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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. To take into police custody.






2. A commercial paper made payable 'to the order of' some named party; the word 'order' or its equivalent must be used.






3. Administrative step taken after an arrested person is brought to a police station - which involves entry of the person's name - the crime for which the arrest was made - and other relevant facts on the police 'blotter -' and which may also include ph






4. 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.






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






6. Anything that may be owned.






7. 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.






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






9. A decision of a court.






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






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






12. An agreement of no legal effect.






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






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






15. Partner unknown to public with no part in management.






16. A contract which will be enforced by the court.






17. Official document detailing a defendant's defense.






18. One who takes initial steps to form corporation.






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

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20. One in possession of commercial paper.






21. The intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment.






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






23. An award paid to the injured party to cover the exact amount of their loss - but no more.






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






25. A written request initiating a civil suit.






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






27. A criminal offense that is punishable by confinement in prison or by death.






28. A negotiable instrument containing a promise to pay.






29. Stock that entitles owner vote.






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






31. A written request initiating a civil suit.






32. Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.






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






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






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






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






37. A writing drawn in a special form which can be transferred from person to substitute for money or as an instrument of credit.






38. 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.






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






40. One that is incorporated in a foreign country.






41. An offense which is injurious to society as a whole.






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






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






44. 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.






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






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






47. The party to whom the assignment is made.






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






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






50. 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.