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






2. Court hearing cases appealed from lower courts.






3. The individual who initiates a civil action.






4. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






5. 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.






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






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






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






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






10. 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.






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






12. 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.






13. The party to whom the assignment is made.






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






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






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






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






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






19. A written request initiating a civil suit.






20. 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






21. 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.






22. One in possession of commercial paper.






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






24. An individual who takes no active part in the management of a business but has capital invested in the business.






25. Stock with an assigned face vale.






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






27. Laws which seek to promote competition among businesses.






28. Canceling - annulling - avoiding.






29. Power to act for someone else.






30. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






31. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






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






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






34. Operates in the state that granted the charter.






35. The person who executes a promissory note.






36. One who ships goods by common carrier.






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






38. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.






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






40. A negotiable instrument containing a promise to pay.






41. Stating an untrue fact.






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






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






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






45. Official document detailing a defendant's defense.






46. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






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






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






49. The person to whom an offer is made.






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







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