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






2. The transfer of title to goods from the seller to the buyer for a consideration called the price.






3. An agreement to an offer resulting in a contract.






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






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






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






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






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






9. The person to whom an offer is made.






10. Official document detailing a defendant's defense.






11. 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.






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






13. 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.






14. The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.






15. A business owned by one person.






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






17. A decision of a court.






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






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






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






21. A negotiable instrument containing a promise to pay.






22. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.






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






24. 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






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






26. A person in possession of an instrument.






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






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






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






30. 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.






31. Laws which are enacted by legislative bodies.






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






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






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






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






38. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






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






40. 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.






41. All property which is not real property.






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






43. A written request initiating a civil suit.






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






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






46. A contract which will be enforced by the court.






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






48. 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






49. 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.






50. To take into police custody.