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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. Laws dealing with crimes and the punishment of wrongdoers.






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






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






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






5. A written request initiating a civil suit.






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






7. Items - required or proper and useful - for sustaining a human being at an appropriate living standard (examples: food - clothing and shelter).






8. 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.






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






10. One who takes initial steps to form corporation.






11. 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.






12. The contracting of services rather than goods.






13. To take into police custody.






14. One that is incorporated in a foreign country.






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






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






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






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






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






20. 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.






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






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






23. The person to whom an offer is made.






24. Customs that have become recognized by the courts as binding on the community.






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






26. A business owned by one person.






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






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






29. Laws which are enacted by legislative bodies.






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






31. The party to whom the assignment is made.






32. A written request initiating a civil suit.






33. All property which is not real property.






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






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






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






37. The person who executes any draft.






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






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






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






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






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






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






44. Laws which seek to promote competition among businesses.






45. A negotiable instrument containing a promise to pay.






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






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






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






49. Declared value of outstanding stock.






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