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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 initiates - or makes - an offer.






2. Court hearing cases appealed from lower courts.






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






4. The party to whom any negotiable instrument is made payable.






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






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






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






8. 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.






9. 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.






10. One who takes initial steps to form corporation.






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






12. The authority of an agent - stated in the document or agreement creating the agency.






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






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






15. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






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






17. 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.






18. The person who executes a promissory note.






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






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






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






22. To take into police custody.






23. 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.






24. Power to act for someone else.






25. An endorsement which limits the liability of the endorser.






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






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






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






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






30. A contract which will be enforced by the court.






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






32. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






33. Laws which are enacted by legislative bodies.






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






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






36. Official document detailing a defendant's defense.






37. Person who writes his or her name on back of instrument.






38. The goods specified by the buyer and seller.






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






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






41. 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.






42. One authorized by the principal to execute specific acts.






43. The contracting of services rather than goods.






44. The person to whom an offer is made.






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






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






47. A negotiable instrument containing a promise to pay.






48. The party to whom the assignment is made.






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






50. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.