BUSINESS LAW Flashcards
(168 cards)
1
Q
An agreement to an offer resulting in a contract
A
Acceptance
2
Q
An agreement made and executed in satisfaction of the rights one has from a previous contract
A
Accord and satisfaction
3
Q
The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
A
Agent
4
Q
One that is incorporated in a foreign country
A
Alien corporation
5
Q
Official document detailing a defendant’s defense
A
Answer
6
Q
Laws which seek to promote competition among businesses
A
Antitrust
7
Q
The authority an agent is believed by the third party parties to have because of the behavior of the principal
A
Apparent authority
8
Q
Request to a higher court to review a lower court’s decision
A
Appeal
9
Q
Courts hearing cases appealed from a lower court
A
Appellate court
10
Q
Charging a person with a crime and asking for that persons plea
A
Arraignment
11
Q
To take into police custody
A
Arrest
12
Q
The party to whom the assistant made
A
Assignee
13
Q
A means whereby one party in a contract conveys rights to another person, who is not a party to the original contract
A
Assignment
14
Q
The party making the assignment
A
Assignor
15
Q
Power to act for someone else
A
Authority
16
Q
The party who acquires possession, but not the title of personal property by one party to another under agreement
A
Bailee
17
Q
The transfer of possession, but not the title of personal property by one party to another under agreement
A
Bailment
18
Q
The party who gives up possession, but not the title of personal property in a bailment.
A
Bailor
19
Q
A person in possession of an instrument
A
Bearer
20
Q
Commercial paper payable to a bearer (ex. the person having possession of such)
A
Bearer paper
21
Q
Recipient of the proceeds of a life insurance policy, one who inherits property as specified in a will
A
Beneficiary
22
Q
A contract which consists of mutual promises to perform some future acts
A
Bilateral contract
23
Q
The contract existing between the consignor and the carrier
A
Bill of lading
24
Q
A document of conveyance which provides written evidence of one’s title to tangible personal property
A
Bill of Sale
25
Having no words other than the signature of the endorser
Blank endorsement
26
A body of person's elected by the stockholders to define and establish corporate policy
Board of directors
27
Administrative step taken after an arrested person is brought to the police station
Booking
28
A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligations established in that contract
Breach of contract
29
Those rules of conduct prescribed by the government and its agencies in regulating business transactions
Business law
30
A check drawn on a banks own funds and signed by a responsible bank official
Cashier's check
31
The acknowledgment by a bank of receipt of money with an agreement of repayment
Certificate of deposit
32
A check for which the bank assures that the drawer has sufficient funds to make payment
Certified check
33
An order by the depositor on the bank to pay a sum of money to the payee
Check
34
The body of law concerned with private or purely personal personal rights
Civil law
35
A designation which applies to a corporation in which outstanding share of stock and managerial control are held by a limited number of people (often members of the same family)
Close (closely held) corporation
36
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
Commercial paper (negotiable instrument)
37
Customs which have become recognized by the courts as binding on the community
Common law
38
An award paid to the injured party to cover the exact amount of their loss, but no more
Compensatory damages
39
The written request which initiates a civil law suit
Complaint (petition)
40
That which the promissory demands and receives as the price for a promise
Consideration
41
One to whom goods are shipped by common carrier
Consignee
42
One who ships goods by common carrier
Consignor
43
An agreement between two or more competent persons which is enforceable by law
Contract
44
A seller agrees to transfer title to goods for a consideration (price) at a future time
Contract to sell
45
The necessity that the parties desiring to enter into contracts meet all requirements
Contractual capacity
46
A business entity created by statutory law and owned by individuals known as stockholders
Corporation
47
An intended acceptance which changes or qualifies an original offer and in effect, rejects that offer and becomes a new offer
Counteroffer
48
A person who is not a party to a contract to whom the promisor of a contract owes an obligation or duty
Creditor beneficiary
49
An offense which is injurious to society as a whole
Crime
50
Laws dealing with crimes and the punishment or wrongdoers
Criminal law
51
Writing conveying title to real property
Deed
52
Deed that transfers property to trustee for benefit of creditor
Deed of trust
53
The person against whom legal action is brought
Defendant
54
The repudiation of, or election to avoid, a void able contract
Disaffirmance
55
Termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law
Discharge
56
Pretrial steps taken to learn the details of the case
Discovery
57
Operates in the state that granted the charter
Domestic corporation
58
A third party beneficiary to whom no legal duty is owed and performance is a gift
Donee beneficiary
59
