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






2. One who ships goods by common carrier.






3. The signature or statement of purpose by the owner on the back of the instrument.






4. An agreement of no legal effect.






5. The contract existing between the consignor (shipper) and the carrier.






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

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






8. A third party beneficiary to whom no legal duty is owed and for whom performance is a gift.






9. A business owned by one person.






10. A breach of contract by a professional; failure to perform a professional service IP with the ability and care generally exercised by others in the profession.






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






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






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






14. A decision of a court.






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






16. The party to whom the assignment is made.






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






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






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






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






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






22. The individual who initiates a civil action.






23. Laws enacted by local municipalities.






24. One in possession of commercial paper.






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






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






27. Declared value of outstanding stock.






28. 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.






29. Official document detailing a defendant's defense.






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






31. Canceling - annulling - avoiding.






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






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






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






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






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






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






38. Laws which seek to promote competition among businesses.






39. All property which is not real property.






40. 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.






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






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






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






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






45. Those rules of conduct prescribed by a government and its agencies - regulating business transactions.






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






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






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






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






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