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






2. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






3. An intended acceptance which changes or qualifies the offer - and is a rejection of the original offer.






4. Designation that applies when a corporation operates in any state other __ than where it is chartered.






5. Canceling - annulling - avoiding.






6. 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.






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






8. An agreement made and executed in satisfaction of the rights one has from a previous contract.






9. A written request initiating a civil suit.






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






11. Laws which are enacted by legislative bodies.






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






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






14. The party making the assignment.






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






16. Power to act for someone else.






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






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






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

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






21. The annulment or cancellation of an instrument - act or promise by one doing or making it.






22. A business owned by one person.






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






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






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






26. The party to whom the assignment is made.






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






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






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






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






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






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






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






34. An endorsement which designates the particular person to whom payment is to be made.






35. 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.






36. 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.






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






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






39. 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






40. 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.






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






42. The transfer of title to goods from the seller to the buyer for a consideration called the price.






43. Stock reacquired by a corporation.






44. A negotiable instrument containing a promise to pay.






45. A written request initiating a civil suit.






46. An agreement to an offer resulting in a contract.






47. Stock that entitles owner vote.






48. Laws which seek to promote competition among businesses.






49. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






50. The contracting of services rather than goods.







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