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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 annulment or cancellation of an instrument - act or promise by one doing or making it.






2. The necessity that the parties desiring to enter into contracts meet all requirements.






3. The person who executes any draft.






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






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






6. To take into police custody.






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






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






9. The goods specified by the buyer and seller.






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






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. The act of transferring ownership of a negotiable instrument to another party.






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






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






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






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






17. Official document detailing a defendant's defense.






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






19. 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.






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






21. 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).






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

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23. 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.






24. Stock that entitles owner vote.






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






26. 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.






27. A negotiable instrument containing a promise to pay.






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






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






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






31. Court hearing cases appealed from lower courts.






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






33. 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






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






35. Laws which are enacted by legislative bodies.






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






37. 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.






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






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






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






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






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






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






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






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






46. One who takes initial steps to form corporation.






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






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






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






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