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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 who ships goods by common carrier.






2. A written request initiating a civil suit.






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






4. To take into police custody.






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 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.






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






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






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






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






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






12. Stock that entitles owner vote.






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






14. 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.






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






16. Partner active in a business unknown to the public.






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






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






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






20. A party who appoints a second party to serve as an agent.






21. Confirming an act that was executed without authority or an act which was voidable.






22. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






23. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






24. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






25. A written request initiating a civil suit.






26. 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.






27. Charging a person with a crime and asking for that person's plea.






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






29. The person who executes any draft.






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






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






32. Any contract other than a formal contract - whether written - oral or implied.






33. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






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






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






36. A corporation formed to carry out government functions.






37. The repudiation of - or election to avoid - a voidable contract.






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






39. A negotiable instrument containing a promise to pay.






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






41. One that is incorporated in a foreign country.






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






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






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






45. A business owned by one person.






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






47. An award paid to the plaintiff in order to punish the defendant - not to compensate the plaintiff.






48. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






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