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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. Laws which seek to promote competition among businesses.






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






3. A decision of a court.






4. Court hearing cases appealed from lower courts.






5. 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






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






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






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






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






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






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






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






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






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

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15. Charging a person with a crime and asking for that person's plea.






16. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






17. Anything that may be owned.






18. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






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






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






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






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






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






24. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






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






26. The party who acquires possession but not the title of personal property in a bailment.






27. Any contract other than a formal contract - whether written - oral or implied.






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






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






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






31. 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.






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






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






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






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






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






37. Declared value of outstanding stock.






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






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






40. 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.






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






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






43. An expression of willingness to enter a contractual agreement.






44. Laws which are enacted by legislative bodies.






45. An individual who takes no active part in the management of a business but has capital invested in the business.






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






47. The party to whom the assignment is made.






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






49. The contracting of services rather than goods.






50. To take into police custody.