Law Flashcards
(105 cards)
1
Q
A formal agreement in which a person agrees to sell something to a buyer at a time in the future and the buyer agrees to the terms
A
Sales Contract (contract to sell)
2
Q
The amount of money expected, required, or given in payment for something
A
Price
3
Q
Goods owned and possessed by the seller
A
existing goods
4
Q
items that are to be manufactured by a seller after a contract of sale has been made
A
future goods
5
Q
subject matter or items subject to a sales contract
A
identified goods
6
Q
a contract or receipt for the transport of goods and their deliver to the person named (indicates a product is ordered and being shipped or has been shipped.)
A
Bill of lading
7
Q
certificate of transfer of personal property
A
bill of sale
8
Q
a guarantee of good, products, or services to meeting a certain expectation or quality
A
warranties
9
Q
an assurance that products will meet a certain level of quality and if it fails, the seller will provide repairs or replacement for a fault product, within a specified period of time after it was purchased
A
express warranty
10
Q
legal assurances that a product is fit for the purpose intended and is merchantable and conforms to an ordinary buyers expections
A
implied warranty
11
Q
short-term unsecured promissory notes issued by companies
A
commercial paper
12
Q
a signed document that promises a sum of payment to a specified person. (checks, money orders, promissory notes)
A
negotiable instrument
13
Q
a written promise to pay
A
promissory note
14
Q
a certificate issued by a bank to a person depositing money for a specified length of time
A
certificate of deposit
15
Q
the person to whom promise to pay money in a note
A
maker
16
Q
person cited on a note to whom the promise to pay is made
A
payee
17
Q
a bill of exchange drawn on a bank payable on demand. A draft written on a bank and payable upon demand
A
check
18
Q
is an order to a third party to pay money
A
draft
19
Q
a check which is guaranteed by the bank or financial institution.
A
certified check
20
Q
a check drawn by the cashier of the bank, in the name of the bank payable to a third party/person.
A
cashiers check
21
Q
person who orders money to be payed in a draft
A
drawer
22
Q
person to whom the order to pay money in a draft
A
drawee
23
Q
a negotiable instrument that is payable to a specified person or its assignee
A
order paper
24
Q
the person in possession of a bill or note
A
bearer
25
instrument which is payable to the bearer or to the order of the bearer. does not have to indicate that it is payable to a particular person
bearer paper
26
transfer of possession of an instrument by a person other than the issuer to a person who becomes the holder
negotiation
27
the person in possession of the negotiable instrument and to receive the amount due on it. Is payable either to the bearer or to an identified person that is in possession of the instrument
holder
28
signature, that alone or accompanied by other words is made on an instrument for the purposes of restricting payment, incurring liability or negotiating the instrument.
endorsement
29
a person who signs or transfers his ownership interest in a negotiable instrument by signing it to another
endorser
30
a person to whom a check or bill of exchange is made payable instead of the stated payee
endorsee
31
act of writing on the back of a negotiable instrument where the indorsement identifies a person to whom to make the instrument payable
special endorsement
32
the act of writing on or on the back of a negotiable instrument without naming the person to whom it would be paid
blank indorsement
33
the act of a payee that consists of signing his or her name upon the back of the instrument in order to transfer it to another and wording the signature in such a manner as to bar the further negotiability of the instrument
restrictive indorsement
34
the placement of a signature on the back of a negotiable instrument- coupled with an additional phrase (without recourse, for deposit only) limiting the liability of the endorser (signer) in the event the instrument is dishonored
qualified endorsement
35
the body of laws governing commercial transactions in the united states and is created for uniformity
uniform commercial code
36
a business agreement between one party providing a service to another party in return for something else
service contract
37
a present transfer of title to movable property for a price
sale
38
a check drawn on one bank but payable through another bank
teller's check
39
where a payer instructs a financial institution or bank to transfer money from the payers account to the payee
payable to order
40
goods that are characterized by fitness for normal use, good quality, and accord with any statements or promises made on the packaging label
merchantable goods
41
food or drink to be consumed and meets quality standards
merchantable food
42
a united states federal law, enacted in 1975, which governs warranties on consumer products. the law requires that if a product has a warranty, that warranty must comply with specific standards
Magnuson-Moss Warranty Act
43
A delivery of personal property by one person to another who holds the property for certain purpose under an express or implied in fact contract
Bailment
44
a person who delivers personal property to another as a bailment
bailor
45
a person who received personal property to another as a bailment
bailee
46
the things, real or personal, that belong to an individual
property
47
tax term referring to personal property which can be touched or felt
Tangible personal property
48
a legal document executed to convey ownership rights or interests in real property
deed
49
a legal document executed to convey ownership rights or interests in personal property
title
50
agreement between a lender and borrower to allow a neutral third party to act as a trustee over a piece of property
deed of trust
51
an oral will declared and dictated by the testator during illness before appropriate witness(es) to dispose of personal property and afterwards reduced to writing
Nuncupative will
52
a proportional reduction of legacy under a will when assets out of which legacy are payable and not sufficient to pay in full
abatement
53
the extinction or withdrawal of an inheritance because descendent did not own the property at the time of death
ademption
54
one who inherits personal property under a will
legatee
55
one who inherits real estate under a will
devisee
56
the act of changing one's will or other actions that prevent another from inheriting property
disinheritance
57
a method of proportionately dividing an estate between beneficiaries according to their deceased ancestor's share
per stripes
58
the forfeiture of a decedents property to the estate in the absence of heirs
escheat
59
the listing and valuation of the decedents assets by personal representative of the estate
inventory
60
a secured loan on a parcel of land
real estate mortgage
61
the document or grant of legal authority to make decisions for another person
power of attorney
62
the grant of or legal authority to manage another's financial affairs and assets as well as their legal affairs.
