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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. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






2. One who takes initial steps to form corporation.






3. A commercial paper payable to bearer; i.e. to the person having possession of such.






4. Laws which seek to promote competition among businesses.






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






6. The person who executes a promissory note.






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






8. The person to whom an offer is made.






9. To take into police custody.






10. Laws which are enacted by legislative bodies.






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






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






13. Canceling - annulling - avoiding.






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






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






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






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






18. One that is incorporated in a foreign country.






19. 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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






34. 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.






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






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






37. The party making the assignment.






38. One in which terms of the contract are implied by acts or conduct of the '_ parties.






39. The goods specified by the buyer and seller.






40. Operates in the state that granted the charter.






41. Stock that entitles owner vote.






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






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






44. Power to act for someone else.






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






46. 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.






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






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






49. Anything that may be owned.






50. 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.