Business Law Flashcards
Bailee
The party who acquires possession, but not the title of personal property
Bailor
The party who gives up possession, but not the title of personal property in a bailment
Consignee
One to whom goods are shipped by common carrier
One who ships goods by common carrier
Consignor
Future goods
Those good selected, which are not an existence at the time in which the contract was created
Endorser
Person who writes his or her name on the back of an instrument
Endorsee
A person who becomes the holder of an negotiable instrument by endorsement which names him or her as the person to whom the instrument is negotiated
Valid contract
A contract which will be enforced by the court
Voidable contract
A contract, which would be an enforceable agreement, but due to circumstances, may be set aside by one of the parties
Void Contract
An agreement of no legal effect (minors)
An oral will stated to a witness, is a
Nuncupative will
It will that is handwritten
Holographic
A contract in which the parties make their intentions by words
Express contract
