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NBE ARTS > BUSINESS LAW > Flashcards

BUSINESS LAW Flashcards

1
Q

An agreement to an offer resulting in a contract

A

Acceptance

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2
Q

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

A

Accord and satisfaction

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3
Q

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

A

Agent

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4
Q

One that is incorporated in a foreign country

A

Alien corporation

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5
Q

Official document detailing a defendant’s defense

A

Answer

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6
Q

Laws which seek to promote competition among businesses

A

Antitrust

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7
Q

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

A

Apparent authority

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8
Q

Request to a higher court to review a lower court’s decision

A

Appeal

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9
Q

Courts hearing cases appealed from a lower court

A

Appellate court

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10
Q

Charging a person with a crime and asking for that persons plea

A

Arraignment

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11
Q

To take into police custody

A

Arrest

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12
Q

The party to whom the assistant made

A

Assignee

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13
Q

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

A

Assignment

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14
Q

The party making the assignment

A

Assignor

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15
Q

Power to act for someone else

A

Authority

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16
Q

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

A

Bailee

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17
Q

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

A

Bailment

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18
Q

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

A

Bailor

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19
Q

A person in possession of an instrument

A

Bearer

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20
Q

Commercial paper payable to a bearer (ex. the person having possession of such)

A

Bearer paper

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21
Q

Recipient of the proceeds of a life insurance policy, one who inherits property as specified in a will

A

Beneficiary

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22
Q

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

A

Bilateral contract

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23
Q

The contract existing between the consignor and the carrier

A

Bill of lading

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24
Q

A document of conveyance which provides written evidence of one’s title to tangible personal property

A

Bill of Sale

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25
Q

Having no words other than the signature of the endorser

A

Blank endorsement

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26
Q

A body of person’s elected by the stockholders to define and establish corporate policy

A

Board of directors

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27
Q

Administrative step taken after an arrested person is brought to the police station

A

Booking

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28
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

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29
Q

Those rules of conduct prescribed by the government and its agencies in regulating business transactions

A

Business law

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30
Q

A check drawn on a banks own funds and signed by a responsible bank official

A

Cashier’s check

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31
Q

The acknowledgment by a bank of receipt of money with an agreement of repayment

A

Certificate of deposit

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32
Q

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

A

Certified check

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33
Q

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

A

Check

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34
Q

The body of law concerned with private or purely personal personal rights

A

Civil law

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35
Q

A designation which applies to a corporation in which outstanding share of stock and managerial control are held by a limited number of people (often members of the same family)

A

Close (closely held) corporation

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36
Q

A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit

A

Commercial paper (negotiable instrument)

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37
Q

Customs which have become recognized by the courts as binding on the community

A

Common law

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38
Q

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

A

Compensatory damages

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39
Q

The written request which initiates a civil law suit

A

Complaint (petition)

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40
Q

That which the promissory demands and receives as the price for a promise

A

Consideration

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41
Q

One to whom goods are shipped by common carrier

A

Consignee

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42
Q

One who ships goods by common carrier

A

Consignor

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43
Q

An agreement between two or more competent persons which is enforceable by law

A

Contract

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44
Q

A seller agrees to transfer title to goods for a consideration (price) at a future time

A

Contract to sell

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45
Q

The necessity that the parties desiring to enter into contracts meet all requirements

A

Contractual capacity

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46
Q

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

A

Corporation

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47
Q

An intended acceptance which changes or qualifies an original offer and in effect, rejects that offer and becomes a new offer

A

Counteroffer

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48
Q

A person who is not a party to a contract to whom the promisor of a contract owes an obligation or duty

A

Creditor beneficiary

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49
Q

An offense which is injurious to society as a whole

A

Crime

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50
Q

Laws dealing with crimes and the punishment or wrongdoers

A

Criminal law

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51
Q

Writing conveying title to real property

A

Deed

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52
Q

Deed that transfers property to trustee for benefit of creditor

A

Deed of trust

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53
Q

The person against whom legal action is brought

A

Defendant

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54
Q

The repudiation of, or election to avoid, a void able contract

A

Disaffirmance

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55
Q

Termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law

A

Discharge

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56
Q

Pretrial steps taken to learn the details of the case

A

Discovery

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57
Q

Operates in the state that granted the charter

A

Domestic corporation

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58
Q

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

A

Donee beneficiary

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59
Q

A written order signed by one person requiring the person to whom addressed to pay a particular sum of money, to order or bearer, on demand or at a certain time

