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






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






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






4. The party to whom the assignment is made.






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






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






7. An agreement to an offer resulting in a contract.






8. An individual who takes no active part in the management of a business but has capital invested in the business.






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






10. Declared value of outstanding stock.






11. Stock that entitles owner vote.






12. 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.






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






14. 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.






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






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






17. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






18. One who ships goods by common carrier.






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






20. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






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






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






23. 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






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


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






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






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






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






29. Stock with an assigned face vale.






30. 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.






31. One authorized by the principal to execute specific acts.






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






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






34. 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.






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






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






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






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






39. Laws enacted by local municipalities.






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






41. One in possession of commercial paper.






42. Stock reacquired by a corporation.






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






44. 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.






45. 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.






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






47. The necessity that the parties desiring to enter into contracts meet all requirements.






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






49. The person who executes any draft.






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