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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. Declared value of outstanding stock.






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






3. Laws enacted by local municipalities.






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






5. 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.






6. The person who executes a promissory note.






7. 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.






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






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






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






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






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






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






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






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






16. The repudiation of - or election to avoid - a voidable contract.






17. 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.






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






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






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






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






22. A document of conveyance that provides written evidence of one's title to tangible personal property.






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






24. The person to whom an offer is made.






25. 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.






26. Canceling - annulling - avoiding.






27. The party making the assignment.






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






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






30. 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.






31. A warranty imposed by law - arising automatically because the sale has been made.






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






33. Anything that may be owned.






34. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.






35. The necessity that the parties desiring to enter into contracts meet all requirements.






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






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






38. One that is incorporated in a foreign country.






39. An endorsement which prevents the use of the instrument for anything except the stated use.






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






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






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






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

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






45. To take into police custody.






46. An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.






47. The individual who initiates a civil action.






48. 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.






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






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