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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 contract which will be enforced by the court.






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






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






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






5. One who takes initial steps to form corporation.






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






7. The principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future.






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






9. 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.






10. One in possession of commercial paper.






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






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






13. 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.






14. Evidences of ownership of personal property such as stock of corporations - checks and copyrights.






15. An offense which is injurious to society as a whole.






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






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






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






19. 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.






20. Power to act for someone else.






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






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






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






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






25. A means whereby one party conveys rights to another person who is not a party to the original contract.






26. The party to whom the assignment is made.






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






28. 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.






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






30. The transfer of title to goods from the seller to the buyer for a consideration called the price.






31. 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.






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






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






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






35. A business owned by one person.






36. The person who executes any draft.






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






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






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






40. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






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






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






43. An agreement of no legal effect.






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






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






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






47. Stock that entitles owner vote.






48. One that is incorporated in a foreign country.






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






50. Laws enacted by local municipalities.