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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 person who executes a promissory note.






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






3. The contracting of services rather than goods.






4. One who takes initial steps to form corporation.






5. 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.






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






7. The individual who initiates a civil action.






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






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. Operates in the state that granted the charter.






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






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






13. The goods specified by the buyer and seller.






14. Declared value of outstanding stock.






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






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






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






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






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






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






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






22. Movable tangible personal property.






23. A person in possession of an instrument.






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






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






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






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






28. The contract existing between the consignor (shipper) and the carrier.






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

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






31. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






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






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






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






35. 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).






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






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






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






39. A written request initiating a civil suit.






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






41. Stock with an assigned face vale.






42. A contract remedy by which the court requires the breaching party to perform the contract.






43. 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.






44. 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.






45. 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.






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






47. Anything that may be owned.






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






49. One in possession of commercial paper.






50. 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.