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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 corporation formed to carry out government functions.






2. Laws dealing with crimes and the punishment of wrongdoers.






3. 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.






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






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






6. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

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7. 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






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






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






10. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






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






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






13. A written request initiating a civil suit.






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






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






16. The authority of an agent - stated in the document or agreement creating the agency.






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






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






19. 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.






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






21. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






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






23. Stock that entitles owner vote.






24. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.






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






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






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






28. Anything that may be owned.






29. Stock with an assigned face vale.






30. 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.






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






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






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






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

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35. Stock reacquired by a corporation.






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






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






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






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






40. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






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






42. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






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






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






46. A decision of a court.






47. The individual who initiates a civil action.






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






49. 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.






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







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