Business Law Flashcards
(177 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
The relationship that exists between a person identified as a principal and another by virtue of which the latter may make contracts with third persons on behalf of the principal
A
Agency
5
Q
One that is incorporated in a foreign country
A
Alien Corporation
6
Q
Official document detailing a defendant’s deense
A
Answer
7
Q
Laws which seek to promote competition among business
A
Antitrust
8
Q
The authority an agent is believed by third parties to have because of the behavior of the principal
A
Apparent Authority
9
Q
Request to a higher court to review a lower court’s decision
A
Appeal
10
Q
Courts hearing cases appealed from a lower court
A
Appellate Courts
11
Q
Charging a person with a crime and asking for that person’s plea
A
Arraignment
12
Q
To take into police custody
A
Arrest
13
Q
The party to whom the assignment is made
A
Assignee
14
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
15
Q
The party making the assignment
A
Assignor
16
Q
Power to act for someone else
A
Authority
17
Q
The party who acquires possession but no the title, of personal property by one party to another, under agreement
A
Bailee
18
Q
The transfer of possession, but not the title of personal property by one party to another under agreement
A
Bailment
19
Q
The party who gives up possession, but not the title, of personal property in a bailment
A
Bailor
20
Q
A person in possession of an instrument
A
Bearer
21
Q
A commercial paper made payable to bearer, i.e. the person having possession of such
A
Bearer Paper
22
Q
Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will
A
Beneficiary
23
Q
A contract which consists of mutual promises to perform some future acts
A
Bilateral Contract
24
Q
The contract existing between the consignor and the carrier
A
Bill of Lading
25
A document of conveyance which provides written evidence of title to tangible personal property
Bill of Sale
26
Having no words other than the signature of the indorser
Blank Indorsement
27
A body of persons elected by the stockholders to define and establish corporate policy
Board of Directors
28
Administrative step taken after an arrested person is brought to police station, which involves entry of the person's name, the crime for which the arrest was made, and other relevant facts on the police blotter, and which may also include photographing, fingerprinting and the like
Booking
29
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
30
Those rules of conduct prescribed by a government and its agencies in regulating business transactions
Business Law
31
A check drawn on a bank's own funds and signed by a responsible bank official
Cashiers Check
32
The acknowledgment by a bank of a receipt of money with an agreement of repayment
Certificate of Deposit
33
A check for which the bank assures that the drawer has sufficient funds to make payment
Certified Check
34
An order by a depositor on the bank to pay a sum of money to a payee
Check
35
The body of law concerned with private of purely personal rights
Civil Law
36
A designation which applies to a corporation in which outstanding share of stock and managerial control are held by a limited number of people
Close (Closely Held Corporation
37
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 aka Negotiable Instrument
38
Customs which have become recognized by the courts as binding on the community
Common Law
39
Stock that entitles owner vote
Common Stock
40
An award paid to the injured party to cover the exact amount of their loss, but no more
Compensatory Damages
41
The written request which initiates a civil law suit
Complaint aka PEtition
42
That which the promisor demands and receives as the price for a promise
Consideration
43
One to whom goods are shipped by common carrier
Consignee
44
One who ships goods by common carrier
Consignor
45
An agreement between two or more competent persons which is enforceable by law
Contract
46
A seller agrees to transfer title to goods to buyer for a consideration at a future time
Contract to Sell
47
The necessity that the parties desiring to enter into contracts meet all requirements
Contractual Capacity
48
A business entity created by statutory law and owned by individuals known as stockholders
Corporation
49
An intended acceptance which changes or qualifies an original offer, and in effect, rejects that offer and becomes a new offer
Counteroffer
50
A person who is not a party to a contract to whom the promisor of a contract owes an obligation or duty
Creditor Beneficiary
51
An offense which is injurious to society as a whole
Crime
52
Laws dealing with crimes and the punishment of wrongoders
Criminal Law
53
The person against whom legal action is brought
Defendant
54
The repudiation of, or election to avoid, a voidable 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 for whom performance is a gift
Donee Beneficiary
59
Partner unknown to public with no part in management
Dormant or Sleeping Partner
60
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
61
