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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. The person who executes a promissory note.






2. Power to act for someone else.






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






4. An endorsement which prevents the use of the instrument for anything except the stated use.






5. 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.






6. 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.






7. The change of one of the parties to a contract at the mutual agreement of the original parties.






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






9. A written request initiating a civil suit.






10. 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.






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






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






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






14. A negotiable instrument containing a promise to pay.






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






16. Anything that may be owned.






17. 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.






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






19. The party making the assignment.






20. The party to whom any negotiable instrument is made payable.






21. The person who executes any draft.






22. Courts that conduct the original trial and render their decision.






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






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






25. Operates in the state that granted the charter.






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






27. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






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






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






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






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






32. 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.






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






34. 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






35. Those contracts in which the terms have not been completely executed or fulfilled.






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






37. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






38. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






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






40. Stating an untrue fact.






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






42. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






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






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






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






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






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






48. A person in possession of an instrument.






49. Laws which seek to promote competition among businesses.






50. One who ships goods by common carrier.