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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 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.






2. The annulment or cancellation of an instrument - act or promise by one doing or making it.






3. Courts that conduct the original trial and render their decision.






4. The party making the assignment.






5. Laws enacted by local municipalities.






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






7. Declared value of outstanding stock.






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






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






10. 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.






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






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






13. A decision of a court.






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






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






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






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






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






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






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






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






22. An individual actively and openly engaged in the business and held out to everyone as a partner.






23. Canceling - annulling - avoiding.






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






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






26. Stating an untrue fact.






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






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

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






30. Stock with an assigned face vale.






31. Operates in the state that granted the charter.






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






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






34. One in possession of commercial paper.






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






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






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






38. 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.






39. A corporation formed to carry out government functions.






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






41. A written request initiating a civil suit.






42. An agreement of no legal effect.






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






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






45. The goods specified by the buyer and seller.






46. 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.






47. 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.






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






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






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