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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. Movable tangible personal property.






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






3. Anything that may be owned.






4. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






5. Canceling - annulling - avoiding.






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

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






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






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






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






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






12. Charging a person with a crime and asking for that person's plea.






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






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






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






16. Stock with an assigned face vale.






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






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






19. 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.






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






21. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






22. A corporation formed to carry out government functions.






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






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






25. The contracting of services rather than goods.






26. 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).






27. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






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






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






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






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






32. Those goods which are not in existence at the time a contract is agreed to.






33. 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.






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






35. One that is incorporated in a foreign country.






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






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






38. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






39. Court hearing cases appealed from lower courts.






40. The party making the assignment.






41. An individual actively and openly engaged in the business and held out to everyone as a partner.






42. 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






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






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






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






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






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






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

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






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







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