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






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






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






4. 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.






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






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






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






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






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






10. One in possession of commercial paper.






11. Laws which seek to promote competition among businesses.






12. Declared value of outstanding stock.






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






14. One who ships goods by common carrier.






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






16. Any contract other than a formal contract - whether written - oral or implied.






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






18. A person in possession of an instrument.






19. An agreement of no legal effect.






20. 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.






21. 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.






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






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






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






25. A corporation formed to carry out government functions.






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






27. The person - company - or financial institution ordered to pay a draft.






28. 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.






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






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






31. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






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






33. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






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






35. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






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






37. 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






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






39. A negotiable instrument containing a promise to pay.






40. Laws which are enacted by legislative bodies.






41. Person who pretends to be a partner or permits others to represent him or her as a partner.






42. Canceling - annulling - avoiding.






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






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






45. Those goods which are - at the time of the contract - in existence and owned by the seller.






46. The contracting of services rather than goods.






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






48. Court hearing cases appealed from lower courts.






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






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







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