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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 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.






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

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






4. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






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






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






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






8. Laws which are enacted by legislative bodies.






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






10. 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.






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






12. 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.






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






14. To take into police custody.






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






16. All property which is not real property.






17. Operates in the state that granted the charter.






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






19. 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.






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






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






22. 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.






23. A corporation formed to carry out government functions.






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






25. A written request initiating a civil suit.






26. 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.






27. A business owned by one person.






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






29. Anything that may be owned.






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






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






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






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






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






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






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






37. The party making the assignment.






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






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






40. A written request initiating a civil suit.






41. 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






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






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

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






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






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






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






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






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






50. A negotiable instrument containing a promise to pay.