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






2. A criminal offense that is punishable by confinement in prison or by death.






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






4. The necessity that the parties desiring to enter into contracts meet all requirements.






5. 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.






6. 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.






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






8. 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






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

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10. Stock that entitles owner vote.






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






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






13. The authority of an agent - stated in the document or agreement creating the agency.






14. Designation that applies when a corporation operates in any state other __ than where it is chartered.






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






16. Laws enacted by local municipalities.






17. All property which is not real property.






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






19. One in possession of commercial paper.






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






21. Movable tangible personal property.






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






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






24. 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.






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






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






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






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






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






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






31. A party who appoints a second party to serve as an agent.






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






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






34. Canceling - annulling - avoiding.






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






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






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






38. The individual who initiates a civil action.






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






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






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






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






43. To take into police custody.






44. Partner unknown to public with no part in management.






45. The person who executes any draft.






46. The goods specified by the buyer and seller.






47. Laws which are enacted by legislative bodies.






48. 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.






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






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