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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. A negotiable instrument containing a promise to pay.






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

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






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






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






6. An agreement of no legal effect.






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






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






9. Canceling - annulling - avoiding.






10. 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.






11. 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






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






13. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






14. Stating an untrue fact.






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






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






17. To take into police custody.






18. 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.






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






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






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






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






23. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






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






25. Charging a person with a crime and asking for that person's plea.






26. 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.






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






28. 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






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






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






31. All property which is not real property.






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






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






34. Court hearing cases appealed from lower courts.






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






36. A corporation formed by individuals to form some non-governmental function.






37. A corporation formed to carry out government functions.






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






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






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






41. Movable tangible personal property.






42. An agreement which is not in the form required by law.






43. Those contracts in which the terms have not been completely executed or fulfilled.






44. A written request initiating a civil suit.






45. 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).






46. Those goods which are - at the time of the contract - in existence and owned by the seller.






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






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






49. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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