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Laws, Rules & Regulations > B Law Glossary Exam 1 > Flashcards

B Law Glossary Exam 1 Flashcards

1
Q

Acceptance

A

an agreement to an offer resulting in a contract.

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2
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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3
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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4
Q

Appeal

A

request to a higher court to review a lower court’s decision.

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5
Q

Appellate courts

A

courts hearing cases appealed from a lower court.

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6
Q

Bailee

A

the party who acquires possession, but not the title, of personal property by one party to another, under agreement.

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7
Q

Bailment

A

the transfer of possession, but not the title of personal property by one party to another, under agreement.

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8
Q

Bailor

A

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

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9
Q

Beneficiary

A

recipient of the proceeds of a life insurance policy.

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10
Q

Bilateral contract

A

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

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11
Q

Breach of contract

A

a situation in which one of the parties to a contract fails or otherwise refuses to perform the obligations established in that contract.

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12
Q

Civil law

A

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

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13
Q

Common law

A

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

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14
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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15
Q

Complaint (petition)

A

the written request which initiates a civil lawsuit.

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16
Q

Consideration

A

the bargained-for exchange of a contract.

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17
Q

Contract

A

a legally enforceable agreement.

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18
Q

Contract to sell

A

contract to sell goods at a future time.

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19
Q

Contractual capacity

A

the legal ability to enter into a contract.

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20
Q

Counteroffer

A

a change to an original offer that, in effect, rejects that offer and becomes a new offer.

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21
Q

Creditor beneficiary

A

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

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22
Q

Criminal law

A

laws dealing with crimes and the punishment of wrongdoers.

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23
Q

Disaffirmance

A

election to avoid a voidable contract.

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24
Q

Discharge

A

any method by which a legal duty is extinguished.

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25
Q

Donee beneficiary

A

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

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26
Q

Duress

A

removing one’s free will, obtaining consent by means of a threat.

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27
Q

Executed contract

A

those contracts in which the terms have been fulfilled.

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28
Q

Execution

A

the carrying out or completion of some task.

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29
Q

Executory contract

A

a contract in which the terms have not been completely executed or fulfilled by the parties.

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30
Q

Express authority

A

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

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31
Q

Express contract

A

a contract in which the parties express their intentions, either verbally or in writing, at the time of the agreement.

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32
Q

Formal contract

A

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

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33
Q

Fraud

A

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.

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34
Q

Future goods

A

those goods selected which are not in existence at the time in which the contract was created.

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35
Q

Identified goods

A

the goods specified by the buyer and seller.

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36
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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37
Q

Implied contract

A

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

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38
Q

Law

A

those rules of conduct commanding what is right and prohibiting what is wrong.

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39
Q

Life estate

A

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

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40
Q

Malpractice

A

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.

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41
Q

Minor

A

those persons under legal age; by most states (but not all), the standard is under the age of eighteen.

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42
Q

Misrepresentation

A

false statement of a material fact.

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43
Q

Necessaries

A

items required for living at a reasonable standard (i.e. food, clothing and shelter).

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44
Q

Negligence

A

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.

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45
Q

Nominal damages

A

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

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46
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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47
Q

Offer

A

a proposal to make a contract.

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48
Q

Offeree

A

the person to whom an offer is made.

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49
Q

Offeror

A

the party who initiates, or makes an offer.

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50
Q

Personal property

A

all property which is not real property.

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51
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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52
Q

Quasi contract

A

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

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53
Q

Ratification

A

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

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54
Q

Real property

A

land and those objects permanently attached to land.

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55
Q

Rescission

A

to set aside or cancel a contract.

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56
Q

Rejection

A

refusal to accept.

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57
Q

Revocation

A

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

58
Q

Simple contract

A

any contract other than a formal contract, whether written, oral or implied.

59
Q

Specific performance

A

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

60
Q

Stare decisis

A

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.

61
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.

62
Q

Statute of limitations

A

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

63
Q

Statutes

A

laws which are enacted by legislative bodies.

64
Q

Third party beneficiary

A

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

65
Q

Tort

A

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

66
Q

Undue influence

A

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

67
Q

Unenforceable contract

A

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

68
Q

Unilateral contract

A

a contract formed when an act is done in consideration for a promise.

