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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. Stock with an assigned face vale.






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






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






4. Laws enacted by local municipalities.






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






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






7. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






8. The person who executes any draft.






9. 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.






10. Designation that applies when a corporation operates in any state other __ than where it is chartered.






11. 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






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






13. One who ships goods by common carrier.






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






15. The individual who initiates a civil action.






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






17. Stock that entitles owner vote.






18. To take into police custody.






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






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






21. 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.






22. 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).






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






24. Stating an untrue fact.






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






26. An agreement between two or more competent persons which is enforceable by law.






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






28. 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






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






30. Declared value of outstanding stock.






31. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






32. Official document detailing a defendant's defense.






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






34. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






35. The signature or statement of purpose by the owner on the back of the instrument.






36. 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.






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






38. The party making the assignment.






39. 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.






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






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






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






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






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






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






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






47. One that is incorporated in a foreign country.






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






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






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