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






2. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






3. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






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






6. One to whom goods are shipped by common carrier.






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






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






9. A person in possession of an instrument.






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






11. 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.






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






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






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






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






16. The party who gives up possession - but not title - of property in a bailment.






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






18. A negotiable instrument containing a promise to pay.






19. To take into police custody.






20. Declared value of outstanding stock.






21. Laws which are enacted by legislative bodies.






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






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






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






25. 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).






26. The person who executes any draft.






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






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






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






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






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






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






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






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






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






36. 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.






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






38. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






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






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






41. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






42. Stock with an assigned face vale.






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






44. 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.






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






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






47. 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.






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






49. One that is incorporated in a foreign country.






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