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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 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.






2. The person who executes a promissory note.






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






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






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






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






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






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






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






10. A business owned by one person.






11. 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.






12. The party to whom the assignment is made.






13. 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.






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






15. One that is incorporated in a foreign country.






16. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






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






18. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






19. A person in possession of an instrument.






20. Laws which seek to promote competition among businesses.






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






22. Court hearing cases appealed from lower courts.






23. A decision of a court.






24. Operates in the state that granted the charter.






25. 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.






26. The contracting of services rather than goods.






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






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






29. A commercial paper payable to bearer; i.e. to the person having possession of such.






30. The person to whom an offer is made.






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






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






33. The individual who initiates a civil action.






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






35. Laws which are enacted by legislative bodies.






36. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






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






38. 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.






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






40. Power to act for someone else.






41. A relationship of trust and confidence - such as that which exists between partners in a partnership.






42. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






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






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






45. The person who executes any draft.






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






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






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






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






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