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Business Law Vocab
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Business Law Vocab
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25 Questions

1. Laws which are enacted by legislative bodies.

2. Person not party to a contract - but whom parties intended to benefit.

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

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

5. Court hearing cases appealed from lower courts.

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

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

8. A decision of a court.

9. A negotiable instrument containing a promise to pay.

10. Stating an untrue fact.

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

12. The party making the assignment.

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

14. The party who initiates - or makes - an offer.

15. A written request initiating a civil suit.

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

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

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

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

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

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

22. Those contracts that must be in special form or produced in a certain way - such as under seal.

23. An agreement of no legal effect.

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

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

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