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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 award paid to the injured party to cover the exact amount of their loss - but no more.






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






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






4. A judicial order or decree forbidding the performance of a certain act.






5. All property which is not real property.






6. Anything that may be owned.






7. 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.






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






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






10. 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.






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






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






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






14. To take into police custody.






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






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






17. A negotiable instrument containing a promise to pay.






18. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






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

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20. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






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






22. A business owned by one person.






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






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






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






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






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






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






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






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






31. Improper influence that is asserted by one dominant person over another - without the threat or harm.






32. Power to act for someone else.






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






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






35. 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.






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






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






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






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






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






41. Stock reacquired by a corporation.






42. 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.






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






44. 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.






45. Stock with an assigned face vale.






46. The goods specified by the buyer and seller.






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






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






49. A decision of a court.






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







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