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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. The person who executes a promissory note.






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






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

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4. To take into police custody.






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






6. One who ships goods by common carrier.






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






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






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






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






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






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






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






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






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






16. The person against whom legal action is brought. 1






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






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






19. Having no words other than the signature of the endorser.






20. All property which is not real property.






21. Stock giving special advantage as to payment of dividends - upon liquidation or both.






22. 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.






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






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






25. Stating an untrue fact.






26. The individual who initiates a civil action.






27. A criminal offense which is neither treason nor a felony.






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






29. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






30. 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.






31. 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






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






33. 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.






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






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






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






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






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






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






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






41. 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.






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






43. One authorized by the principal to execute specific acts.






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






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






46. Those contracts in which the terms have not been completely executed or fulfilled.






47. The person who executes any draft.






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






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






50. Official document detailing a defendant's defense.