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






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






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






4. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






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






6. 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.






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






8. 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






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






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






11. 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.






12. To take into police custody.






13. Laws dealing with crimes and the punishment of wrongdoers.






14. The party making the assignment.






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






16. 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.






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






18. Laws which seek to promote competition among businesses.






19. Laws which are enacted by legislative bodies.






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






21. 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






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






23. 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.






24. Anything that may be owned.






25. 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.






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






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






28. 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).






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






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






31. A decision of a court.






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






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






34. Canceling - annulling - avoiding.






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






36. The person to whom an offer is made.






37. 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.






38. A negotiable instrument containing a promise to pay.






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






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






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






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






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






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






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






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






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






48. 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






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






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