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Jurisprudence > Glossary: Business Law > Flashcards

Glossary: Business Law 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 party appointed by the principal to enter into a contract with a third party on behalf of the principal

A

Agent

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4
Q

One that is incorporated in a foreign country

A

Alien Corporation

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5
Q

Official document detailing a defendant’s defense

A

Answer

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6
Q

Laws which seek to promote competition among businesses

A

Antitrust

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7
Q

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

A

Apparent Authority

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8
Q

Request to a higher court to review a lower court’s decision

A

Appeal

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9
Q

Courts hearing cases appealed from a lower court

A

Appellate Courts

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10
Q

Charging a person with a crime and asking for that person’s plea

A

Arraignment

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11
Q

To take into police custody

A

Arrest

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12
Q

The party to whom the assignment is made

A

Assignee

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13
Q

The party making the assignment

A

Assignor

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14
Q

Power to act for someone else

A

Authority

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15
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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16
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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17
Q

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

A

Bailor

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18
Q

A person in possession of an instrument

A

Bear

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19
Q

Commercial paper payable to bearer; i.e. to the person having possession of such

A

Bearer paper

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20
Q

Recipient of the proceeds of a life insurance policy: one who inherits property as specified in a will

A

Beneficiary

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21
Q

A contract which consists of mutual promises to perform some future 9 acts

A

Bilateral contract

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22
Q

The contract existing between the consignor and the carrier

A

Bill of lading

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23
Q

A document of conveyance which provides written evidence of one’s title to tangible personal property

A

Bill of sale

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24
Q

Having no words other than the signature of the endorser

A

Blank endorsement

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25
Q

A body of persons elected by the stockholders to define and establish corporate policy

A

Board of directors

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26
Q

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

A

Booking

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27
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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28
Q

Those rules of conduct prescribed by government and its agencies in regulating business transactions

A

Business law

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29
Q

A check drawn on a bank’s own funds and signed by a responsible bank official

A

Cashier’s check

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30
Q

The acknowledgement by a bank of a receipt of money with an agreement of repayment

A

Certificate of deposit

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31
Q

A check for which the bank assures that the drawer has sufficient funds to make payment

A

Certified check

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32
Q

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

A

Check

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33
Q

The body of law concerned with private or purely personal rights

A

Civil law

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34
Q

A designation which applies to a corporation in which outstanding share of stock and managerial control are held by a limited number of 2 people (often members of the same family)

A

Close (closely held) corporation

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35
Q

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

A

Commercial paper (negotiable instrument)

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36
Q

Customs which have become recognized by the courts as binding on the community

A

Common law

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37
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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38
Q

The written request which initiates a civil law suit

A

Complaint (petition)

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39
Q

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

A

Consideration

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40
Q

One to whom goods are shipped by common carrier

A

Consignee

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41
Q

One who ships goods by common carrier

A

Consignor

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42
Q

An agreement between two or more competent persons which is enforceable by law

A

Contract

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43
Q

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

A

Contract to sell

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44
Q

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

A

Contractual capacity

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45
Q

A business entity created by statutory law and owned by individuals known as stockholders

A

Corporation

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46
Q

An intended acceptance which changes or qualifies an original offer and in effect, rejects that offer and becomes a new offer

A

Counteroffer

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47
Q

A person who is not a party to a contract to whom the promisor of a contract owes an obligation or duty

A

Creditor beneficiary

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48
Q

An offense which is injurious to society as a whole

A

Crime

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49
Q

Laws dealing with crimes and the punishment of wrongdoers

A

Criminal law

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50
Q

The person against whom legal action is brought

A

Defendant

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51
Q

The repudiation of, or election to avoid, a voidable contract

A

Disaffirmance

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52
Q

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

A

Discharge

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53
Q

Pretrial steps taken to learn the details of the case

A

Discovery

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54
Q

Operates in the state that granted the charter

A

Domestic corporation

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55
Q

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

A

Donee beneficiary

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56
Q

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

A

Draft

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57
Q

The person, company or financial institution ordered to pay a draft

A

Drawee

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58
Q

The person who executes any draft

A

Drawer

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59
Q

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

A

Duress

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60
Q

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

A

Employee

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61
Q

The party who employs employees to do certain work

A

Employer

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62
Q

Those contracts in which the terms have been fulfilled

A

Executed contract

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63
Q

The carrying out or completion of some task

A

Execution

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64
Q

Those contracts in which the terms have not been completely executed or fulfilled by the parties

A

Executory contract

65
Q

Those goods which are, at the time of the contract, in existence and owned by the seller

A

Existing goods

66
Q

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

A

Express authority

67
Q

A contract in which the parties express their intentions, either orally or in writing, at the time of agreement

A

Express contract

68
Q

The actual and definite statement of a seller, either orally or in writing, at the time of the sale

A

Express warranties

69
Q

A more serious criminal offense that is punishable by death or by imprisonment in a penitentiary for more than one year

A

Felony

70
Q

A relationship of trust and confidence, such as that which exists between partners in a relationship

A

Fiduciary

71
Q

Designation that applies when a corporation operates in any state other than where it is chartered

A

Foreign corporation

72
Q

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

A

Formal contract

73
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

74
Q

Those goods which are not in existence at the time a contract is agreed to

A

Future goods

75
Q

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

A

General agent

76
Q

Those individuals actively and openly engaged in the business and held to everyone as a partner

