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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 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.






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






3. 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






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






5. 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






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






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

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8. The contracting of services rather than goods.






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






10. Movable tangible personal property.






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






12. Official document detailing a defendant's defense.






13. Power to act for someone else.






14. Stating an untrue fact.






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






16. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






17. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






18. Anything that may be owned.






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






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






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






22. Stock that entitles owner vote.






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






24. A person in possession of an instrument.






25. 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






26. Operates in the state that granted the charter.






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






28. An agreement to an offer resulting in a contract.






29. 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.






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






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






32. A criminal offense which is neither treason nor a felony.






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






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






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






36. 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).






37. All property which is not real property.






38. A law that restricts the period of time within which an action may be brought to court.






39. Canceling - annulling - avoiding.






40. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






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






42. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






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






44. A written request initiating a civil suit.






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






46. An agreement of no legal effect.






47. The party making the assignment.






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






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






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