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






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






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






4. A decision of a court.






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






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






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






8. 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.






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






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






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






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






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






14. A corporation formed to carry out government functions.






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






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






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






18. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






19. Power to act for someone else.






20. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.






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






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






23. 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.






24. The party to whom the assignment is made.






25. 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.






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






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






28. Exceeding the maximum rate of interest which may be charged on loans.






29. One authorized by the principal to execute specific acts.






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






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






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






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






35. The party making the assignment.






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






37. Stock with an assigned face vale.






38. A written request initiating a civil suit.






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






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






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






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






43. One to whom goods are shipped by common carrier.






44. 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.






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






46. Laws which are enacted by legislative bodies.






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






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






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






50. Those contracts in which the terms have not been completely executed or fulfilled.