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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. Operates in the state that granted the charter.






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






3. One in possession of commercial paper.






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






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






6. To take into police custody.






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






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






9. The party to whom the assignment is made.






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






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






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






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






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






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






16. Partner unknown to public with no part in management.






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






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






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






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






21. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






22. 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.






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






24. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






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






26. A negotiable instrument containing a promise to pay.






27. 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.






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






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






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






31. Anything that may be owned.






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






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






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






35. The person who executes a promissory note.






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






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






38. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






39. Laws which are enacted by legislative bodies.






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






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






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






43. 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).






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






45. Official document detailing a defendant's defense.






46. The person to whom an offer is made.






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






48. The person who executes any draft.






49. One who takes initial steps to form corporation.






50. 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.