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






2. The party making the assignment.






3. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






4. A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract.






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






6. The person to whom an offer is made.






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






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






9. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






10. Anything that may be owned.






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






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






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






15. A written request initiating a civil suit.






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






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






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






19. A negotiable instrument containing a promise to pay.






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






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






22. Declared value of outstanding stock.






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






24. 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.






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






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






27. An individual actively and openly engaged in the business and held out to everyone as a partner.






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






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






30. Partner unknown to public with no part in management.






31. One that is incorporated in a foreign country.






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






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






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






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






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






37. 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.






38. One who is authorized to execute the principal's business of a particular kind - or all the principal's business at a particular place - if not all of one kind.






39. Movable tangible personal property.






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






41. A warranty imposed by law - arising automatically because the sale has been made.






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






43. 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.






44. A judicial order or decree forbidding the performance of a certain act.






45. The individual who initiates a civil action.






46. A corporation formed to carry out government functions.






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






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






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






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