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






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






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






4. Canceling - annulling - avoiding.






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






6. To take into police custody.






7. Stating an untrue fact.






8. The goods specified by the buyer and seller.






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






10. 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.






11. The person who executes a promissory note.






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






13. A written request initiating a civil suit.






14. The transfer of possession but not the title of personal property by one party to another - under agreement.






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






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






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






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






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






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






21. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






22. 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.






23. 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






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






25. The party who hires employees to do certain work. '1 Endorsee — a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated.






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






27. 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.






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






29. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






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






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






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






33. A corporation formed to carry out government functions.






34. The individual who initiates a civil action.






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






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






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






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






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






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






41. Official document detailing a defendant's defense.






42. A business owned by one person.






43. A negotiable instrument containing a promise to pay.






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






45. 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.






46. The person who executes any draft.






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






48. 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.






49. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






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