general power of attorney
63
the grant of or legal authority to manage the affairs' of another that takes effect at a specific time or after a specific occurrence
springing power of attorney
64
a document which governs the withholding or withdrawal of life sustaining treatment from an individual in the event of an incurable condition that will cause death within a relatively short time, and when such persona is no longer able to make decisions regarding their medical treatment
living will
65
a type of power of attorney where one person legal authority transfers to another, who makes medical decisions (only) on their behalf.
health care power of attorney
66
the ownership of an interest in land that lasts during the duration of a person's life. At death, the right may revert back to the original owner
life estate
67
the action or process of transferring property ownership to another person
conveyance
68
a document detailing the terms and conditions of an insurance contract
policy
69
the periodic payment made on an insurance policy
premium
70
the person or company which pledges to cover an insurable risk
underwriter
71
agreement whereby an insurer promises to pay benefits to the insurance or on behalf of the insured to a third party (beneficiary)
insurance contract
72
an interest arising out of property or other items of value
insurance interest
73
a model law to achieve uniformity in probate proceedings throughout the US
Uniform probate code
74
a will created in a way that allows a probate court to accept the will as true and the wishes of the decedent
self-proving will
75
Type of claim that is given priority over other claims, generally in the context of estate settlements of debts
Preferred claim
76
the act of making reasonable steps to satisfy legal obligations or requirements
due diligence
77
a right to keep possession of property or attach to the property of another person owing a debt that has not been discharged
Liens
78
special uniform worn by an official or servant or automotive equipment made available for hire
livery
79
an action to recover possession or property wrongfully withheld
replevin
80
is a clause under which one party agrees not to enter into or start a similar profession or trade in competition against another party
covenant not to compete
81
a secret device or technique used by a company in manufacturing of goods or providing services
trade secrets
82
provision in a deed limiting the use of property and prohibiting certain uses
restrictive covenants
83
a promise in exchange for performance by another party
offer
84
the party who makes the offer or promise
offeror
85
act of terminating an offer or promsie
revocation
86
involves one person taking advantage of a position of power over another person
undue influence
87
wrongful pressure exerted upon a person in order to coerce that person into a contract
duress
88
the act of renouncing a voidable contractual obligation (minors, incapacity, intoxication)
disaffirmance
89
principals approval of an act of its agent that lacked the authority to bind the principal legally
ratification
90
enforceable by law, when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment
promissory estoppel
91
requires that certain types of contracts must be executed in writing
statue of frauds
92
completing the obligations under an agreement
discharge
93
act of violating or not complying with a term of an agreement
breach of contract
94
any word or action intended to make another person fearful of immediate physical harm
assault
95
synonymous with state decisis
case law
96
wrongfully taking or retaining possession of another's personal property and placing it in the service of another
conversion
97
liability regardless of fault imposed on those engaged in abnormally dangerous activities
strict liability
98
is a court order granted to put in force a judgment of possession obtained by a plaintiff from a court
writ of exectution
99
the branch of law dealing with the enforcement of private rights and duties between parties
civil law
100
a contact remedy by which the court requires the breaching party to perform the contract
specific performance
101
defamation of character by spoken words or gestures
slander
102
4 elements of a contract
mutual agreement, consideration, capacity, legality
103
4 ways a contract can end or be terminated
Performance, discharge or agreement, frustration of purpose, breach
104
a person who is not a party to a contract to whom the promisor of a contract owes an obligation or duty
creditor beneficiary
105
an agreement made and executed in satisfaction of the rights one has from a previous contract
accord and satisfaction
