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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 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.






2. 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.






3. One who takes initial steps to form corporation.






4. Partner active in a business unknown to the public.






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






6. Court hearing cases appealed from lower courts.






7. A law that restricts the period of time within which an action may be brought to court.






8. A written request initiating a civil suit.






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






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






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






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






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






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






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






16. 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.






17. The person who executes any draft.






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






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






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






21. 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.






22. A contract remedy by which the court requires the breaching party to perform the contract.






23. Laws which are enacted by legislative bodies.






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






25. The person who executes a promissory note.






26. A warranty imposed by law - arising automatically because the sale has been made.






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






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






29. An agreement between two or more competent persons which is enforceable by law.






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






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






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






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






34. A body of persons elected by the stockholders to define and establish corporate policy.






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


36. A negotiable instrument containing a promise to pay.






37. To take into police custody.






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






39. Stock with an assigned face vale.






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






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






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






43. A decision of a court.






44. A corporation formed to carry out government functions.






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






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






47. A business owned by one person.






48. A written request initiating a civil suit.






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






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