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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. Laws enacted by local municipalities.






2. A negotiable instrument containing a promise to pay.






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






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






5. 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.






6. A written request initiating a civil suit.






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






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






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






10. A body of persons elected by the stockholders to define and establish corporate policy.






11. Stock reacquired by a corporation.






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






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






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






15. The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done.






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






17. The contracting of services rather than goods.






18. 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.






19. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






20. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






22. 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.






23. Those goods which are not in existence at the time a contract is agreed to.






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






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






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






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






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






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






30. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






31. An endorsement which prevents the use of the instrument for anything except the stated use.






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






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. 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.






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






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






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






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






39. A written request initiating a civil suit.






40. An award paid to the injured party to cover the exact amount of their loss - but no more.






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






42. One in possession of commercial paper.






43. The party making the assignment.






44. A business owned by one person.






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






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






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






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






49. Designation that applies when a corporation operates in any state other __ than where it is chartered.






50. The party to whom the assignment is made.