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






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






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






4. Laws which seek to promote competition among businesses.






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






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






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






8. The acknowledgment by a bank of a receipt of money with an agreement of repayment.






9. A statute originally enacted by the English Parliament and now enacted in some form in all states - listing certain types of contracts which could be enforced only if in written form.






10. Canceling - annulling - avoiding.






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






12. 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.






13. Power to act for someone else.






14. One in possession of commercial paper.






15. A decision of a court.






16. Exceeding the maximum rate of interest which may be charged on loans.






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






18. 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.






19. 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.






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






21. 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).






22. An agreement of no legal effect.






23. An endorsement which designates the particular person to whom payment is to be made.






24. A business owned by one person.






25. Stock with an assigned face vale.






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






27. Movable tangible personal property.






28. 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.






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






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






31. To take into police custody.






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






33. Court hearing cases appealed from lower courts.






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






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






36. 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.






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






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






39. A commercial paper payable to bearer; i.e. to the person having possession of such.






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






42. An offense which is injurious to society as a whole.






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






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






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






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






47. Laws enacted by local municipalities.






48. Stock reacquired by a corporation.






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






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