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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. Power to act for someone else.






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






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






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






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






6. An award paid to the injured party to cover the exact amount of their loss - but no more.






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






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






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






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






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






12. 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.






13. The party to whom the assignment is made.






14. The contract existing between the consignor (shipper) and the carrier.






15. 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.






16. The goods specified by the buyer and seller.






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






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






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






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






21. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






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






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






24. 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






25. Anything that may be owned.






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






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






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






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






30. 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.






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






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






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






34. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






35. 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.






36. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






37. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






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






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






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






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






42. A written request initiating a civil suit.






43. A negotiable instrument containing a promise to pay.






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






45. A corporation formed by individuals to form some non-governmental function.






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






47. A person in possession of an instrument.






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






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






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







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