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






2. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w






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






4. The person who executes any draft.






5. 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.






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






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






8. One that is incorporated in a foreign country.






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






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






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






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






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






14. Declared value of outstanding stock.






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






16. The person who executes a promissory note.






17. Official document detailing a defendant's defense.






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






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






20. 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.






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






22. Anything that may be owned.






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






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






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






26. Guarantees made by a seller that an article - good or service will conform to certain standard or will operate in a certain manner.






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






28. The party to whom the assignment is made.






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






30. A check for which the bank assures that the drawer has sufficient funds to make payment.






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






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






33. An agreement to an offer resulting in a contract.






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






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






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






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






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






39. The person to whom an offer is made.






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






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






42. One in possession of commercial paper.






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






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






45. Power to act for someone else.






46. A negotiable instrument containing a promise to pay.






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






48. One to whom goods are shipped by common carrier.






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






50. The goods specified by the buyer and seller.