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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. Stating an untrue fact.






2. 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.






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






4. Laws enacted by local municipalities.






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






6. 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.






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






8. The person who executes any draft.






9. 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.






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






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






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






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






14. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






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






16. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






17. 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.






18. Land and those objects permanently attached to land. Rejection refusal to accept.






19. The individual who initiates a civil action.






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






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

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






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






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






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






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






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






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






29. 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).






30. 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






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






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






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






34. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






35. A warranty imposed by law - arising automatically because the sale has been made.






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






37. 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.






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






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






40. A written request initiating a civil suit.






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






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






43. A business owned by one person.






44. 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.






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






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






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






48. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






49. 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.






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

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