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






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






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






4. A negotiable instrument containing a promise to pay.






5. A decision of a court.






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






7. The act of transferring ownership of a negotiable instrument to another party.






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






9. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






10. One that is incorporated in a foreign country.






11. The goods specified by the buyer and seller.






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






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






14. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






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






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






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






18. 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.






19. 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.






20. A business owned by one person.






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






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






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






24. 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.






25. The person who executes any draft.






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






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






28. A corporation formed to carry out government functions.






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






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






31. The party who acquires possession but not the title of personal property in a bailment.






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






33. 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.






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






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






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






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






38. 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.






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






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






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






42. The party to whom the assignment is made.






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






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






45. Stating an untrue fact.






46. 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.






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






48. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






49. All property which is not real property.






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

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