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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 decision of a court.






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






3. The individual who initiates a civil action.






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






5. 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.






6. Official document detailing a defendant's defense.






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






8. The signature or statement of purpose by the owner on the back of the instrument.






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






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






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






12. An endorsement which limits the liability of the endorser.






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






14. Power to act for someone else.






15. Stock reacquired by a corporation.






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






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






18. An expression of willingness to enter a contractual agreement.






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






20. Declared value of outstanding stock.






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






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






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






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






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






26. 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.






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






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






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






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






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






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






33. Stock with an assigned face vale.






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






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






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

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






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






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






40. Court hearing cases appealed from lower courts.






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






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






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






44. The person to whom an offer is made.






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






46. Operates in the state that granted the charter.






47. A written request initiating a civil suit.






48. A corporation formed to carry out government functions.






49. The party to whom the assignment is made.






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