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






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






3. A business owned by one person.






4. 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.






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






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






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






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






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. The goods specified by the buyer and seller.






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






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






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






14. A person in possession of an instrument.






15. A check drawn on a bank's own funds and signed by a responsible bank official.

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16. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






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






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






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






20. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






22. A negotiable instrument containing a promise to pay.






23. To take into police custody.






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






25. The party who initiates - or makes - an offer.






26. Operates in the state that granted the charter.






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






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






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






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






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






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






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






34. 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.






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






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






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






38. Partner whose liability for the firm's debts is limited to the amount of his/her investment.






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






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






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






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






43. Having no words other than the signature of the endorser.






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






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






46. A written request initiating a civil suit.






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






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






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






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