week 3 (8,9,10) Flashcards Preview

PIMS - Business law > week 3 (8,9,10) > Flashcards

Flashcards in week 3 (8,9,10) Deck (64)
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1

law which seek to promote competition among business

antitrust

2

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

Usurious

3

the judicial enforcement of conduct injurious to the welfare of individuals or society at large.
-Examples include agreements to waive liability for tortuous conduct, an agreement by a terminated employee not to compete with an employer, etc

public policy

4

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

sherman antitrust act

5

a contract which consists of mutual promises to perform some future acts

bilateral contract

6

land and those objects permanently attached to the land

real property

7

a contract in which the terms have no been completely executed or fulfilled

executory contract

8

law requiring certain contracts be in writing to be enforceable

statute of frauds

9

moveable tangible personal property

goods

10

the party to whom the assignment is made

assignee

11

a means whereby one party in a contract conveys rights to another person who is not a party to the original contract

assignment

12

the party making the assingment

assignor

13

prior to the time performance is due on a contract, one party makes a clear and unequivocal statement that they will not perform

anticipatory breach or anticipatory repudiation

14

recipient of the proceeds of a life insurance policy

beneficiary

15

failure or refusal to perform contractual obligations

breach of contract

16

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

compensatory damages

17

a third party beneficiary owed a debt by a party to a contract
-legal obligation to pay beneficiary

creditor beneficiary

18

transfer of contractual duties to a third party

delegation

19

any method boy which a legal duty is extinguished

discharge

20

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

donee beneficiary

21

a judicial order or decree forbidding certain conduct

injunction

22

damages stipulated in a contract to be paid in the possibility of a breach

liquidated damages

23

the doctrine that says that the innocent, non breaching party in a contract dispute must keep the damages suffered to a minimum

mitigation

24

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

nominal damages

25

the substation 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

26

an award paid to the plaintiff in order to punish the defendant

punitive damages

27

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

specific performance

28

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

third party beneficiary

29

contracts in violation of statutes crimes (3)

-all crimes are statutory
-contract to commit a crime is void
-same result with contract to commit a tort
--not statutory ; violates public policy

30

contracts in violation of statutes usury (3)

1. contracts to lend money
2. interest rate exceeds usury rate
-purpose to protect "consumers"