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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 to whom the assignment is made.






2. A criminal offense which is neither treason nor a felony.






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






4. The individual who initiates a civil action.






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






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. Operates in the state that granted the charter.






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






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






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






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






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






13. A business owned by one person.






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. 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.






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






17. 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






18. Stock reacquired by a corporation.






19. The person who executes any draft.






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






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






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






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






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






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






26. The person to whom an offer is made.






27. Court hearing cases appealed from lower courts.






28. Confirming an act that was executed without authority or an act which was voidable.






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






30. 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






31. A person in possession of an instrument.






32. Partner unknown to public with no part in management.






33. Declared value of outstanding stock.






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






35. The person who executes a promissory note.






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






37. 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.






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






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






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






41. A decision of a court.






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






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






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






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






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






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






48. An agreement of no legal effect.






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






50. 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.