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Arts > Business Law > Flashcards

Business Law Flashcards

1
Q

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

A

accord and satisfaction

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2
Q

corporation that is incorporated in a foreign country

A

alien corporation

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3
Q

laws which seek to promote competition among businesses

A

antitrust

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4
Q

the party; to whom teh assignment os made

A

assignee

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5
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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6
Q

a contract exisiting between consignor and carrier

A

bill of lading

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7
Q

a ched downs on a BANKS own funds and signed by a responsible bank officical

A

cashiers check

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8
Q

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

A

certified check

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9
Q

the acknowledgemnt by a bank of a receipt of money with an agreement of repayment

A

certificated of deposit

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10
Q

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

A

check

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11
Q

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 corporation

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12
Q

another name for a “ negotiable instrument”

A

commercial paper

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13
Q

an award paid to the injured party to cover the EXACT amount of loss

A

compensatory damages

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14
Q

the written request which initiates a civil law suit

A

complaint (petition)

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15
Q

that which the promisor demands and receives as the price for a promise

A

consideration

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16
Q

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

A

contract to sell

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17
Q

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

A

contractual capacity

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18
Q

an offense which in injurious to a society as a whole

A

crime

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19
Q

writing conveying title to real property

A

deed

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20
Q

deed that transfers property to trustee for benefit of creditor

A

deed of trust

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21
Q

the repudiation of “ election to avoid” a voidable contract

A

disaffirmance

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22
Q

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

A

discharge

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23
Q

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

A

donee beneficiary

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24
Q

a written order, signed by a person, requiring a another to pay at a certain time

A

draft

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25
Q

a means of removing one’s free will

A

duress

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26
Q

express contract

A

contract

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27
Q

largest, most complete right in property

A

fee simple estate

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28
Q

a relationship of trust and confidence, which exists between partners

A

fiduciary

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29
Q

when a corportaion operates in any stateother than where it its chartered

A

foreign corporation

30
Q

under seal; contracts which must be in a special form or produced in a certain way

A

formal contract

31
Q

one who is authorized to execute the principal’s business of a particular kind

A

general agent

32
Q

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

A

implied authority

33
Q

a contract in which the terms of the contract are IMPLIED by acts or conduct of the parties

A

implied contract

34
Q

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)

A

endorsee

35
Q

a permanent JUDICIAL order forbidding the performance of a certain act

A

injunction

36
Q

a company that combines features of both the corporation and partnership

A

limited liability company

37
Q

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

A

liquidated damages

38
Q

the person who executes a promissory note

A

maker

39
Q

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

A

malpractice

40
Q

failure to exercise ordinary care

A

negligence

41
Q

a token award to symbolize vindication of the wrong done to the plaintiff, generally the award is $1

A

nomnial damages

42
Q

the substitution of a new party for one of the original parties to a contract, in such a way that the prior contract terminates

A

novation

43
Q

commerical paper made payable to the ORDER of some named party;the word order or its equivalent

A

order paper

44
Q

law enacted by a MUNICIPALITY

A

ordinance

45
Q

corporation that carries out non- governmental function

A

private corporation

46
Q

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

A

punitive damages

47
Q

an endorsement which limits teh liabliltiy of the endorser

A

qualififed endorsement

48
Q

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

A

ratification

49
Q

canceling, annulling, avoiding

A

rescission

50
Q

the annulment or cancellation of an instrument, act, or promise

A

revocation

51
Q

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

A

Sherman Antitrust Act

52
Q

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

A

Silent partner

53
Q

one authorized by the principal to execute Specific act

A

Special endorsement

54
Q

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

A

special endorsement

55
Q

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

A

Statute of frauds

56
Q

laws enacted by Legislative bodies

A

statutes

57
Q

shareholders elect to be taxed a partnership without losing corporation status; no double taxation

A

subchapter S corporation

58
Q

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)

59
Q

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

A

third party beneficiary

60
Q

a private or civil wrong, OTHER THAN BY BREACH OF CONTRACT

A

tort

61
Q

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

A

undue influence

62
Q

recognized as the most important statute in business law; regulate certain sales of goods and negotiable instruments

A

Uniform Commercial Code

63
Q

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

A

unilateral contract

64
Q

exceeding maximum rate of interest which may be charged on loans

A

usurious

65
Q

Laws within the Penal Code that are violated are examples of

A

criminal law

66
Q

The right a minor has to avoid a contract is termed

A

disaffirmation

67
Q

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 ___.

A

Per capita

68
Q

The extinction or withdrawal of a legacy by an act equivalent to revocation is called

A

ademption

69
Q

The right that one person has to use the property of another for a special purpose is known as

A

an easement

70
Q

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?

A

Statement of Goods and Services Selected

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