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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 gives up possession - but not title - of property in a bailment.






2. Designation that applies when a corporation operates in any state other __ than where it is chartered.






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






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






5. 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.






6. 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.






7. One in possession of commercial paper.






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






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






10. Partner unknown to public with no part in management.






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






12. Declared value of outstanding stock.






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






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






15. To take into police custody.






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






17. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






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






19. A person in possession of an instrument.






20. A criminal offense that is punishable by confinement in prison or by death.






21. One who ships goods by common carrier.






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






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






24. The person who executes any draft.






25. A written request initiating a civil suit.






26. Movable tangible personal property.






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






28. 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






29. The party appointed by the principal to enter into a contract with a third party on behalf of the principal.






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






31. A written request initiating a civil suit.






32. A decision of a court.






33. One that is incorporated in a foreign country.






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






35. 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.






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






37. 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.






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






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






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






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






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






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






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






45. 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.






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






47. 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.






48. 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).






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






50. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.