Biz law 112 1 disaffirm

Question 1

an agreement to an offer resulting in a contract.

Answer 1

Acceptance

Question 2

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

Answer 2

Accord and satisfaction -

Question 3

the party appointed by the principal to enter into a contract with a third party on behalf of the principal.

Answer 3

Agent

Question 4

one that is incorporated in a foreign country.

Answer 4

Alien corporation

Question 5

official document detailing a defendant’s defense.

Answer 5

Answer

Question 6

laws which seek to promote competition among businesses.

Answer 6

Antitrust laws

Question 7

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

Answer 7

Apparent authority

Question 8

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

Answer 8

Appeal

Question 9

courts hearing cases appealed from a lower court.

Answer 9

Appellate courts

Question 10

party to whom the assignment is made.

Answer 10

Assignee

Question 11

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

Answer 11

Assignment

Question 12

the party making the assignment.

Answer 12

Assignor

Question 13

power to act for someone else.

Answer 13

Authority

Question 14

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

Answer 14

Bailee

Question 15

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

Answer 15

Bailment

Question 16

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

Answer 16

Bailor

Question 17

person in possession of a negotiable instrument.

Answer 17

Bearer

Question 18

negotiable instrument payable to bearer or cash.

Answer 18

Bearer paper

Question 19

recipient of the proceeds of a life insurance policy.

Answer 19

Beneficiary

Question 20

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

Answer 20

Bilateral contract -

Question 21

contract existing between the consignor and the carrier.

Answer 21

Bill of lading

Question 22

document of conveyance which provides written evidences title to tangible personal property.

Answer 22

Bill of sale -

Question 23

having no words other than the signature of the endorser.

Answer 23

Blank endorsement -

Question 24

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

Answer 24

Board of directors -

Question 25

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

Answer 25

Breach of contract

Question 26

those rules of conduct for the performance of business transactions.

Answer 26

Business law -

Question 27

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

Answer 27

Cashier’s check

Question 28

the acknowledgment by a bank of a receipt of money with an agreement of repayment.

Answer 28

Certificate of deposit -

Question 29

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

Answer 29

Certified check

Question 30

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

Answer 30

Check

Question 31

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

Answer 31

Civil law

Question 32

corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family).

Answer 32

Close (closely held) corporation

Question 33

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

Answer 33

Common law -

Question 34

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

Answer 34

Compensatory damages -

Question 35

the written request which initiates a civil lawsuit.

Answer 35

Complaint (petition) -

Question 36

the bargained-for exchange of a contract.

Answer 36

Consideration

Question 37

one who receives goods shipped by common carrier.

Answer 37

Consignee

Question 38

one who ships goods by common carrier.

Answer 38

Consignor

Question 39

legally enforceable agreement.

Answer 39

Contract

Question 40

contract to sell goods at a future time.

Answer 40

Contract to sell -

Question 41

the legal ability to enter into a contract.

Answer 41

Contractual capacity -

Question 42

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

Answer 42

Corporation

Question 43

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

Answer 43

Counteroffer

Question 44

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

Answer 44

Creditor beneficiary -

Question 45

an offense which is injurious to society as a whole.

Answer 45

Crime

Question 46

laws dealing with crimes and the punishment of wrongdoers.

Answer 46

Criminal law -

Question 47

document conveying title to real property.

Answer 47

Deed

Question 48

person against whom legal action is brought.

Answer 48

Defendant

Question 49

transfer of contractual duties to a third party.

Answer 49

Delegation