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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. A negotiable instrument containing a promise to pay.






2. Those goods which are not in existence at the time a contract is agreed to.






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






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






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






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






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






8. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






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






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






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






12. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






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






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






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






16. One that is incorporated in a foreign country.






17. An agent's authority to do things not specifically authorized in order to carry out express authority.






18. The person who executes a promissory note.






19. To take into police custody.






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






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






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






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






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






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






26. The contracting of services rather than goods.






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






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






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






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






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






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






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






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






35. Laws which seek to promote competition among businesses.






36. Stating an untrue fact.






37. One in possession of commercial paper.






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






39. A person in possession of an instrument.






40. The transfer of possession but not the title of personal property by one party to another - under agreement.






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






42. An agreement of no legal effect.






43. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






44. Official document detailing a defendant's defense.






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






46. 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.






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






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






49. Stock that entitles owner vote.






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