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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. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

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2. Partner unknown to public with no part in management.






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






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






5. 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






6. The person to whom an offer is made.






7. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






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






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






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






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






12. That which the promisor demands and receives as the price for a promise.






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






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






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






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






17. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






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






19. The goods specified by the buyer and seller.






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






21. Court hearing cases appealed from lower courts.






22. A means whereby one party conveys rights to another person who is not a party to the original contract.






23. The repudiation of - or election to avoid - a voidable contract.






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






25. Laws which are enacted by legislative bodies.






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






27. 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.






28. To take into police custody.






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






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






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






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






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






34. One who takes initial steps to form corporation.






35. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






36. One who ships goods by common carrier.






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






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






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






40. The act of transferring ownership of a negotiable instrument to another party.






41. 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).






42. 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.






43. 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.






44. The party to whom the assignment is made.






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






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

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






48. Stock with an assigned face vale.






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






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