69
Q

Valid contract

A

a contract which will be enforced by the court.

70
Q

Void contract

A

an agreement of no legal effect.

71
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.

72
Q

an agreement to an offer resulting in a contract.

A

Acceptance

73
Q

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

A

Accord and satisfaction

74
Q

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

A

Apparent authority

75
Q

request to a higher court to review a lower court’s decision.

A

Appeal

76
Q

courts hearing cases appealed from a lower court.

A

Appellate courts

77
Q

the party who acquires possession, but not the title, of personal property by one party to another, under agreement.

A

Bailee

78
Q

the transfer of possession, but not the title of personal property by one party to another, under agreement.

A

Bailment

79
Q

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

A

Bailor

80
Q

recipient of the proceeds of a life insurance policy.

A

Beneficiary

81
Q

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

A

Bilateral contract

82
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

83
Q

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

A

Civil law

84
Q

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

A

Common law

85
Q

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

A

Compensatory damages

86
Q

the written request which initiates a civil lawsuit.

A

Complaint (petition)

87
Q

the bargained-for exchange of a contract.

A

Consideration

88
Q

a legally enforceable agreement.

A

Contract

89
Q

contract to sell goods at a future time.

A

Contract to sell

90
Q

the legal ability to enter into a contract.

A

Contractual capacity

91
Q

a change to an original offer that, in effect, rejects that offer and becomes a new offer.

A

Counteroffer

92
Q

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

A

Creditor beneficiary

93
Q

laws dealing with crimes and the punishment of wrongdoers.

A

Criminal law

94
Q

election to avoid a voidable contract.

A

Disaffirmance

95
Q

any method by which a legal duty is extinguished.

A

Discharge

96
Q

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

A

Donee beneficiary

97
Q

removing one’s free will, obtaining consent by means of a threat.

A

Duress

98
Q

those contracts in which the terms have been fulfilled.

A

Executed contract

99
Q

the carrying out or completion of some task.

A

Execution

100
Q

a contract in which the terms have not been completely executed or fulfilled by the parties.

A

Executory contract

101
Q

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

A

Express authority

102
Q

a contract in which the parties express their intentions, either verbally or in writing, at the time of the agreement.

A

Express contract

103
Q

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

A

Formal contract

104
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

105
Q

those goods selected which are not in existence at the time in which the contract was created.

A

Future goods

106
Q

the goods specified by the buyer and seller.

A

Identified goods

107
Q

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

A

Implied authority

108
Q

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

A

Implied contract

109
Q

those rules of conduct commanding what is right and prohibiting what is wrong.

A

Law

110
Q

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

A

Life estate

111
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

112
Q

those persons under legal age; by most states (but not all), the standard is under the age of eighteen.

A

Minor

113
Q

false statement of a material fact.

A

Misrepresentation

114
Q

items required for living at a reasonable standard (i.e. food, clothing and shelter).

A

Necessaries

115
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

Negligence

116
Q

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

A

Nominal damages

117
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

118
Q

a proposal to make a contract.

A

Offer

119
Q

the person to whom an offer is made.

A

Offeree

120
Q

the party who initiates, or makes an offer.

A

Offeror

121
Q

all property which is not real property.

A

Personal property

122
Q

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

A

Punitive damages

123
Q

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

A

Quasi contract

124
Q

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

A

Ratification

125
Q

land and those objects permanently attached to land.

A

Real property

126
Q

to set aside or cancel a contract.

A

Rescission

127
Q

refusal to accept.

A

Rejection

128
Q

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

A

Revocation

129
Q

any contract other than a formal contract, whether written, oral or implied.

A

Simple contract

130
Q

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

A

Specific performance

131
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

132
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

133
Q

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

A

Statute of limitations

134
Q

laws which are enacted by legislative bodies.

A

Statutes

135
Q

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

A

Third party beneficiary

136
Q

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

A

Tort

137
Q

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

A

Undue influence

138
Q

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

A

Unenforceable contract

139
Q

a contract formed when an act is done in consideration for a promise.

A

Unilateral contract

140
Q

a contract which will be enforced by the court.

A

Valid contract

141
Q

an agreement of no legal effect.

A

Void contract

142
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

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