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






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






4. A relationship of trust and confidence - such as that which exists between partners in a partnership.






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






6. An agreement to an offer resulting in a contract.






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






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






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






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

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11. The party making the assignment.






12. One in possession of commercial paper.






13. Laws which are enacted by legislative bodies.






14. Partner active in a business unknown to the public.






15. Laws which seek to promote competition among businesses.






16. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






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






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






19. 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.






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






21. The goods specified by the buyer and seller.






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






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






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






25. All property which is not real property.






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






27. A decision of a court.






28. 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.






29. Power to act for someone else.






30. Court hearing cases appealed from lower courts.






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






32. Pretrial steps taken to learn the details of the case.






33. Laws enacted by local municipalities.






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






35. 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.






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






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






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

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






40. Anything that may be owned.






41. 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.






42. A negotiable instrument containing a promise to pay.






43. A person in possession of an instrument.






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






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






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






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






48. One that is incorporated in a foreign country.






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






50. Courts that conduct the original trial and render their decision.