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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 who executes a promissory note.






2. One in possession of commercial paper.






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






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






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






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






7. Operates in the state that granted the charter.






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






9. 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.






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






11. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






12. 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).






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






14. A decision of a court.






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






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






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






18. 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.






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






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






21. Stock that entitles owner vote.






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






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






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






25. 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.






26. A written request initiating a civil suit.






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






29. Laws enacted by local municipalities.






30. All property which is not real property.






31. 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.






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






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






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






35. Customs that have become recognized by the courts as binding on the community.






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






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






38. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






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






40. Having no words other than the signature of the endorser.






41. A negotiable instrument containing a promise to pay.






42. 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.






43. The individual who initiates a civil action.






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






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






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






47. Movable tangible personal property.






48. 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.






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






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







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