Glossary Terms Flashcards
(311 cards)
What is acceptance?
An agreement to an offer resulting in a contract.
What is accord and satisfaction?
An agreement made and executed in satisfaction of the rights one has from a previous contract.
What is an agent?
The party appointed by the principal to enter into a contract with a third party on behalf of the principal.
What is an alien corporation?
One that is incorporated in a foreign country.
What is an answer?
Official document detailing a defendant’s defense.
What is antitrust?
Laws which seek to promote competition among businesses.
What is apparent authority?
The authority an agent is believed by third parties to have because of the behavior of the principal.
What is an appeal?
Request to a higher court to review a lower court’s decision.
What are appellate courts?
Courts hearing cases appealed from a lower court.
What is arraignment?
Charging a person with a crime and asking for that person’s plea.
What does arrest mean?
To take into police custody.
What is an assignee?
The party to whom the assignment is made.
What is an assignment?
A means whereby one party in a contract conveys rights to another person, who is not a party to the original contract.
What is an assignor?
The party making the assignment.
What is authority?
Power to act for someone else.
What is a bailee?
The party who acquires possession, but not the title, of personal property by one party to another, under agreement.
What is bailment?
The transfer of possession, but not the title of personal property by one party to another, under agreement.
What is a bailor?
The party who gives up possession, but not the title, of personal property in a bailment.
What is a bearer?
A person in possession of an instrument.
What is bearer paper?
Commercial paper payable to bearer, i.e. to the person having possession of such.
What is a beneficiary?
Recipient of the proceeds of a life insurance policy: one who inherits property as specified in a will.
What is a bilateral contract?
A contract which consists of mutual promises to perform some future acts.
What is a bill of lading?
The contract existing between the consignor and the carrier.
What is a bill of sale?
A document of conveyance which provides written evidence of one’s title to tangible personal property.