The person, company, or financial institution ordered to pay a draft
Drawee
62
The person who executes any draft
Drawer
63
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
64
The person hired to perform work and who is obligated both as to the work to be dome and as to the manner in which it is to be done
Employee
65
The party who hires people to do certain work
Employer
66
A person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated
Endorsee
67
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
68
Person who writes his or her name on back of instrument
Endorser
69
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 aka Executed 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 in which the parties express their intentions, either orally or in writing at the time of the agreement
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
A more serious criminal offense that is punishable by death or imprisonment in a penitentiary for more than one year
Felony
77
A relationship of trust and confidence, such as that which exists between partners in a partnership
Fiduciary
78
Designation that applies when a corporation operates in any state other than where it is chartered
Foreign Corporation
79
Those contracts which must be in special form or produced in a certain way, such as under seal
Formal Contract
80
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, at his or her detriment
Fraud
81
Goods which are not in existence at the time a contract is agreed to
Future Goods
82
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
General Agent
83
Those individuals actively and openly engaged in the business and held out to everyone as a partner
General Partenr
84
Movable tangible personal property
Goods
85
One in possession of commercial paper
Holder
86
A person in possession of a negotiable instrument who accepts the negotiable instrument in good faith and for value
Holder in Due Course
87
The goods specified by the buyer and seller
Identified Goods
88
An agent's authority to do things not specifically authorized in order to carry out express authority
Implied Authority
89
One in which 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 indorsement which names him or her as the person to whom the instrument is negotiated
Indorsee aka Endorsee
93
The signature or statement of purpose by the owner on the back of a negotiable instrument, which indicated the future control fo the instrument
Indorsement aka Endorsement
94
Person who writes his or her name on back of an indorsement
Indorser
95
A permanent judicial order or decree forbidding the performance of a certain act
Injunction
96
Persons who are afflicted with a serious mental disorder impairing their ability to function
Insane
97
Evidences of ownership of personal property such as stock of corporations, checks, and copyrights
Intangible Personal Property
98
Person who are under the influence of alcohol to the extent that their judgment may be impaired
Intoxication
99
A decision of a court of law
Judgment
100
Rules of conduct commanding what is right and prohibiting what is wrong
Law
101
Those rules of civil conduct commanding what is right and prohibiting what is wrong
Law (Blackstone)
102
Newest form of business ownership recognized in the US; combines features of both the corporation and partnership
Limited Liability Corporation
103
Partners who have their liability for the firm's debts limited to the amount of their investment
Limited Partner
104
The amount of the damages stipulated in a contract to be paid in the event one party breaches the contract
Liquidated Damages
105
The person who executes a promissory note
Maker
106
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
107
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
108
Those persons under legal age; in most states (but not all) the standard is under the age of 18
Minor
109
A less serious criminal offense, generally punishable by fine and/or imprisonment of less than one year
Misdemeanor
110
Stating an untrue fact
Misrepresentation
111
Items, required or proper and useful, for sustaining a human being at an appropriate living standard
Necessaries
112
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
Negligence
113
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
Negotiable Instrument aka Commercial Paper
114
The act of transferring ownership of a negotiable instrument to another party
Negotiation
115
A token award to symbolize vindication of the wrong done to the plaintiff (generally $1.00)
Nominal Damages
116
Person who pretends to be a partner or permits others to represent him or her as a partner
Nominal Partner
117
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
118
A proposal to make a contract
Offer
119
The person to whom an offer is made
Offerree
120
The party who initiates, or makes, an offer
Offeror
121
A commercial paper made payable to the order of some named party; the word order or its equivalent must be used
Order Paper
122
Law enacted by a local government entity
Ordinance
123
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
124
