Final Exam Review

Question 1

The person against whom legal action is brought

Answer 1

defendant

Question 2

Those contracts which must be in special form or produced in a certain way, such as under are considered to be ______ contracts.

Answer 2

formal

Question 3

One authorized by the principal to execute specific act(s) is called a/an ____ agent.

Answer 3

special

Question 4

An award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff called ______ damages.

Answer 4

punitive

Question 5

A decision of a court of law is called

Answer 5

judgment

Question 6

A proposal to make a contract is called the

Answer 6

offer

Question 7

The body of law concerned with private or purely personal rights is referred to as _____ law.

Answer 7

civil

Question 8

A party who appoints a second party to serve as an agent is called the

Answer 8

principal

Question 9

Having no words other than the signature of the endorser is called a/an _____ endorsement.

Answer 9

blank

Question 10

The party who gives up possession, but not the title, of personal property in a bailment is called the

Answer 10

bailor

Question 11

A less serious criminal offense, generally punishable by fine and/or imprisonment of less than one year is called a

Answer 11

misdemeanor

Question 12

A business entity created by statutory law and owned by individuals known as stockholders is called a/an

Answer 12

corporation

Question 13

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

Answer 13

agent

Question 14

A contract which would be an enforceable agreement, but due to circumstances, may be set aside by one of the parties is said to be a _____ contract.

Answer 14

voidable

Question 15

The authority of an agent, stated in the document or agreement creating the agency is called _____ authority.

Answer 15

express

Question 16

An endorsement which prevents the use of the instrument for anything except the stated use is called a/an _____ endorsement

Answer 16

restrictive

Question 17

Those rules of conduct prescribed by government and its agencies in regulating business transactions is called _____ law.

Answer 17

business

Question 18

A check for which the bank assures that the drawer has sufficient funds to make payment is called a _____ check

Answer 18

certified

Question 19

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 is called a/an _____ agent.

Answer 19

general

Question 20

A means of removing one’s free will, obtaining consent by means of a threat to do harm to the person, his family, his property, or his earning power is called

Answer 20

duress

Question 21

An offense which is injurious to society as a whole is called a/an

Answer 21

crime

Question 22

Land and those objects permanently attached to land are called ____ property.

Answer 22

real

Question 23

The individual who initiates a civil action is called the

Answer 23

plaintiff

Question 24

An endorsement which limits the liability of the endorser is called a _____ endorsement.

Answer 24

qualified

Question 25

Conforming an act which was executed without authority or an act which was voidable is called

Answer 25

ratification

Question 26

An agreement between two or more competent persons which is enforceable by law is called a/an

Answer 26

contract

Question 27

Customs which have become recognized by the courts as binding on the community are considered ____ law.

Answer 27

common

Question 28

The party to whom any negotiable instrument is made payable is called the

Answer 28

payee

Question 29

An order by a depositor on the bank to pay a sum of money to a payee is called a/an

Answer 29

check

Question 30

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

Answer 30

fiduciary

Question 31

A written request initiating a civil suit is called the

Answer 31

complaint

Question 32

A private or civil wrong, other than by breach of contract, for which there may be action for damages is called a/an

Answer 32

tort

Question 33

Any contract other than a formal contract, whether written, oral or implied is called a/an ____ contract.

Answer 33

simple

Question 34

The principle that the decision of a higher court should serve as a guide or precedent and control the decision of a similar case in the future is called _____ decisis

Answer 34

stare

Question 35

Laws which are enacted by legislative bodies are called

Answer 35

statutory

Question 36

A contract which consists of mutual promises to perform some future acts is called a _____ contract

Answer 36

bilateral

Question 37

A contract which will be enforced by the court is considered to be a ____ contract.

Answer 37

valid

Question 38

Courts hearing cases appealed from a lower court are called _____ courts.

Answer 38

appellate

Question 39

A negotiable instrument containing a promise to pay is called a/an _____ note.

Answer 39

promissory

Question 40

A more serious criminal offense that is punishable by death or by imprisonment in a penitentiary for more than one year is called a/an

Answer 40

felony

Question 41

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 is called ____ paper.

Answer 41

commercial

Question 42

The person who writes his or her name on the back of an instrument is the

Answer 42

endorser

Question 43

Evidences of ownership of personal property, such as stock of corporations, checks and copyrights are considered to be _____ personal property.

Answer 43

intangible

Question 44

The transfer of title of goods from the seller to the buyer for a consideration called the price is referred to as a/an

Answer 44

sale

Question 45

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 is called a/an

Answer 45

employee

Question 46

A request to a higher court to review a lower court's decision is called a/an

Answer 46

appeal

Question 47

Failure to exercise ordinary care; omission to do something which a reasonable prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (a breach of a legal duty to act carefully resulting in injury to another or damage to another's property) is considered

Answer 47

negligence

Question 48

The person, company, or financial institution ordered to pay a draft is called the

Answer 48

drawee

Question 49

A means whereby one party in a contract conveys rights to another person, who is not a party to the original contract is called a/an

Answer 49

assignment

Question 50

The person who executes a promissory note is called a/an

Answer 50

maker