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






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






3. 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.






4. A corporation formed to carry out government functions.






5. The contracting of services rather than goods.






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






7. Stock that entitles owner vote.






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






9. 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.






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






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






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






13. Declared value of outstanding stock.






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






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






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






17. Court hearing cases appealed from lower courts.






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.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. The person who executes any draft.






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






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






22. Stock reacquired by a corporation.






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






24. A decision of a court.






25. Laws enacted by local municipalities.






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 agreement to an offer resulting in a contract.






28. That which the promisor demands and receives as the price for a promise.






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






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






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






32. 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.






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






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






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






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






37. 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.






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






39. 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.






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






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






42. One who ships goods by common carrier.






43. The annulment or cancellation of an instrument - act or promise by one doing or making it.






44. One that is incorporated in a foreign country.






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






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






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






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






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






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