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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 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.






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






3. The person who executes any draft.






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






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






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






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






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






9. One that is incorporated in a foreign country.






10. 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.






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






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






13. The person - company - or financial institution ordered to pay a draft.






14. Canceling - annulling - avoiding.






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






16. An agreement to an offer resulting in a contract.






17. 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.






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






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






20. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






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






22. Laws which are enacted by legislative bodies.






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






24. A body of persons elected by the stockholders to define and establish corporate policy.






25. A party who appoints a second party to serve as an agent.






26. All property which is not real property.






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






28. The party to whom the assignment is made.






29. The goods specified by the buyer and seller.






30. To take into police custody.






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






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






33. A written request initiating a civil suit.






34. 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






35. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






36. 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.






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






38. A means whereby one party conveys rights to another person who is not a party to the original contract.






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






40. One who ships goods by common carrier.






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






42. Those contracts in which the parties have fulfilled the terms. Execution — the carrying out or completion of some task.






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






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






45. The contracting of services rather than goods.






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






47. An offense which is injurious to society as a whole.






48. 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.






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






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