A

General partner

77
Q

Moveable tangible personal property

A

Goods

78
Q

One in possession of commercial paper

A

Holder

79
Q

The goods specified by the buyer and seller

A

Identified goods

80
Q

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

A

Implied authority

81
Q

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

A

Implied contract

82
Q

Warranties imposed by law, arising automatically because the sale has been made

A

Implied warranties

83
Q

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

A

Independent contractor

84
Q

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

A

Endorsee

85
Q

The signature or statement of purpose by the owner on the back of a negotiable instrument, which indicates the future control of the instrument

A

Endorsement

86
Q

Person who writes his or her name on back of an instrument

A

Endorser

87
Q

A permanent judicial order or decree forbidding the performance of a certain act

A

Injunction

88
Q

Evidences of ownership of personal property, such as stock of corporations, checks and copyrights

A

Intangible personal property

89
Q

A decision of a court of law

A

Judgment

90
Q

Those rules of conduct commanding what is right and prohibiting what is wrong

A

Law

91
Q

Newest from our business ownership recognized in the US; combines features of both the corporation and partnership

A

Limited liability company

92
Q

Partners who have their liability for the firm’s debts limited to the amount of their investment

A

Limited partner

93
Q

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

A

Liquidated damages

94
Q

The person who executes a promissory note

A

Maker

95
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

96
Q

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

A

Merchant

97
Q

Those persons under legal age; by most states (but not all), the standard is under the age of 18

A

Minor

98
Q

A less serious criminal offense, generally punishable by fine and/or imprisonment of less than one year

A

Misdemeanor

99
Q

Stating an untrue fact

A

Misrepresentation

100
Q

Items, required or proper and useful, for sustaining a human being at an appropriate living standard (example: food, clothing, and shelter)

A

Necessaries

101
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 breach of a legal duty to act carefully resulting in injury to another or damage to another’s property)

A

Negligence

102
Q

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

A

Negotiable instrument (commercial paper)

103
Q

The act of transferring ownership of a negotiable instrument to another party

A

Negotiation

104
Q

A token award to symbolize vindication of the wrong done to the plaintiff, generally the award is $1.00

A

Nominal damages

105
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

106
Q

A proposal to make a contract

A

Offer

107
Q

The person to whom an offer is made

A

Offeree

108
Q

The party who initiates, or makes, an offer

A

Offeror

109
Q

Commercial paper made payable to the order of some named party; the word order or its equivalent must be used

A

Order paper

110
Q

Law enacted by a local municipality

A

Ordinance

111
Q

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

A

Partnership

112
Q

The party to whom any negotiable instrument is made payable

A

Payee

113
Q

All property which is not real property

A

Personal property

114
Q

A written request initiating a civil suit

A

Petition (complaint)

115
Q

The individual who initiates a civil action

A

Plaintiff

116
Q

The consideration stipulated by contract, generally expressed in money or money’s worth

A

Price

117
Q

A party who appoints a second party to serve as an agent

A

Principal

118
Q

A corporation formed by individuals to carry out some non governmental function

A

Private corporation

119
Q

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

A

Process (summons)

120
Q

An equitable doctrine that prevents the promisor trom revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment

A

Promissory estoppel

121
Q

A negotiable instrument containing a promise to pay

A

Promissory note

122
Q

A corporation formed to carry out government functions

A

Public corporation

123
Q

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

A

Punitive damages

124
Q

An endorsement which limits the liability of the endorser

A

Qualified endorsement

125
Q

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

A

Ratification

126
Q

Land and those objects permanently attached to land

A

Real property

127
Q

Canceling, annulling, avoiding

A

Recession

128
Q

Refusal to accept

A

Rejection

129
Q

An endorsement which prevents the use of the instrument for anything except the stated use

A

Restrictive endorsement

130
Q

The annulment or cancellation of an instrument, act or promise by one doing or making the offer

A

Revocation

131
Q

The transfer of title to goods from the seller to the buyer for a consideration called the price

A

Sale

132
Q

The contracting of services rather than goods

A

Service contracts

133
Q

Those having title to one or more shares of stock in a corporation; combined, they represent ownership of the corporation

A

Shareholders (stockholders)

134
Q

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

A

Sherman antitrust act

135
Q

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

A

Silent partner

136
Q

Any contract other than a formal contract, whether written, oral or implied

A

Simple contract

137
Q

A business owned by one person who is subjected to claims of creditors

A

Sole proprietorship

138
Q

One authorized by the principal to execute specific act(s)

A

Special agent

139
Q

An endorsement which designates the particular person to whom payment is to be made

A

Special endorsement

140
Q

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

A

Specific performance

141
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

142
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

143
Q

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

A

Statute of limitations

144
Q

Laws which are enacted by legislative bodies

A

Statutes

145
Q

Those having title to one or more shares of stock in a corporation, combined, they represent ownership of the corporation

A

Stockholders (shareholders)

146
Q

Is a creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status

A

Subchapter S corporation

147
Q

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

A

Summons (process)

148
Q

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

A

Third party beneficiary

149
Q

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

A

Tort

150
Q

Court which conducts the original trial and renders its decisions

A

Trial court

151
Q

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

A

Undue influence

152
Q

An agreement which at the current time is not enforceable by law

A

Unenforceable contract

153
Q

Recognized as the most important statute in business law, it includes provisions which regulate certain sales of goods and negotiable instruments

A

Uniform commercial code

154
Q

A contract fulfilled when an act is done in consideration for a promise

A

Unilateral contract

155
Q

Exceeding the maximum rate of interest which may be charged on loans

A

Usurious

156
Q

A contract which will be enforced by the court

A

Valid contract

157
Q

An agreement of no legal effect

A

Void contract

158
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

159
Q

Guarantees made by a seller that an article, good or service will conform to a certain standard or will operate in a certain manner

A

Warranties

Jurisprudence (10 decks)

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