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

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2. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






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






4. Declared value of outstanding stock.






5. Laws enacted by local municipalities.






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






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






8. A business owned by one person.






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






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






11. The goods specified by the buyer and seller.






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






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






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






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






16. Land and those objects permanently attached to land. Rejection refusal to accept.






17. The individual who initiates a civil action.






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






19. Pretrial steps taken to learn the details of the case.






20. The person who executes a promissory note.






21. Stock with an assigned face vale.






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






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






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






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






26. Those contracts that must be in special form or produced in a certain way - such as under seal.






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






28. 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.






29. A corporation formed to carry out government functions.






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






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






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






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






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






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






36. The person to whom an offer is made.






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






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






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






41. 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.






42. 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.






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






44. The party who acquires possession but not the title of personal property in a bailment.






45. 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.






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






47. All property which is not real property.






48. 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.






49. 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.






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