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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 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.






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






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






4. 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.






5. One that is incorporated in a foreign country.






6. Stock that entitles owner vote.






7. A negotiable instrument containing a promise to pay.






8. The party making the assignment.






9. 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).






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






11. An agreement of no legal effect.






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






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






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






15. 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.






16. The goods specified by the buyer and seller.






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






18. All property which is not real property.






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






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






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






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






23. 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.






24. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






25. A written request initiating a civil suit.






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






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






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






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






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






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






32. An agreement which is not in the form required by law.






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






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






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






36. Declared value of outstanding stock.






37. Movable tangible personal property.






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






39. A decision of a court.






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






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






42. One who ships goods by common carrier.






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






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






45. The party to whom the assignment is made.






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






47. Confirming an act that was executed without authority or an act which was voidable.






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






49. Partner active in a business unknown to the public.






50. Stock reacquired by a corporation.