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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. One in possession of commercial paper.






2. That consideration stipulated by contract - generally expressed in money or money's worth.






3. One to whom goods are shipped by common carrier.






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

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5. 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.






6. Court hearing cases appealed from lower courts.






7. The transfer of possession but not the title of personal property by one party to another - under agreement.






8. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






9. 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.






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






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






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






13. Those goods which are - at the time of the contract - in existence and owned by the seller.






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






15. One authorized by the principal to execute specific acts.






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






17. 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






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






19. One who ships goods by common carrier.






20. Laws which are enacted by legislative bodies.






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






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






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






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






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






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






27. Stock that entitles owner vote.






28. 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.






29. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






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






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






32. All property which is not real property.






33. A written request initiating a civil suit.






34. Operates in the state that granted the charter.






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






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






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






38. A contract which will be enforced by the court.






39. Person who writes his or her name on back of instrument.






40. Stating an untrue fact.






41. A corporation formed to carry out government functions.






42. To take into police custody.






43. The change of one of the parties to a contract at the mutual agreement of the original parties.






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






45. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






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






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






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






49. Declared value of outstanding stock.






50. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.