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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. One to whom goods are shipped by common carrier.






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






3. Stock with an assigned face vale.






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






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






6. One that is incorporated in a foreign country.






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






8. Courts that conduct the original trial and render their decision.






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






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






11. Stock reacquired by a corporation.






12. 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.






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






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






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






16. 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.






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






18. A private or civil wrong - either intentional or caused by negligence - for which there may be action for damages.






19. A person in possession of an instrument.






20. Laws enacted by local municipalities.






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






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






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






24. The party to whom the assignment is made.






25. All property which is not real property.






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






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






28. 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.






29. Movable tangible personal property.






30. Canceling - annulling - avoiding.






31. The person who executes a promissory note.






32. 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.






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






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






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






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






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






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






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






40. Anything that may be owned.






41. One who contracts to perform certain tasks for a set fee - but who is contracting party as a means by which the contract is executed - except for specifications established in the contract.independent of the control of the






42. Laws dealing with crimes and the punishment of wrongdoers.






43. The individual who initiates a civil action.






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






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






46. An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price) - at a future time.






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






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






49. A written request initiating a civil suit.






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