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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. To take into police custody.






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






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






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






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






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






7. 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.






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






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






10. A check for which the bank assures that the drawer has sufficient funds to make payment.






11. One who takes initial steps to form corporation.






12. The party to whom any negotiable instrument is made payable.






13. Power to act for someone else.






14. All property which is not real property.






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. One in possession of commercial paper.






17. The goods specified by the buyer and seller.






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






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






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






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






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






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






24. 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.






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






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






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






28. A written request initiating a civil suit.






29. Pretrial steps taken to learn the details of the case.






30. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






31. The party making the assignment.






32. 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.






33. An agreement to an offer resulting in a contract.






34. One that is incorporated in a foreign country.






35. Operates in the state that granted the charter.






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






37. 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.






38. The person who executes a promissory note.






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






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






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






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






43. The person who executes any draft.






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






45. A contract remedy by which the court requires the breaching party to perform the contract.






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






47. Laws which are enacted by legislative bodies.






48. One in which terms of the contract are implied by acts or conduct of the '_ parties.






49. 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






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







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