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Business Law Vocab
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Business Law Vocab
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1. 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.

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

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

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

5. A decision of a court.

6. The actual and definite statement of a seller - either verbally or in writing - guaranteeing a standard or level of performance.

7. One authorized by the principal to execute specific acts.

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

9. 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.

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

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

12. The goods specified by the buyer and seller.

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

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

15. A written request initiating a civil suit.

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

17. 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.

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

19. An endorsement which limits the liability of the endorser.

20. Stating an untrue fact.

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

22. The contracting of services rather than goods.

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

24. An agreement of no legal effect.

25. The person who executes a promissory note.

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