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






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






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






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






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






6. Laws which are enacted by legislative bodies.






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






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






9. A written request initiating a civil suit.






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






11. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






12. One who takes initial steps to form corporation.






13. An agreement of no legal effect.






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






15. Stock that entitles owner vote.






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






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






18. 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.






19. Anything that may be owned.






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






21. The person who executes a promissory note.






22. The contracting of services rather than goods.






23. 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.






24. 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).






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






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






27. To take into police custody.






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






29. The person to whom an offer is made.






30. 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.






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






32. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






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






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






35. The party making the assignment.






36. The goods specified by the buyer and seller.






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






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






39. 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.






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






41. The contract existing between the consignor (shipper) and the carrier.






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






43. Official document detailing a defendant's defense.






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






45. 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.






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






47. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






48. A decision of a court.






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






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