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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 corporation formed to carry out government functions.






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






3. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






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






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






6. The party to whom the assignment is made.






7. A person in possession of an instrument.






8. 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.






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






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






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






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






13. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






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






15. 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.






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. Stock reacquired by a corporation.






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






19. Movable tangible personal property.






20. 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.






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






22. A criminal offense which is neither treason nor a felony.






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






24. 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






25. Laws which are enacted by legislative bodies.






26. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






27. 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.






28. The individual who initiates a civil action.






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






30. Laws enacted by local municipalities.






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






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






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






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






35. Stock that entitles owner vote.






36. Canceling - annulling - avoiding.






37. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






38. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






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






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






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






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






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






44. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






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






46. An individual actively and openly engaged in the business and held out to everyone as a partner.






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






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






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






50. A warranty imposed by law - arising automatically because the sale has been made.