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






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






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






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






5. 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.






6. 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.






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






8. Declared value of outstanding stock.






9. All property which is not real property.






10. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






11. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






12. Official document detailing a defendant's defense.






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

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14. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






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






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






17. 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.






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






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






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






21. That which the promisor demands and receives as the price for a promise.






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






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






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






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






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






27. A person who deals in goods of the kind - or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.






28. A written request initiating a civil suit.






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






30. An endorsement which prevents the use of the instrument for anything except the stated use.






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






32. Land and those objects permanently attached to land. Rejection refusal to accept.






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






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






35. A person in possession of an instrument.






36. 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






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






38. Laws enacted by local municipalities.






39. Stock with an assigned face vale.






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






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






42. An individual actively and openly engaged in the business and held out to everyone as a partner.






43. 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.






44. Operates in the state that granted the charter.






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






46. 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.






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






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






49. A corporation formed to carry out government functions.






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