Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Principles II - Vocabulary > Business Law > Flashcards

Business Law Flashcards

You may prefer our related Brainscape-certified flashcards:
Vocab Builder flashcards
1
Q

an agreement to an offer resulting in a contract

A

acceptance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

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

A

accord and satisfaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

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

A

agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

one that is incorporated in a foreign country

A

alien corporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

official document detailing a defendants defense

A

answer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

laws which seek to promote competition among business

A

antitrust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

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

A

apparent authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

request to a higher court to review a lower courts decision

A

appeal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

courts hearing cases appealed from a lower court

A

appellate courts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

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

A

arraignment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

to take into police custody

A

arrest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

the party to whom the assignment is made

A

assignee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

the party making the assignment

A

assignor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

power to act for someone else

A

authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

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

A

bailee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

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

A

bailment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

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

A

bailor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

a person in possession of an instrument

A

bearer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

a commercial paper made payable to bearer, i.e. to the person having possission of such

A

bearer paper

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will

A

beneficiary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

a contract which consists of mutual promises to perform sone future acts

A

bilateral contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

the contract existing between the consignor (shipper) and the carrier

A

bill of lading

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

a document of conveyance which provides written evidence of title to tangible personal property

A

bill of sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

having no words other than the signature of the indorser

A

blank indorsement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

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

A

board of directors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

administrative step taken after an arrested person is brought to police station, which involves entry of the person’s name, the crime for which the arrest was made, and other relevant facts on the police “blotter” and which may also include photographing, fingerprinting and the like

A

booking

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

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

A

business law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

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

A

cashiers check

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

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

A

certificate of deposit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

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

A

certified check

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

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

A

check

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

the body of law concerned with private or purely personal rights

A

civil law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

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

A

common law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

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

A

compensatory damages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

the written request which initiates a civil law suit

A

complaint (petition)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

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

A

consideration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

one to whom goods are shipped by common carrier

A

consignee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

one who ships goods by common carrier

A

consignor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

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

A

contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

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

A

contract to sell

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

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

A

contractual capacity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

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

A

corporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

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

A

counteroffer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

a person who is nota party to a contract to whom the promisor of a contract owes an obligation or duty

A

creditor beneficiary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

an offense which is injurious to society as a whole

A

crime

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

law dealing with crimes and the punishment of wrongdoers

A

criminal law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

the person against whom legal action is brought

A

defendant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

the repudiation of , or election to avoid , a voidable contract

A

disaffimance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

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

A

discharge

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

pretrial steps taken to learn the details of the case

A

discovery

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

operates in the state that granted the charter

A

domestic corporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

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

A

donee beneficiary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

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

A

draft

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

the person, company or financil institution ordered to pay a draft

A

drawee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

the person who executes any draft

A

drawer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

a means of removing ones free will, obtaining consent by means of a threat to do harm to the person, his earning power

A

duress

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

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

A

employee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

the party who hires people to do certain work

A

employer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

contracts in which the terms have been fulfilled

A

executed contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

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

A

existing goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

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

A

express authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

a contract in which th eparties express their intentions, either orally or in writing at the time of the agreement

A

express contract

67
Q

the actual and definite statement of a seller, either orally or in writing, at t he tiem of the sale

A

express warranties

68
Q

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

A

felony

69
Q

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

A

fiduciary

70
Q

designation that applies when a corporation operates in an t state other than where it is chartered

A

foreign corporation

71
Q

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

A

formal contract

72
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 , at his or her detriment

A

fraud

73
Q

goods which are not in existence at the time a contract is agreed to

A

future goods

74
Q

one who is authorized to execute the principals business of a particular kind, or all the principal’s business at a particualr place, if not all of one kind.

