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Laws, Rules & Regulations > B Law Glossary Exam 1 Reversed > Flashcards

B Law Glossary Exam 1 Reversed Flashcards

1
Q

an agreement to an offer resulting in a contract.

A

Acceptance

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2
Q

an agreement made and executed in satisfaction of the rights one has from a previous contract.

A

Accord and satisfaction

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3
Q

the authority an agent is believed by third parties to have because of behavior by the principal.

A

Apparent authority

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4
Q

request to a higher court to review a lower court’s decision.

A

Appeal

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5
Q

courts hearing cases appealed from a lower court.

A

Appellate courts

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5
Q

the party who acquires possession, but not the title, of personal property by one party to another, under agreement.

A

Bailee

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6
Q

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

A

Bailment

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7
Q

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

A

Bailor

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8
Q

recipient of the proceeds of a life insurance policy.

A

Beneficiary

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9
Q

a contract which consists of mutual promises to perform some future acts.

A

Bilateral contract

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10
Q

a situation in which one of the parties to a contract fails or otherwise refuses to perform the obligations established in that contract.

A

Breach of contract

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11
Q

the body of law concerned with private or purely personal rights.

A

Civil law

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12
Q

the body of law deriving from judicial decisions, rather than from statutes or constitutions.

A

Common law

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13
Q

an award paid to the injured party to cover the exact amount of their loss, but no more.

A

Compensatory damages

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14
Q

the written request which initiates a civil lawsuit.

A

Complaint (petition)

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15
Q

the bargained-for exchange of a contract.

A

Consideration

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16
Q

a legally enforceable agreement.

A

Contract

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17
Q

contract to sell goods at a future time.

A

Contract to sell

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18
Q

the legal ability to enter into a contract.

A

Contractual capacity

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19
Q

a change to an original offer that, in effect, rejects that offer and becomes a new offer.

A

Counteroffer

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20
Q

third party beneficiary owed a debt by a party to a contract.

A

Creditor beneficiary

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21
Q

laws dealing with crimes and the punishment of wrongdoers.

A

Criminal law

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22
Q

election to avoid a voidable contract.

A

Disaffirmance

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23
Q

any method by which a legal duty is extinguished.

A

Discharge

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24
Q

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

A

Donee beneficiary

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25
Q

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

A

Duress

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26
Q

those contracts in which the terms have been fulfilled.

A

Executed contract

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27
Q

the carrying out or completion of some task.

A

Execution

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28
Q

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

A

Executory contract

29
Q

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

A

Express authority

30
Q

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

A

Express contract

31
Q

those contracts which must be in special form or produced in a certain way, such as under seal.

A

Formal contract

32
Q

the intentional or reckless false statement of a material fact, upon which the injured party relied, which induced the injured party to enter into a contract, to his or her detriment.

A

Fraud

33
Q

those goods selected which are not in existence at the time in which the contract was created.

A

Future goods

34
Q

the goods specified by the buyer and seller.

A

Identified goods

35
Q

an agent’s authority to do things not specifically authorized in order to carry out express authority.

A

Implied authority

36
Q

one in which the terms of the contract are implied by acts or conduct of the parties.

A

Implied contract

37
Q

those rules of conduct commanding what is right and prohibiting what is wrong.

A

Law

38
Q

interest in real property for the duration of a person’s life.

A

Life estate

39
Q

a breach of contract by a professional person; failure to perform a professional service with the ability and care generally exercised by others in the profession.

A

Malpractice

40
Q

those persons under legal age; by most states (but not all), the standard is under the age of eighteen.

A

Minor

41
Q

false statement of a material fact.

A

Misrepresentation

42
Q

items required for living at a reasonable standard (i.e. food, clothing and shelter).

A

Necessaries

43
Q

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 would not do; the lack of due care.

A

Negligence

44
Q

small amount awarded when there is a technical breach but no injury.

A

Nominal damages

45
Q

the substitution of a new party for one of the original parties to a contract, such that the prior contract terminates and a new one substitutes for it.

A

Novation

46
Q

a proposal to make a contract.

A

Offer

47
Q

the person to whom an offer is made.

A

Offeree

48
Q

the party who initiates, or makes an offer.

A

Offeror

49
Q

all property which is not real property.

A

Personal property

50
Q

an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff.

A

Punitive damages

51
Q

a contract created or implied by law to prevent unjust enrichment.

A

Quasi contract

52
Q

approving an act which was executed without authority; electing to be bound by a voidable contract.

A

Ratification

53
Q

land and those objects permanently attached to land.

A

Real property

54
Q

to set aside or cancel a contract.

A

Rescission

55
Q

refusal to accept.

A

Rejection

56
Q

cancellation of an instrument by the maker; rescinding an offer.

A

Revocation

57
Q

any contract other than a formal contract, whether written, oral or implied.

A

Simple contract

58
Q

a contract remedy by which the court requires the breaching party to perform the contract.

A

Specific performance

59
Q

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.

A

Stare decisis

60
Q

a statute originally enacted by English Parliament, and now enacted in some form in all the American states, listing certain types of contracts which could only be enforced if in written form.

A

Statute of frauds

61
Q

a law that restricts the period of time within which an action may be brought to court.

A

Statute of limitations

62
Q

laws which are enacted by legislative bodies.

A

Statutes

63
Q

person not party to a contract, but whom parties intended to benefit.

A

Third party beneficiary

64
Q

a private or civil wrong, other than by breach of contract, for which there may be action for damages.

A

Tort

65
Q

improper influence that is asserted by one dominant person over another, without the threat of harm.

A

Undue influence

66
Q

an agreement which at the current time is not enforceable by law.

A

Unenforceable contract

67
Q

a contract formed when an act is done in consideration for a promise.

A

Unilateral contract

68
Q

a contract which will be enforced by the court.

A

Valid contract

69
Q

an agreement of no legal effect.

A

Void contract

70
Q

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

A

Voidable contract

Laws, Rules & Regulations (8 decks)

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