A

Draft

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60
Q

The person, company, or financial institution ordered to pay a draft

A

Drawee

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61
Q

The person who executes any draft

A

Drawer

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62
Q

A means of removing one’s free will, obtaining consent by means of a threat to do harm to the person, his family, his property, or his earning power

A

Duress

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63
Q

A written order signed by one person requiring the person to whom addressed to pay a particular sum of money to order or to bearer, on demand or at a certain time

A

Draft

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64
Q

The person, company, or financial institution ordered to pay a draft

A

Drawee

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65
Q

The person who executes any draft

A

Drawer

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66
Q

A means of removing one’s free will, obtaining consent by means of a threat to do harm to the person, his family, his property, or his earning power

A

Duress

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67
Q

The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done

A

Employee

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68
Q

The party who employs employees to do certain work

A

Employer

69
Q

Those contracts in which the terms have been fulfilled

A

Executed contract

70
Q

The carrying out or completion of some task

A

Execution

71
Q

Those contracts in which the terms have not been completely executed or fulfilled by the parties

A

Executory contract

72
Q

Those goods which are, at the time of the contract, in existence and owned by the seller

A

Existing goods

73
Q

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

A

Express authority

74
Q

A contract

A

Express contract

75
Q

The actual and definite statement of a seller, either orally or in writing, at the time of the sale

A

Express warranties

76
Q

Largest, most complete right in property

A

Fee simple estate

77
Q

A more serious criminal offense that is punishable by death or by imprisonment in a penitentiary for more than one year

A

Felony

78
Q

A relationship of trust and confidence, such as that which exists between partners in a partnership

A

Fiduciary

79
Q

Designation that applies when a corporation operates in any state other than where it is chartered

A

Foreign corporation

80
Q

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

A

Formal contract

81
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

82
Q

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

A

Future goods

83
Q

One who is authorized to execute the principles business of a particular kind or all the principals business at a particular place, if not all of one kind

A

General agent

84
Q

Those individuals actively and openly engaged in the business and held to everyone as a partner

A

General partner

85
Q

Movable tangible personal property

A

Goods

86
Q

One in possession of commercial paper

A

Holder

87
Q

The goods specified by the buyer and seller

A

Identified goods

88
Q

An agents authority to do things not specifically authorized in order to carry out express authority

A

Implied authority

89
Q

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

A

Implied contract

90
Q

Warranties imposed by law arising automatically because the sale has been made

A

Implied warranties

91
Q

One who contracts to perform certain tasks for a set fee, but who is independent of the control of the contracting party as to a means by which the contract is executed, except for specifications established in the contract

A

Independent contractor

92
Q

A person who becomes the holder of a negotiable instrument by endorsement, which names him or her as the person to whom the instrument is negotiated

A

Endorsee

93
Q

The signature or statement of purpose by the owner on the back of a negotiable instrument, which indicates the future control of the instrument

A

Endorsement

94
Q

A permanent judicial order or decree forbidding the performance of a certain act

A

Injunction

95
Q

Evidences of ownership of personal property such as stock of corporations, checks, and copyrights

A

Intangible personal property

96
Q

A decision of a court of law

A

Judgment

97
Q

Those rules of conduct commanding what is right and prohibiting what is wrong

A

Law

98
Q

Estate for duration of a person’s life

A

Life estate

99
Q

Newest form of business ownership recognized in the US combines features of both the corporation and partnership

A

Limited liability company

100
Q

Partners who have their liability for the firm’s debts limited to the amount of their investment

A

Limited partner

101
Q

The amount of the damages stipulated in a contract to be paid in the event one party breaches the contract

A

Liquidated damages

102
Q

Partners who have their liability for the firm’s debt limited to the amount of their investment

A

Limited partner

103
Q

The amount of the damages stipulated in a contract to be paid in the event one party breaches the contract

A

Liquidated damages

104
Q

The person who executes a promissory note

A

Maker

105
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

106
Q

A person who deals in goods of the kind or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction

A

Merchant

107
Q

Those persons under legal age by most states (but not all) the standard is under the age of eighteen

A

Minor

108
Q

A less serious criminal offense, generally punishable by fine and/ or imprisonment of less than one year

A

Misdemeanor

109
Q

Stating an untrue fact

A

Misrespresentation

110
Q

Item’s, required or proper and useful, for sustaining a human being at an appropriate living standard (ex. Food, clothing, and shelter)

A

Necessaries

111
Q

Failure to exercise ordinary care, a breach of a legal duty to act carefully resulting in injury to another or damage to another’s property

