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






2. 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.






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






4. The person who executes a promissory note.






5. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






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






7. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






8. 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.






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






10. A written request initiating a civil suit.






11. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






12. The person to whom an offer is made.






13. 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.






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






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






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






17. The contract existing between the consignor (shipper) and the carrier.






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






19. 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.






20. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






21. 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.






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






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






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






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






26. 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






27. Court hearing cases appealed from lower courts.






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






29. One who ships goods by common carrier.






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






31. Stock that entitles owner vote.






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






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






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






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

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36. 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.






37. 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.






38. The party to whom the assignment is made.






39. 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.






40. 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.






41. Customs that have become recognized by the courts as binding on the community.






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






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






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






45. One in possession of commercial paper.






46. Laws which are enacted by legislative bodies.






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






48. All property which is not real property.






49. Person not party to a contract - but whom parties intended to benefit.






50. 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.