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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. The person against whom legal action is brought. 1






2. Courts that conduct the original trial and render their decision.






3. 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.






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






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






6. The person who executes any draft.






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






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






9. 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.






10. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






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






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

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






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






15. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






16. A written request initiating a civil suit.






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






18. Designation that applies when a corporation operates in any state other __ than where it is chartered.






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






20. 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.






21. 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.






22. 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.






23. Operates in the state that granted the charter.






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






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






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






27. Land and those objects permanently attached to land. Rejection refusal to accept.






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






29. Court hearing cases appealed from lower courts.






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






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






32. Movable tangible personal property.






33. Partner active in a business unknown to the public.






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






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






36. The party who acquires possession but not the title of personal property in a bailment.






37. 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.






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






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






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






41. The person who executes a promissory note.






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






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






44. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






45. A document of conveyance that provides written evidence of one's title to tangible personal property.






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






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






48. The individual who initiates a civil action.






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






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