Business Law Flashcards
an agreement made and executed in satisifcation of the rights one has from a previous contract
accord and satisfaction
corporation that is incorporated in a foreign country
alien corporation
laws which seek to promote competition among businesses
antitrust
the party; to whom teh assignment os made
assignee
a means whereby one party in a contract conveys rights to another person who is not a party to the original contract
assignment
a contract exisiting between consignor and carrier
bill of lading
a ched downs on a BANKS own funds and signed by a responsible bank officical
cashiers check
a check which teh bank assures that the drawer has sufficient funds to make payment
certified check
the acknowledgemnt by a bank of a receipt of money with an agreement of repayment
certificated of deposit
an order by a depositor on the bank to pay a sum of money to a payee
check
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)
close corporation
another name for a “ negotiable instrument”
commercial paper
an award paid to the injured party to cover the EXACT amount of loss
compensatory damages
the written request which initiates a civil law suit
complaint (petition)
that which the promisor demands and receives as the price for a promise
consideration
a seller agrees to transfer title to gods for a consideration (price) at a future time
contract to sell
the necessity that the parties desiring to enter into contracts, meet all requirements
contractual capacity
an offense which in injurious to a society as a whole
crime
writing conveying title to real property
deed
deed that transfers property to trustee for benefit of creditor
deed of trust
the repudiation of “ election to avoid” a voidable contract
disaffirmance
termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law
discharge
a third party beneficiary to whom no legal duty is owed and performance is a gift
donee beneficiary
a written order, signed by a person, requiring a another to pay at a certain time
draft
a means of removing one’s free will
duress
express contract
contract
largest, most complete right in property
fee simple estate
a relationship of trust and confidence, which exists between partners
fiduciary
when a corportaion operates in any stateother than where it its chartered
foreign corporation
under seal; contracts which must be in a special form or produced in a certain way
formal contract
one who is authorized to execute the principal’s business of a particular kind
general agent
an agents authority to do things not specifically authorized in order to carry out express authority
implied authority
a contract in which the terms of the contract are IMPLIED by acts or conduct of the parties
implied contract
a person who becomes the holder of a negotiable instrument by endorsement which names then as the person who whom the instrument is negotiated ( who I write the rent check too)
endorsee
a permanent JUDICIAL order forbidding the performance of a certain act
injunction
a company that combines features of both the corporation and partnership
limited liability company
the amount of the damages stipulated in a contract to be paid in the event one party breaches the contract
liquidated damages
the person who executes a promissory note
maker
failure to perform a professional service with the ability and care generally exercised by others in the profession; breach of contract by a professional person
malpractice
failure to exercise ordinary care
negligence
a token award to symbolize vindication of the wrong done to the plaintiff, generally the award is $1
nomnial damages
the substitution of a new party for one of the original parties to a contract, in such a way that the prior contract terminates
novation
commerical paper made payable to the ORDER of some named party;the word order or its equivalent
order paper
law enacted by a MUNICIPALITY
ordinance
corporation that carries out non- governmental function
private corporation
an award paid to the plaintiff in order to PUNISH the defendant
punitive damages
an endorsement which limits teh liabliltiy of the endorser
qualififed endorsement
an act that was executed without authority or an act which was voidable
ratification
canceling, annulling, avoiding
rescission
the annulment or cancellation of an instrument, act, or promise
revocation
FEDERAL legislation intended to promote competition among businesses by prohibiting restraint of trade
Sherman Antitrust Act
an individual who takes no active part in the management of a partnership, but has capital invested in the business
Silent partner
one authorized by the principal to execute Specific act
Special endorsement
a contract remedy by which the court requires the breaching party to perform the contract
special endorsement
statute originally enacted by English Parliament, now enacted in some form in all the American states, listing certain types of contracts which could only be enforced if in written form
Statute of frauds
laws enacted by Legislative bodies
statutes
shareholders elect to be taxed a partnership without losing corporation status; no double taxation
subchapter S corporation
notice given to a defendant, attaching the complaint and stating a time frame in which an answer must be filed or an appearance made
summons (process)
person not party to a contract, but whom parties intended to benefit
third party beneficiary
a private or civil wrong, OTHER THAN BY BREACH OF CONTRACT
tort
improper influence that is asserted by one dominant person over another, WITHOUT the threat of harm
undue influence
recognized as the most important statute in business law; regulate certain sales of goods and negotiable instruments
Uniform Commercial Code
contract formed when an act is done in consideration for a promise
unilateral contract
exceeding maximum rate of interest which may be charged on loans
usurious
Laws within the Penal Code that are violated are examples of
criminal law
The right a minor has to avoid a contract is termed
disaffirmation
Mr. Greenjeans makes a will which states that his estate will be divided equally only among the children who are alive when he dies. This type of distribution is called ___.
Per capita
The extinction or withdrawal of a legacy by an act equivalent to revocation is called
ademption
The right that one person has to use the property of another for a special purpose is known as
an easement
Which of these documents is the place where the funeral director explains why merchandise such as a vault or services such as embalming are included in this funeral purchase?
Statement of Goods and Services Selected
