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






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






3. Those goods which are not in existence at the time a contract is agreed to.






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






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






6. Declared value of outstanding stock.






7. The party making the assignment.






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






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






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






11. One that is incorporated in a foreign country.






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






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






14. 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.






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






16. Operates in the state that granted the charter.






17. The person who executes a promissory note.






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






19. 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.






20. The repudiation of - or election to avoid - a voidable contract.






21. The contracting of services rather than goods.






22. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






23. 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.






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






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






26. Canceling - annulling - avoiding.






27. 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.






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






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






30. 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.






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






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






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






34. 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.






35. A judicial order or decree forbidding the performance of a certain act.






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






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






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






39. The signature or statement of purpose by the owner on the back of the instrument.






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






41. 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






42. To take into police custody.






43. The contract existing between the consignor (shipper) and the carrier.






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






45. 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.






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






47. A written request initiating a civil suit.






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






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






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