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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 to whom any negotiable instrument is made payable.






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






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






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






5. A negotiable instrument containing a promise to pay.






6. Confirming an act that was executed without authority or an act which was voidable.






7. One who takes initial steps to form corporation.






8. One that is incorporated in a foreign country.






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






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






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






12. Operates in the state that granted the charter.






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






14. A corporation formed by individuals to form some non-governmental function.






15. The contracting of services rather than goods.






16. Anything that may be owned.






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






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






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






20. One who ships goods by common carrier.






21. The goods specified by the buyer and seller.






22. That consideration stipulated by contract - generally expressed in money or money's worth.






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






24. The party to whom the assignment is made.






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






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






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






28. A notice of complaint given to a defendant - defining the complaint and a time frame in which a response - or answer - must be filed - and which serves the purpose of conferring personal jurisdiction over the defendant.






29. 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.






30. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






31. Court hearing cases appealed from lower courts.






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






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






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

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35. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






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






37. To take into police custody.






38. A person in possession of an instrument.






39. The signature or statement of purpose by the owner on the back of the instrument.






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






41. A written request initiating a civil suit.






42. The party making the assignment.






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






44. Declared value of outstanding stock.






45. All property which is not real property.






46. Those rules of civil conduct commanding what is right and prohibiting what is wrong.

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






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






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






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