Business Law

Question 1

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

Answer 1

accord and satisfaction

Question 2

corporation that is incorporated in a foreign country

Answer 2

alien corporation

Question 3

laws which seek to promote competition among businesses

Answer 3

antitrust

Question 4

the party; to whom teh assignment os made

Answer 4

assignee

Question 5

a means whereby one party in a contract conveys rights to another person who is not a party to the original contract

Answer 5

assignment

Question 6

a contract exisiting between consignor and carrier

Answer 6

bill of lading

Question 7

a ched downs on a BANKS own funds and signed by a responsible bank officical

Answer 7

cashiers check

Question 8

a check which teh bank assures that the drawer has sufficient funds to make payment

Answer 8

certified check

Question 9

the acknowledgemnt by a bank of a receipt of money with an agreement of repayment

Answer 9

certificated of deposit

Question 10

an order by a depositor on the bank to pay a sum of money to a payee

Answer 10

check

Question 11

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)

Answer 11

close corporation

Question 12

another name for a “ negotiable instrument”

Answer 12

commercial paper

Question 13

an award paid to the injured party to cover the EXACT amount of loss

Answer 13

compensatory damages

Question 14

the written request which initiates a civil law suit

Answer 14

complaint (petition)

Question 15

that which the promisor demands and receives as the price for a promise

Answer 15

consideration

Question 16

a seller agrees to transfer title to gods for a consideration (price) at a future time

Answer 16

contract to sell

Question 17

the necessity that the parties desiring to enter into contracts, meet all requirements

Answer 17

contractual capacity

Question 18

an offense which in injurious to a society as a whole

Answer 18

crime

Question 19

writing conveying title to real property

Answer 19

deed

Question 20

deed that transfers property to trustee for benefit of creditor

Answer 20

deed of trust

Question 21

the repudiation of “ election to avoid” a voidable contract

Answer 21

disaffirmance

Question 22

termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law

Answer 22

discharge

Question 23

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

Answer 23

donee beneficiary

Question 24

a written order, signed by a person, requiring a another to pay at a certain time

Answer 24

draft

Question 25

a means of removing one's free will

Answer 25

duress

Question 26

express contract

Answer 26

contract

Question 27

largest, most complete right in property

Answer 27

fee simple estate

Question 28

a relationship of trust and confidence, which exists between partners

Answer 28

fiduciary

Question 29

when a corportaion operates in any stateother than where it its chartered

Answer 29

foreign corporation

Question 30

under seal; contracts which must be in a special form or produced in a certain way

Answer 30

formal contract

Question 31

one who is authorized to execute the principal's business of a particular kind

Answer 31

general agent

Question 32

an agents authority to do things not specifically authorized in order to carry out express authority

Answer 32

implied authority

Question 33

a contract in which the terms of the contract are IMPLIED by acts or conduct of the parties

Answer 33

implied contract

Question 34

a person who becomes the holder of a negotiable instrument by endorsement which names then as the person who whom the instrument is negotiated ( who I write the rent check too)

Answer 34

endorsee

Question 35

a permanent JUDICIAL order forbidding the performance of a certain act

Answer 35

injunction

Question 36

a company that combines features of both the corporation and partnership

Answer 36

limited liability company

Question 37

the amount of the damages stipulated in a contract to be paid in the event one party breaches the contract

Answer 37

liquidated damages

Question 38

the person who executes a promissory note

Answer 38

maker

Question 39

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

Answer 39

malpractice

Question 40

failure to exercise ordinary care

Answer 40

negligence

Question 41

a token award to symbolize vindication of the wrong done to the plaintiff, generally the award is $1

Answer 41

nomnial damages

Question 42

the substitution of a new party for one of the original parties to a contract, in such a way that the prior contract terminates

Answer 42

novation

Question 43

commerical paper made payable to the ORDER of some named party;the word order or its equivalent

Answer 43

order paper

Question 44

law enacted by a MUNICIPALITY

Answer 44

ordinance

Question 45

corporation that carries out non- governmental function

Answer 45

private corporation

Question 46

an award paid to the plaintiff in order to PUNISH the defendant

Answer 46

punitive damages

Question 47

an endorsement which limits teh liabliltiy of the endorser

Answer 47

qualififed endorsement

Question 48

an act that was executed without authority or an act which was voidable

Answer 48

ratification

Question 49

canceling, annulling, avoiding

Answer 49

rescission

Question 50

the annulment or cancellation of an instrument, act, or promise

Answer 50

revocation

Question 51

FEDERAL legislation intended to promote competition among businesses by prohibiting restraint of trade

Answer 51

Sherman Antitrust Act

Question 52

an individual who takes no active part in the management of a partnership, but has capital invested in the business

Answer 52

Silent partner

Question 53

one authorized by the principal to execute Specific act

Answer 53

Special endorsement

Question 54

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

Answer 54

special endorsement

Question 55

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

Answer 55

Statute of frauds

Question 56

laws enacted by Legislative bodies

Answer 56

statutes

Question 57

shareholders elect to be taxed a partnership without losing corporation status; no double taxation

Answer 57

subchapter S corporation

Question 58

notice given to a defendant, attaching the complaint and stating a time frame in which an answer must be filed or an appearance made

Answer 58

summons (process)

Question 59

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

Answer 59

third party beneficiary

Question 60

a private or civil wrong, OTHER THAN BY BREACH OF CONTRACT

Answer 60

tort

Question 61

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

Answer 61

undue influence

Question 62

recognized as the most important statute in business law; regulate certain sales of goods and negotiable instruments

Answer 62

Uniform Commercial Code

Question 63

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

Answer 63

unilateral contract

Question 64

exceeding maximum rate of interest which may be charged on loans

Answer 64

usurious

Question 65

Laws within the Penal Code that are violated are examples of

Answer 65

criminal law

Question 66

The right a minor has to avoid a contract is termed

Answer 66

disaffirmation

Question 67

Mr. Greenjeans makes a will which states that his estate will be divided equally only among the children who are alive when he dies. This type of distribution is called ___.

Answer 67

Per capita

Question 68

The extinction or withdrawal of a legacy by an act equivalent to revocation is called

Answer 68

ademption

Question 69

The right that one person has to use the property of another for a special purpose is known as

Answer 69

an easement

Question 70

Which of these documents is the place where the funeral director explains why merchandise such as a vault or services such as embalming are included in this funeral purchase?

Answer 70

Statement of Goods and Services Selected