cases appealed from lower courts.






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






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






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






22. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






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






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






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






26. The transfer of title to goods from the seller to the buyer for a consideration called the price.






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






28. 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.






29. The individual who initiates a civil action.






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






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






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






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






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






35. The party who initiates - or makes - an offer.






36. Declared value of outstanding stock.






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






38. Stock with an assigned face vale.






39. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






40. The party who acquires possession but not the title of personal property in a bailment.






41. Official document detailing a defendant's defense.






42. The repudiation of - or election to avoid - a voidable contract.






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






44. 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






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






46. A corporation formed to carry out government functions.






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






48. The person to whom an offer is made.






49. 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.






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