A

Negligence

112
Q

A written drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit

A

Negotiable instrument (commercial paper)

113
Q

The act of transferring ownership of a negotiable instrument to another party

A

Negotiation

114
Q

A token award to symbolize vindication of the wrong done to the plaintiff, generally the award is 1.00

A

Nominal damages

115
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

116
Q

A proposal to make a contract

A

Offer

117
Q

The person to whom an offer is made

A

Offeree

118
Q

The party who initiates or makes an offer

A

Offeror

119
Q

Commercial paper made payable to the order of some named party the word order or its equivalent must be used

A

Order paper

120
Q

Law enacted by a municipality

A

Ordinance

121
Q

The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit

A

Partnership

122
Q

The party to whom any negotiation instrument is made payable

A

Payee

123
Q

All property, which is not real property

A

Personal property

124
Q

A written request initiating a civil suit

A

Petition (compliant)

125
Q

The individual who initiates a civil action

A

Plaintiff

126
Q

The consideration stipulated by contract generally expressed in money or money worth

A

Price

127
Q

A party who appoints a second party to serve as an agent

A

Principal

128
Q

A corporation formed by individuals to carry out some non-governmental function

A

Private corporation

129
Q

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

A

Punitive damages

130
Q

An endorsement which limits the liability of the endorser

A

Qualified endorsement

131
Q

Conforming an act which was executed without authority or an act which was voidable

A

Ratification

132
Q

Land and those objects permanently attached to land

A

Real property

133
Q

Canceling, annuling, avoiding

A

Rescission

134
Q

Refusal to accept

A

Rejection

135
Q

An endorsement which prevents the use of the instrument for anything except the stated use

A

Restrictive endorsement

136
Q

The annulment or cancelation of an instrument, act or promise by one doing or making the offer

A

Revocation

137
Q

The transfer of title to goods from the seller to the buyer for a consideration called the pric

A

Sale

138
Q

The contracting of services rather than goods

A

Service contracts

139
Q

Those having title to one or more shares of stock in a corporation combined they represent ownership of the corporation

A

Shareholders (stockholders)

140
Q

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

A

Sherman Antitrust Act

141
Q

An individual who takes no active part in the management of a partnership, buy has capital invested in the business

A

Silent partner

142
Q

Any contract other than a formal contract, whether written, oral or implied

A

Simple contract

143
Q

A business owned by one person who is subject to claims of creditors

A

Sole proprietorship

144
Q

One authorized by the principal to execute specific acts

A

Special agent

145
Q

An endorsement which designates the particular person to whom payment is to be made

A

Special endorsement

146
Q

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

A

Specific performance

147
Q

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

A

Specific performance

148
Q

The principal that the decision of higher court should serve as a guide or precedent and control the decision of similar case in the future

A

Stare decisis

149
Q

A statute originally enacted by English parliament and now enacted in some form in all the Americans states listing certain types of contracts which could only be enforced if in written form

A

Statute of frauds

150
Q

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

A

Statute of limitations

151
Q

Laws which are enacted enacted by legislative bodies

A

Statutes

152
Q

Those having title to one or more shares of stock in a corporation, combined they represent ownership of the corporation

A

Stockholders (shareholders)

153
Q

Is a creation of the tax codes, shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status

A

Subchapter S corporation

154
Q

A notice given to a defendant, attaching the complaint and stating a time frame in which an answer must be filed or an appearance made

A

Summons (process)

155
Q

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

A

Third party beneficiary

156
Q

Ownership, evidence of ownership of property

A

Title

157
Q

A private or civil wrong other than by breach of contract for which there may action for damages

A

Tort

158
Q

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

A

Tort

159
Q

Court which conducts the original trial and renders its decision

A

Trial court

160
Q

Improper influence that is asserted by one dominant person over another without the threat of harm

A

Undue influence

161
Q

An agreement which at the current time is not enforceable by law

A

Unenforceable contract

162
Q

Recognized as the most important statue in business law, it includes provisions which regulate certain sales of goods and negotiable instruments

A

Uniform commercial code

163
Q

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

A

Unilateral contract

164
Q

Exceeding the maximum rate of interest, which may be charged on loans

A

Usurious

165
Q

A contract which will be enforced by the court

A

Valid contract

166
Q

An agreement of no legal effect

A

Void contract

167
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

168
Q

Guarantees made by a seller that an article good or service will conform to a certain standard or will operate in a certain manner

A

Warranties

NBE ARTS (12 decks)

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