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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 party to whom any negotiable instrument is made payable.






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






3. 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.






4. An expression of willingness to enter a contractual agreement.






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






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






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






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






9. All property which is not real property.






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






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






12. 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.






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






14. 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.






15. A judicial order or decree forbidding the performance of a certain act.






16. Court hearing cases appealed from lower courts.






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






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






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






20. Having no words other than the signature of the endorser.






21. To take into police custody.






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






23. Stock reacquired by a corporation.






24. One that is incorporated in a foreign country.






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






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






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






28. The individual who initiates a civil action.






29. Person who writes his or her name on back of instrument.






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






31. The party making the assignment.






32. 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.






33. 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.






34. Improper influence that is asserted by one dominant person over another - without the threat or harm.






35. 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.






36. 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






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






38. A negotiable instrument containing a promise to pay.






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






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






41. Anything that may be owned.






42. A corporation formed to carry out government functions.






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






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






45. A business owned by one person.






46. An endorsement which prevents the use of the instrument for anything except the stated use.






47. A written request initiating a civil suit.






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

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






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