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






3. A negotiable instrument containing a promise to pay.






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






5. Stating an untrue fact.






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






7. 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






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. Recognized as the most important statute in business law; includes provisions which regulate certain sales of goods.






10. 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.






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






12. To take into police custody.






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






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






15. 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.






16. One who ships goods by common carrier.






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






18. 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.






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






20. A decision of a court.






21. Movable tangible personal property.






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






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






24. One who takes initial steps to form corporation.






25. Official document detailing a defendant's defense.






26. Laws which are enacted by legislative bodies.






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






28. 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.






29. One that is incorporated in a foreign country.






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






31. Legislation intended to promote competition among businesses by prohibiting restraint of trade.






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






33. Stock reacquired by a corporation.






34. Laws which seek to promote competition among businesses.






35. Canceling - annulling - avoiding.






36. Those goods which are not in existence at the time a contract is agreed to.






37. 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.






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






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






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






41. A judicial order or decree forbidding the performance of a certain act.






42. 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.






43. Termination of a contract by performance - agreement - impossibility - acceptance of breach - or operation of law.






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






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






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






47. An agreement of no legal effect.






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






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






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