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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. Declared value of outstanding stock.






2. The person who executes any draft.






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






4. Land and those objects permanently attached to land. Rejection refusal to accept.






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






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






7. 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






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






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






10. An order by a depositor on the bank to pay a sum of money to a payee. Civil Law — legal proceedings concerned with the rights of public citizens.






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






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






13. Operates in the state that granted the charter.






14. An artificial being - invisible - intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.






15. A business owned by one person.






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






17. An agreement of no legal effect.






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






19. Court hearing cases appealed from lower courts.






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






21. 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.






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






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






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






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






26. The party to whom any negotiable instrument is made payable.






27. The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.






28. One in which terms of the contract are implied by acts or conduct of the '_ parties.






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






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






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






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






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






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






35. One who takes initial steps to form corporation.






36. 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.






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






38. Anything that may be owned.






39. A means of removing one's free will; obtaining consent by means of threat to do harm ii. - to the person - his family - or his property.






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






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






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






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






44. That consideration stipulated by contract - generally expressed in money or money's worth.






45. 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.






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






47. Power to act for someone else.






48. Laws which are enacted by legislative bodies.






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






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