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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 written request initiating a civil suit.






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






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






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






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






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






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






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






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






10. 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.






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






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






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






14. Laws which are enacted by legislative bodies.






15. Declared value of outstanding stock.






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






17. 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.






18. Operates in the state that granted the charter.






19. One in possession of commercial paper.






20. Laws enacted by local municipalities.






21. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






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






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






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






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






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






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






28. Stock that entitles owner vote.






29. An agreement of no legal effect.






30. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






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






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






33. 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).






34. 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






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






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






37. 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.






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






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






40. Those contracts in which the terms have not been completely executed or fulfilled.






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






42. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






43. The person who executes any draft.






44. A business owned by one person.






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






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






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






48. A party who appoints a second party to serve as an agent.






49. One who takes initial steps to form corporation.






50. One who ships goods by common carrier.