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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. An expression of willingness to enter a contractual agreement.






3. 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.






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






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


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






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






8. The change of one of the parties to a contract at the mutual agreement of the original parties.






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






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






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


12. Operates in the state that granted the charter.






13. 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.






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






15. The individual who initiates a civil action.






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






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






18. A business owned by one person.






19. 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.






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






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






22. 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.






23. 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.






24. An award paid to the injured party to cover the exact amount of their loss - but no more.






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






26. Laws which seek to promote competition among businesses.






27. The person who executes a promissory note.






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






29. A corporation formed by individuals to form some non-governmental function.






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






31. 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.






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






33. Improper influence that is asserted by one dominant person over another - without the threat or harm.






34. A corporation formed to carry out government functions.






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






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






37. 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.






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






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






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






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






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






43. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






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






45. 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.






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






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






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






49. An agent's authority to do things not specifically authorized in order to carry out express authority.






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