Stock with an assigned face value
Par-Value Stock
125
The party to whom any negotiable instrument is made payable
Payee
126
All property which is not real property
Personal Property
127
The written request which initiates a civil law suit
Petition aka Complaint
128
The individual who initiates a civil action
Plaintiff
129
Stock giving special advantage as to payment of dividends, upon liquidation or both
Preferred Stock
130
The consideration stipulated by contract, generally expressed in monetary terms
Price
131
A party who appoints a second party to serve as an agent
Principal
132
A corporation formed by individuals to carry out some non-governmental function
Private Corporation
133
A notice of given to a defendant, attaching the complaint and stating a time frame in which to answer must be filed or an appearance made
Process (Summons)
134
An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment
Promissory Estoppel
135
A negotiable instrument containing a promise to pay
Promissory Note
136
One who takes initial steps to form corporation
Promoter
137
Anything that may be owned
Property
138
A business owned by one person who is subject to claims of creditors
Proprietorship
139
A corporation formed to carry out government functions
Public Corporation
140
An award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff
Punitive Damages
141
An indorsement which limits the liability of the indorser
Qualified Indorsement/Endorsement
142
Confirming an act which was executed without authority or an act which was voidable
Ratification
143
Land and those objects permanently attached to the land
Real Estate aka Real Proeprty
144
Refusal to Accept
Rejection
145
Canceling, anulling, avoiding
Rescission
146
An indorsement which prevents the use of the instrument for anything except the stated use
Restrictive Indorsement/Endorsement
147
The annulment or cancellation of an instrument, act, or promise by one doing or making the offer
Revocation
148
The transfer of title to goods from the seller to the buyer for a consideration called the price
Sale
149
Partner active in a business unknown to the public
Secret Partner
150
The contracting of services rather than the goods
Service Contracts
151
Those having title to one or more shares of stock in a corporation; combined, they represent ownership of the corporation
Shareholders aka Stockholders
152
Federal legislation intended to promote competition among businesses by prohibiting restraint of trade
Sherman Antitrust Act
153
An individual who takes no active part in the management of a partnership, but has capital invested in the business
Silent Partner
154
Any contract other than a formal contract, whether written, oral, or implied
Simple Contract
155
A business owned by one person who is subject to claims of creditors
Sole Proprietorship
156
One authorized by the principal to execute specific acts
Special Agent
157
An indorsement which designates the particular person to whom payment is to be made
Special Indorsement/Endorsement
158
A contract remedy by which the court requires the breaching party to perform the contract
Specific Performance
159
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
Stare Decisis
160
A statute originally enacted by English Parliament, and now enacted in some form in all American states, listing certain types of contracts which could only be enforced if in written form
Statute of Frauds
161
A law that restricts the period of time within which an action may be brought to court
Statute of Limitations
162
Laws which are enacted by legislative bodies
Statutes
163
A creation of the tax codes in which shareholders elect to be taxed as a partnership without losing corporation status
Subchapter S Corporation
164
Person not party to a contract, but whom parties intended to benefit
Third Party Beneficiary
165
A private or civil wrong, other than by breach of contract, for which there may be action for damages
Tort
166
Stock reacquired by a corporation
Treasury Stock
167
Court which conducts the original trial and renders its decision
Trial Court
168
Improper influence that is asserted by one dominant person over another, without the threat of harm
Undue Influence
169
An agreement which at the current time is not enforceable by law
Unenforceable Contract
170
Recognized as the most important statute in business law, it includes provisions which regulate certain sales of goods and negotiable instruments
Uniform Commercial Code
171
A contract formed when an act is done in consideration for a promise
Unilateral Contract
172
Exceeding the maximum rate of interest which may be charged on loans
Usurius
173
Rate of interest which exceeds the maximum that is allowed
Usury
174
A contract which will be enforced by the court
Valid Contract
175
An agreement of no legal effect
Void Contract
176
An agreement which would be an enforceable agreement, but due to circumstances, may be set aside by one of the parties
Voidable Contract
177
Guarantee made by a seller that an article, good or service will conform to a certain standard or will operate in a certain manner
Warranty
