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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 corporation formed to carry out government functions.






2. Declared value of outstanding stock.






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






4. The party to whom the assignment is made.






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






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






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






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






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






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






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






12. An agreement which is not in the form required by law.






13. A negotiable instrument containing a promise to pay.






14. Official document detailing a defendant's defense.






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






16. To take into police custody.






17. The person who executes a promissory note.






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






19. The contracting of services rather than goods.






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

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






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






23. The authority of an agent - stated in the document or agreement creating the agency.






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






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






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






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






28. A document of conveyance that provides written evidence of one's title to tangible personal property.






29. Movable tangible personal property.






30. Laws enacted by local municipalities.






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






32. The person who executes any draft.






33. 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.






34. One who ships goods by common carrier.






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






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






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






38. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






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






40. The individual who initiates a civil action.






41. A person in possession of an instrument.






42. A business owned by one person.






43. 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.






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






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






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






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






48. Laws which seek to promote competition among businesses.






49. 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.






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







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