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

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2. Declared value of outstanding stock.






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






4. One that is incorporated in a foreign country.






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






6. 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.






7. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






8. 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.






9. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






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






11. 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.






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






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






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






15. Stock reacquired by a corporation.






16. An agreement of no legal effect.






17. 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.






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






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






21. 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.






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






23. Movable tangible personal property.






24. A written request initiating a civil suit.






25. A means whereby one party conveys rights to another person who is not a party to the original contract.






26. 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






27. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






28. Stating an untrue fact.






29. Official document detailing a defendant's defense.






30. 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






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






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






33. To take into police custody.






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






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






36. 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.






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






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






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






40. Canceling - annulling - avoiding.






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






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






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






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






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. An endorsement which designates the particular person to whom payment is to be made.






47. Stock with an assigned face vale.






48. The person to whom an offer is made.






49. An agreement which is not in the form required by law.






50. The person who executes a promissory note.