A written order signed by one person requiring the person to whom addressed to pay a particular sum of money, to order or bearer, on demand or at a certain time
Draft
60
The person, company, or financial institution ordered to pay a draft
Drawee
61
The person who executes any draft
Drawer
62
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
Duress
63
A written order signed by one person requiring the person to whom addressed to pay a particular sum of money to order or to bearer, on demand or at a certain time
Draft
64
The person, company, or financial institution ordered to pay a draft
Drawee
65
The person who executes any draft
Drawer
66
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
Duress
67
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
Employee
68
The party who employs employees to do certain work
Employer
69
Those contracts in which the terms have been fulfilled
Executed contract
70
The carrying out or completion of some task
Execution
71
Those contracts in which the terms have not been completely executed or fulfilled by the parties
Executory contract
72
Those goods which are, at the time of the contract, in existence and owned by the seller
Existing goods
73
The authority of an agent stated in the document or agreement creating the agency
Express authority
74
A contract
Express contract
75
The actual and definite statement of a seller, either orally or in writing, at the time of the sale
Express warranties
76
Largest, most complete right in property
Fee simple estate
77
A more serious criminal offense that is punishable by death or by imprisonment in a penitentiary for more than one year
Felony
78
A relationship of trust and confidence, such as that which exists between partners in a partnership
Fiduciary
79
Designation that applies when a corporation operates in any state other than where it is chartered
Foreign corporation
80
Those contracts which must be in special form or produced in a certain way, such as under seal
Formal contract
81
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
Fraud
82
Those goods selected which are not in existence at the time in which the contract was created
Future goods
83
One who is authorized to execute the principles business of a particular kind or all the principals business at a particular place, if not all of one kind
General agent
84
Those individuals actively and openly engaged in the business and held to everyone as a partner
General partner
85
Movable tangible personal property
Goods
86
One in possession of commercial paper
Holder
87
The goods specified by the buyer and seller
Identified goods
88
An agents authority to do things not specifically authorized in order to carry out express authority
Implied authority
89
One in which the terms of the contract are implied by acts or conduct of the parties
Implied contract
90
Warranties imposed by law arising automatically because the sale has been made
Implied warranties
91
One who contracts to perform certain tasks for a set fee, but who is independent of the control of the contracting party as to a means by which the contract is executed, except for specifications established in the contract
Independent contractor
92
A 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
Endorsee
93
The signature or statement of purpose by the owner on the back of a negotiable instrument, which indicates the future control of the instrument
Endorsement
94
A permanent judicial order or decree forbidding the performance of a certain act
Injunction
95
Evidences of ownership of personal property such as stock of corporations, checks, and copyrights
Intangible personal property
96
A decision of a court of law
Judgment
97
Those rules of conduct commanding what is right and prohibiting what is wrong
Law
98
Estate for duration of a person's life
Life estate
99
Newest form of business ownership recognized in the US combines features of both the corporation and partnership
Limited liability company
100
Partners who have their liability for the firm's debts limited to the amount of their investment
Limited partner
101
The amount of the damages stipulated in a contract to be paid in the event one party breaches the contract
Liquidated damages
102
Partners who have their liability for the firm's debt limited to the amount of their investment
Limited partner
103
The amount of the damages stipulated in a contract to be paid in the event one party breaches the contract
Liquidated damages
104
The person who executes a promissory note
Maker
105
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
Malpractice
106
A person who deals in goods of the kind or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction
Merchant
107
Those persons under legal age by most states (but not all) the standard is under the age of eighteen
Minor
108
A less serious criminal offense, generally punishable by fine and/ or imprisonment of less than one year
Misdemeanor
109
Stating an untrue fact
Misrespresentation
110
Item's, required or proper and useful, for sustaining a human being at an appropriate living standard (ex. Food, clothing, and shelter)
Necessaries
111
Failure to exercise ordinary care, a breach of a legal duty to act carefully resulting in injury to another or damage to another's property
Negligence
112
A written drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit
Negotiable instrument (commercial paper)
113
The act of transferring ownership of a negotiable instrument to another party
