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






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






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






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






5. The party to whom the assignment is made.






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






7. Power to act for someone else.






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






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






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






11. Operates in the state that granted the charter.






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






13. One in possession of commercial paper.






14. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






15. All property which is not real property.






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






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






18. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






21. Stock that entitles owner vote.






22. Stock reacquired by a corporation.






23. Laws which are enacted by legislative bodies.






24. Stating an untrue fact.






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






26. Stock with an assigned face vale.






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






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






29. The person who executes a promissory note.






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






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






32. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






33. One that is incorporated in a foreign country.






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






35. The authority of an agent - stated in the document or agreement creating the agency.






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






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






38. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






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






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






41. A decision of a court.






42. A written request initiating a civil suit.






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






44. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






45. 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.






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






47. 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.






48. 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






49. The person who executes any draft.






50. Laws enacted by local municipalities.