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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. Person who pretends to be a partner or permits others to represent him or her as a partner.






2. The party making the assignment.






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






4. An agreement made and executed in satisfaction of the rights one has from a previous contract.






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






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






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






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






9. The contracting of services rather than goods.






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






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






12. A written request initiating a civil suit.






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






14. A person in possession of an instrument.






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

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16. Stock with an assigned face vale.






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






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






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






20. One who takes initial steps to form corporation.






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






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






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






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






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






26. 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.






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






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






29. The party to whom any negotiable instrument is made payable.






30. One that is incorporated in a foreign country.






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






32. The party who gives up possession - but not title - of property in a bailment.






33. An agreement of no legal effect.






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






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






36. A written request initiating a civil suit.






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






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






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






40. Court hearing cases appealed from lower courts.






41. Official document detailing a defendant's defense.






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






43. Power to act for someone else.






44. An endorsement which designates the particular person to whom payment is to be made.






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






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






47. The person who executes any draft.






48. 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.






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






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