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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. Power to act for someone else.






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






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






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






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






6. 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.






7. A check drawn on a bank's own funds and signed by a responsible bank official.

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8. 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.






9. Person who pretends to be a partner or permits others to represent him or her as a partner.






10. An award paid to the injured party to cover the exact amount of their loss - but no more.






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






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






13. 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.






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






15. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






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






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






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






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






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






21. 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.






22. The repudiation of - or election to avoid - a voidable contract.






23. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






24. 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.






25. A corporation formed to carry out government functions.






26. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






27. Customs that have become recognized by the courts as binding on the community.






28. The person who executes a promissory note.






29. 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.






30. 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.






31. All property which is not real property.






32. The person to whom an offer is made.






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






34. Official document detailing a defendant's defense.






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






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






37. 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).






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






39. An endorsement which prevents the use of the instrument for anything except the stated use.






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






41. Stock with an assigned face vale.






42. An endorsement which limits the liability of the endorser.






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






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






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






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






47. Stock that entitles owner vote.






48. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






49. A corporation formed by individuals to form some non-governmental function.






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