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






2. The individual who initiates a civil action.






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






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






5. Official document detailing a defendant's defense.






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






7. 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






8. 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.






9. An individual who takes no active part in the management of a business but has capital invested in the business.






10. The annulment or cancellation of an instrument - act or promise by one doing or making it.






11. 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.






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






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

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






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






16. A written request initiating a civil suit.






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






18. 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.






19. The person to whom an offer is made.






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






21. A corporation formed to carry out government functions.






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






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






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






25. 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.






26. 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






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






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






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






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






31. The contracting of services rather than goods.






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






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






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






35. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






36. Person not party to a contract - but whom parties intended to benefit.






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






38. The person - company - or financial institution ordered to pay a draft.






39. All property which is not real property.






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






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






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






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






44. 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






45. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






47. The person who executes any draft.






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






49. 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.






50. 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.