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






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






4. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






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






6. Laws dealing with crimes and the punishment of wrongdoers.






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






8. 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.






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






10. A check for which the bank assures that the drawer has sufficient funds to make payment.






11. That consideration stipulated by contract - generally expressed in money or money's worth.






12. 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.






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






14. Newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership.






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






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






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






18. Movable tangible personal property.






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






20. 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.






21. The person who executes any draft.






22. A written request initiating a civil suit.






23. 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.






24. Laws enacted by local municipalities.






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






26. A business owned by one person.






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






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






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






30. 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.






31. A corporation formed to carry out government functions.






32. 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.






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






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






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






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






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






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






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






40. To take into police custody.






41. Stating an untrue fact.






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






43. Operates in the state that granted the charter.






44. Official document detailing a defendant's defense.






45. The person to whom an offer is made.






46. Confirming an act that was executed without authority or an act which was voidable.






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






48. 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






49. Canceling - annulling - avoiding.






50. A document of conveyance that provides written evidence of one's title to tangible personal property.