Biz law 2 112

Question 1

• any method by which a legal duty is extinguished.

Answer 1

Discharge

Question 2

pretrial steps taken to learn the details of the case.

Answer 2

Discovery

Question 3

operates in the state that granted the charter.

Answer 3

Domestic corporation

Question 4

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

Answer 4

Donee beneficiary -

Question 5

• a written order signed by one person requiring the person to whom addressed to pay a particular sum of money to a third person.

Answer 5

Draft

Question 6

person, company or financial institution ordered to pay a draft.

Answer 6

Drawee

Question 7

person who executes any draft.

Answer 7

Drawer

Question 8

removing one’s free will, obtaining consent by means of a threat.

Answer 8

Duress

Question 9

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.

Answer 9

Employee

Question 10

the party who employs employees to do certain work.

Answer 10

Employer

Question 11

person who becomes the holder of a negotiable instrument by endorsement which names him or her as the person to whom the instrument is negotiated.

Answer 11

Endorsee

Question 12

the signature or statement of purpose by the owner on the back of a negotiable instrument, which indicates the future control of the instrument.

Answer 12

Endorsement

Question 13

person who writes his or her name on back of an instrument.

Answer 13

Endorser

Question 14

those contracts in which the terms have been fulfilled.

Answer 14

Executed contract

Question 15

carrying out or completion of some task.

Answer 15

Execution

Question 16

contract in which the terms have not been completely executed or fulfilled by the parties.

Answer 16

Executory contract

Question 17

those goods which are, at the time of the contract, in existence and owned by the seller.

Answer 17

Existing goods

Question 18

the authority of an agent, stated in the document or agreement creating the agency.

Answer 18

Express authority -

Question 19

a contract in which the parties express their intentions, either verbally or in writing, at the time of the agreement.

Answer 19

Express contract

Question 20

the actual and definite statement of a seller, either orally or in writing, at the time of the sale.

Answer 20

Express warranties -

Question 21

largest, most complete right in property.

Answer 21

Fee simple estate –

Question 22

more serious criminal offense that is punishable by death or by imprisonment in a penitentiary for more than one year.

Answer 22

Felony

Question 23

relationship of trust and confidence, such as that which exists between partners in a partnership.

Answer 23

Fiduciary