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






2. All property which is not real property.






3. 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.






4. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






5. One that is incorporated in a foreign country.






6. 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.






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






8. A corporation formed to carry out government functions.






9. 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.






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






11. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






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






13. 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.






14. Laws which are enacted by legislative bodies.






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






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






17. Official document detailing a defendant's defense.






18. To take into police custody.






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






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






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






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






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






24. Stock with an assigned face vale.






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






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






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






28. One in which terms of the contract are implied by acts or conduct of the '_ parties.






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






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






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






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






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






34. A person in possession of an instrument.






35. An agreement of no legal effect.






36. 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).






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






38. 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.






39. Operates in the state that granted the charter.






40. A decision of a court.






41. One who ships goods by common carrier.






42. A criminal offense which is neither treason nor a felony.






43. 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






44. 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.






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






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






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






48. 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.






49. Any contract other than a formal contract - whether written - oral or implied.






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