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






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






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






4. Stating an untrue fact.






5. A creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status.






6. 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.






7. The party making the assignment.






8. Power to act for someone else.






9. An endorsement which designates the particular person to whom payment is to be made.






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






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






12. An agreement between two or more competent persons which is enforceable by law.






13. All property which is not real property.






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






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






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






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






18. One in possession of commercial paper.






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






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






21. Stock reacquired by a corporation.






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






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






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






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






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






27. Court hearing cases appealed from lower courts.






28. A commercial paper payable to bearer; i.e. to the person having possession of such.






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






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






31. 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.






32. One that is incorporated in a foreign country.






33. An expression of willingness to enter a contractual agreement.






34. A corporation formed to carry out government functions.






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






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






37. The contracting of services rather than goods.






38. One who takes initial steps to form corporation.






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






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






41. 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.






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






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






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






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. Operates in the state that granted the charter.






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






48. Land and those objects permanently attached to land. Rejection refusal to accept.






49. A written request initiating a civil suit.






50. 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