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






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






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






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






5. Laws enacted by local municipalities.






6. The transfer of possession but not the title of personal property by one party to another - under agreement.






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






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






9. A check drawn on a bank's own funds and signed by a responsible bank official.

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10. Stock reacquired by a corporation.






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






12. Person who pretends to be a partner or permits others to represent him or her as a partner.






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






14. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






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






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






17. 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.






18. A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract.






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






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






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






22. A written request initiating a civil suit.






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






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






25. Laws which are enacted by legislative bodies.






26. 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.






27. One in possession of commercial paper.






28. 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






29. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

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30. The party to whom the assignment is made.






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






32. Stock giving special advantage as to payment of dividends - upon liquidation or both.






33. Stock that entitles owner vote.






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






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






36. To take into police custody.






37. One authorized by the principal to execute specific acts.






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






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






40. A negotiable instrument containing a promise to pay.






41. Stating an untrue fact.






42. A relationship of trust and confidence - such as that which exists between partners in a partnership.






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






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






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






46. 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.






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






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






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






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






Can you answer 50 questions in 15 minutes?



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