Negotiation
114
A token award to symbolize vindication of the wrong done to the plaintiff, generally the award is 1.00
Nominal damages
115
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
Novation
116
A proposal to make a contract
Offer
117
The person to whom an offer is made
Offeree
118
The party who initiates or makes an offer
Offeror
119
Commercial paper made payable to the order of some named party the word order or its equivalent must be used
Order paper
120
Law enacted by a municipality
Ordinance
121
The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit
Partnership
122
The party to whom any negotiation instrument is made payable
Payee
123
All property, which is not real property
Personal property
124
A written request initiating a civil suit
Petition (compliant)
125
The individual who initiates a civil action
Plaintiff
126
The consideration stipulated by contract generally expressed in money or money worth
Price
127
A party who appoints a second party to serve as an agent
Principal
128
A corporation formed by individuals to carry out some non-governmental function
Private corporation
129
An award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff
Punitive damages
130
An endorsement which limits the liability of the endorser
Qualified endorsement
131
Conforming an act which was executed without authority or an act which was voidable
Ratification
132
Land and those objects permanently attached to land
Real property
133
Canceling, annuling, avoiding
Rescission
134
Refusal to accept
Rejection
135
An endorsement which prevents the use of the instrument for anything except the stated use
Restrictive endorsement
136
The annulment or cancelation of an instrument, act or promise by one doing or making the offer
Revocation
137
The transfer of title to goods from the seller to the buyer for a consideration called the pric
Sale
138
The contracting of services rather than goods
Service contracts
139
Those having title to one or more shares of stock in a corporation combined they represent ownership of the corporation
Shareholders (stockholders)
140
Federal legislation intended to promote competition among businesses by prohibiting restraint of trade
Sherman Antitrust Act
141
An individual who takes no active part in the management of a partnership, buy has capital invested in the business
Silent partner
142
Any contract other than a formal contract, whether written, oral or implied
Simple contract
143
A business owned by one person who is subject to claims of creditors
Sole proprietorship
144
One authorized by the principal to execute specific acts
Special agent
145
An endorsement which designates the particular person to whom payment is to be made
Special endorsement
146
A contract remedy by which the court requires the breaching party to perform the contract
Specific performance
147
A contract remedy by which the court requires the breaching party to perform the contract
Specific performance
148
The principal that the decision of higher court should serve as a guide or precedent and control the decision of similar case in the future
Stare decisis
149
A statute originally enacted by English parliament and now enacted in some form in all the Americans states listing certain types of contracts which could only be enforced if in written form
Statute of frauds
150
A law that restricts the period of time within within which an action may be brought to court
Statute of limitations
151
Laws which are enacted enacted by legislative bodies
Statutes
152
Those having title to one or more shares of stock in a corporation, combined they represent ownership of the corporation
Stockholders (shareholders)
153
Is a creation of the tax codes, shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status
Subchapter S corporation
154
A notice given to a defendant, attaching the complaint and stating a time frame in which an answer must be filed or an appearance made
Summons (process)
155
Person not party to a contract, but whom parties intended to benefit
Third party beneficiary
156
Ownership, evidence of ownership of property
Title
157
A private or civil wrong other than by breach of contract for which there may action for damages
Tort
158
A private or civil wrong than by breach of contract, for which there may be action for damages
Tort
159
Court which conducts the original trial and renders its decision
Trial court
160
Improper influence that is asserted by one dominant person over another without the threat of harm
Undue influence
161
An agreement which at the current time is not enforceable by law
Unenforceable contract
162
Recognized as the most important statue in business law, it includes provisions which regulate certain sales of goods and negotiable instruments
Uniform commercial code
163
A contract formed when an act is done in consideration for a promise
Unilateral contract
164
Exceeding the maximum rate of interest, which may be charged on loans
Usurious
165
A contract which will be enforced by the court
Valid contract
166
An agreement of no legal effect
Void contract
167
A contract which would be an enforceable agreement, but due to circumstances may be set aside by one of the parties
Voidable contract
168
Guarantees made by a seller that an article good or service will conform to a certain standard or will operate in a certain manner
Warranties
