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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 active in a business unknown to the public.






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






3. 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.






4. Canceling - annulling - avoiding.






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






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






7. Operates in the state that granted the charter.






8. An offense which is injurious to society as a whole.






9. 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.






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






11. To take into police custody.






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






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






14. One in possession of commercial paper.






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






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






17. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






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






19. 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.






20. 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.






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






22. One that is incorporated in a foreign country.






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






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






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






26. Laws which are enacted by legislative bodies.






27. 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.






28. An agreement of no legal effect.






29. A negotiable instrument containing a promise to pay.






30. The contracting of services rather than goods.






31. The person against whom legal action is brought. 1






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






33. The party to whom the assignment is made.






34. Those goods which are not in existence at the time a contract is agreed to.






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






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






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






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






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






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






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






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






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






44. A written request initiating a civil suit.






45. Movable tangible personal property.






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






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






48. Land and those objects permanently attached to land. Rejection refusal to accept.






49. Declared value of outstanding stock.






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