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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 to whom an offer is made.






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






3. The contracting of services rather than goods.






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






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






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






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






8. A business owned by one person.






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






10. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






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






12. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






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






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






15. The goods specified by the buyer and seller.






16. The person who executes a promissory note.






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






18. Stock with an assigned face vale.






19. 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.






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






21. The person who executes any draft.






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






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






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






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






26. A written request initiating a civil suit.






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






28. 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.






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






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

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31. Declared value of outstanding stock.






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






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






34. Official document detailing a defendant's defense.






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






36. A law that restricts the period of time within which an action may be brought to court.






37. An agreement between two or more competent persons which is enforceable by law.






38. The party who gives up possession - but not title - of property in a bailment.






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






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






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






42. One who takes initial steps to form corporation.






43. Person not party to a contract - but whom parties intended to benefit.






44. Movable tangible personal property.






45. Anything that may be owned.






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






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






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






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






50. 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.







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