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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 who executes a promissory note.






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






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






4. One in possession of commercial paper.






5. A corporation formed to carry out government functions.






6. 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.






7. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






9. Charging a person with a crime and asking for that person's plea.






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






11. To take into police custody.






12. Court hearing cases appealed from lower courts.






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






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 A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






16. An agreement between two or more competent persons which is enforceable by law.






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






18. Stock that entitles owner vote.






19. 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.






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

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21. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






22. Power to act for someone else.






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






24. Stock with an assigned face vale.






25. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.






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






27. 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.






28. 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






29. 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.






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






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






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






33. One who ships goods by common carrier.






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






35. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






36. Person not party to a contract - but whom parties intended to benefit.






37. The party to whom the assignment is made.






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






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






40. One who takes initial steps to form corporation.






41. 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.






42. The goods specified by the buyer and seller.






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






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






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






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






47. Official document detailing a defendant's defense.






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






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






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