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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. Courts that conduct the original trial and render their decision.






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






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






5. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






6. A criminal offense that is punishable by confinement in prison or by death.






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






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






9. One in possession of commercial paper.






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






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






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






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






14. A party who appoints a second party to serve as an agent.






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






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






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






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






19. 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.






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






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






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






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






24. To take into police custody.






25. 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.






26. Stating an untrue fact.






27. Power to act for someone else.






28. 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






29. 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.






30. Stock reacquired by a corporation.






31. A business owned by one person.






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

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33. 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.






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






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






36. Stock that entitles owner vote.






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






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






39. Declared value of outstanding stock.






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






41. A token award to symbolize vindication of the wrong done to the plaintiff; generally - the award is $1.00.






42. The person who executes a promissory note.






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






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






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






46. Charging a person with a crime and asking for that person's plea.






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






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






49. 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.






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