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






2. One that is incorporated in a foreign country.






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






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






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






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






7. The party to whom the assignment is made.






8. A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer - either on demand or at a certain time.






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






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

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






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






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






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






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






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






17. A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).






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






19. A one-sided contract/agreement formed when an act is done in consideration for a promise. 01






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






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






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






23. Canceling - annulling - avoiding.






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






25. An agent's authority to do things not specifically authorized in order to carry out express authority.






26. The contracting of services rather than goods.






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






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






29. The goods specified by the buyer and seller.






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

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






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






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






34. 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.






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






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






37. A written request initiating a civil suit.






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






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






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






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






42. The party making the assignment.






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






44. Declared value of outstanding stock.






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






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. An agreement to an offer resulting in a contract.






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






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






50. Stock reacquired by a corporation.