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Laws, Rules & Regulations > Business Law Glossary Revised > Flashcards

Business Law Glossary Revised Flashcards

1
Q

Accord and satisfaction

A

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

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2
Q

Apparent authority

A

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

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3
Q

Beneficiary

A

recipient of the proceeds of a life insurance policy.

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4
Q

Civil law

A

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

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5
Q

Common law

A

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

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6
Q

Compensatory damages

A

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

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7
Q

Complaint (petition)

A

the written request which initiates a civil lawsuit.

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8
Q

Consideration

A

the bargained-for exchange of a contract.

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9
Q

Contract to sell

A

contract to sell goods at a future time.

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10
Q

Contractual capacity

A

the legal ability to enter into a contract.

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11
Q

Creditor beneficiary

A

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

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12
Q

Disaffirmance

A

election to avoid a voidable contract.

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13
Q

Discharge

A

any method by which a legal duty is extinguished.

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14
Q

Donee beneficiary

A

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

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15
Q

Express authority

A

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

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16
Q

Identified goods

A

the goods specified by the buyer and seller.

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17
Q

Implied authority

A

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

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18
Q

Life estate

A

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

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19
Q

Nominal damages

A

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

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20
Q

Novation

A

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.

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21
Q

Offer

A

a proposal to make a contract.

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22
Q

Punitive damages

A

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

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23
Q

Quasi contract

A

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

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24
Q

Ratification

A

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

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25
Q

Real property

A

land and those objects permanently attached to land.

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26
Q

Rescission

A

to set aside or cancel a contract.

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27
Q

Revocation

A

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

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28
Q

Specific performance

A

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

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29
Q

Statute of frauds

A

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.

30
Q

Statute of limitations

A

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

31
Q

Statutes

A

laws which are enacted by legislative bodies.

32
Q

Third party beneficiary

A

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

33
Q

Tort

A

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

34
Q

Undue influence

A

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

35
Q

Unenforceable contract

A

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

36
Q

Voidable contract

A

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

37
Q

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

A

Accord and satisfaction

38
Q

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

A

Apparent authority

39
Q

recipient of the proceeds of a life insurance policy.

A

Beneficiary

40
Q

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

A

Civil law

41
Q

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

A

Common law

42
Q

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

A

Compensatory damages

43
Q

the written request which initiates a civil lawsuit.

A

Complaint (petition)

44
Q

the bargained-for exchange of a contract.

A

Consideration

45
Q

contract to sell goods at a future time.

A

Contract to sell

46
Q

the legal ability to enter into a contract.

A

Contractual capacity

47
Q

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

A

Creditor beneficiary

48
Q

election to avoid a voidable contract.

A

Disaffirmance

49
Q

any method by which a legal duty is extinguished.

A

Discharge

50
Q

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

A

Donee beneficiary

51
Q

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

A

Express authority

52
Q

the goods specified by the buyer and seller.

A

Identified goods

53
Q

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

A

Implied authority

54
Q

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

A

Life estate

55
Q

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

A

Nominal damages

56
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

57
Q

a proposal to make a contract.

A

Offer

58
Q

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

A

Punitive damages

59
Q

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

A

Quasi contract

60
Q

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

A

Ratification

61
Q

land and those objects permanently attached to land.

A

Real property

62
Q

to set aside or cancel a contract.

A

Rescission

63
Q

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

A

Revocation

64
Q

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

A

Specific performance

65
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

66
Q

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

A

Statute of limitations

67
Q

laws which are enacted by legislative bodies.

A

Statutes

68
Q

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

A

Third party beneficiary

69
Q

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

A

Tort

70
Q

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

A

Undue influence

71
Q

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

A

Unenforceable contract

72
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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