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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. One authorized by the principal to execute specific acts.






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






3. Stating an untrue fact.






4. Court hearing cases appealed from lower courts.






5. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






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






7. Stock with an assigned face vale.






8. The authority of an agent - stated in the document or agreement creating the agency.






9. One in possession of commercial paper.






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






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






12. A person in possession of an instrument.






13. An agreement which is not in the form required by law.






14. The goods specified by the buyer and seller.






15. Movable tangible personal property.






16. A business owned by one person.






17. Canceling - annulling - avoiding.






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






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






20. 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.






21. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






23. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






24. A corporation formed to carry out government functions.






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






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






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






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






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






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






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






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






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






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






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






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






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






38. A written request initiating a civil suit.






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






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

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






42. 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.






43. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






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






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 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.






47. Those goods which are - at the time of the contract - in existence and owned by the seller.






48. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






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






50. Operates in the state that granted the charter.







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