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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. Movable tangible personal property.






2. The contracting of services rather than goods.






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






4. The necessity that the parties desiring to enter into contracts meet all requirements.






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






6. 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.






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






8. 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.






9. Declared value of outstanding stock.






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

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11. Laws which are enacted by legislative bodies.






12. One who takes initial steps to form corporation.






13. The party to whom the assignment is made.






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






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






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






17. Operates in the state that granted the charter.






18. One who ships goods by common carrier.






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






20. 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).






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






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






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






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






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






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






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






28. A corporation formed to carry out government functions.






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






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






31. 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.






32. An agreement to an offer resulting in a contract.






33. Stock with an assigned face vale.






34. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






35. 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






36. A negotiable instrument containing a promise to pay.






37. 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.






38. Official document detailing a defendant's defense.






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






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






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






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






43. 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.






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






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






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






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






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






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






50. Court hearing cases appealed from lower courts.







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