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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. An agreement of no legal effect.






2. 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.






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






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






5. A business owned by one person.






6. 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.






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






8. 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






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






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






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






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






13. A person in possession of an instrument.






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






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






16. One in possession of commercial paper.






17. Court hearing cases appealed from lower courts.






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






19. The contracting of services rather than goods.






20. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






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






22. Customs that have become recognized by the courts as binding on the community.






23. The individual who initiates a civil action.






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






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






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






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






28. Stock that entitles owner vote.






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






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






31. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






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






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






34. One who takes initial steps to form corporation.






35. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






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






37. Anything that may be owned.






38. An expression of willingness to enter a contractual agreement.






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






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






41. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






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

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






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






45. The person to whom an offer is made.






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






47. A written request initiating a civil suit.






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






49. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






50. 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






Can you answer 50 questions in 15 minutes?



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