A

general agent

75
Q

those individuals actively and openly engaged in the business and held out ot every one as a partner

A

general partner

76
Q

movable tangible personal property

A

goods

77
Q

one in possession of commercial paper

A

holder

78
Q

a person in possession of a negotiable instrument who accepts the negotiable instrument in good faith and for value

A

holder in due course

79
Q

the goods specified by the buyer and seller

A

identified goods

80
Q

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

A

implied authority

81
Q

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

A

implied contract

82
Q

warranties imposed by law, arising automatically because the sale has been made

A

implied warranties

83
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 esablished in th econtract

A

independent contractor

84
Q

a person who becomes the holder of a negotiable instrument by indorsement which names him or her a s the person to whom eht instrument is negotiated

A

indorsee

85
Q

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

A

indorsement

86
Q

person who writes his or her name on the back of an instrument

A

indorser

87
Q

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

A

injunction

88
Q

persons who are afflicted with a serious mental disorder impairing their ability to function

A

insane

89
Q

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

A

intangible personal property

90
Q

persons who are under the influence of alcohol to the extent that their judgment may be impaired

A

intoxication

91
Q

a decision of a court of law

A

judgment

92
Q

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

A

law

93
Q

newest form of business ownership recognized in the U.S. combines features of both the corporation and partnership

A

limited liability corporation

94
Q

partners who have their liability for the firms debts limited to the amount of their investment

A

limited partner

95
Q

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

A

liquidated damages

96
Q

the person who executes a promissory note

A

maker

97
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

98
Q

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

A

merchant

99
Q

those persons under legal age in most states but not all, the standard is under the age of 18

A

minor

100
Q

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

A

misdemeanor

101
Q

stating an untrue fact

A

misrepresentation

102
Q

items, required or proper and useful, for sustaining a human being at an appropriate living standard

A

necessaries

103
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

104
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

negotiable instrument

105
Q

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

A

negotiation

106
Q

a token award to symbolize vindication of the wrong done to the plaintiff generally the award is $1.00

A

nominal damages

107
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

108
Q

a proposal to make a contract

A

offer

109
Q

the person to whom an offer is made

A

offeree

110
Q

the party who initiates or makes an offer

A

offeror

111
Q

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

A

order paper

112
Q

law enacted by a local government entity

A

ordinance

113
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

114
Q

the party to whom any negotiable instrument is made payable

A

payee

115
Q

all property which is not real property

A

personal property

116
Q

the written request which initiates a civil law suit

A

petition

117
Q

the individual who initiates a civil action

A

plaintiff

118
Q

the consideration stipulated by contract, generally expressed in monetary terms

A

price

119
Q

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

A

principal

120
Q

a corporation formed by individuals to carry out some non governmental function

A

private corporation

121
Q

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

A

process

122
Q

an equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment

A

promissory estoppel

123
Q

a negotiable instrument containing a promise to pay

A

promissory note

124
Q

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

A

proprietorship

125
Q

a corporation formed to carry out government functions

A

public corporation

126
Q

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

A

punitive damages

127
Q

an endorsement which limits the liability of the indorser

A

qualified endorsement

128
Q

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

A

ratification

129
Q

land and those objects permanently attached to land

A

real estate

130
Q

land and those objects permanently attached to land

A

real property

131
Q

canceling, annulling, avoiding

A

recission

132
Q

refusal to accept

A

rejection

133
Q

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

A

restrictive indorsement

134
Q

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

A

revocation

135
Q

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

A

sale

136
Q

the contracting of services rather than goods

A

service contracts

137
Q

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

A

shareholders

138
Q

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

A

sherman antitrust act

139
Q

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

A

silent partner

140
Q

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

A

simple contract

141
Q

a business owned by one person who i subject to claims of creditors

A

sole proprietorship

142
Q

one authorized by the principal to execute specific acts

A

special agent

143
Q

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

A

special indorsement

144
Q

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

A

specific performance

145
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

146
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

147
Q

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

A

statute of limitations

148
Q

laws which are enacted by legislative bodies

A

statutes

149
Q

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

A

stockholders- shareholders

150
Q

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

A

subchapter s corporation

151
Q

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

A

summons- process

152
Q

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

A

third party beneficiary

153
Q

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

A

tort

154
Q

Court which conducts the original trial and renders its decision

A

trial court

155
Q

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

A

undue influence

156
Q

an agreement which a tt he current time is not enforceable by law

A

unenforceable contract

157
Q

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

A

uniform commercial code

158
Q

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

A

unilateral contract

159
Q

exceeding the maximum rate of interest which may be charged on loans

A

usurious

160
Q

rate of interest which exceeds the max that is allowed

A

usury

161
Q

a contract which will be enforced by the court

A

valid contract

162
Q

an agreement of no legal effect

A

void contract contract

163
Q

an agreement which would be an enforceable agreement, but due to circumstances may be set aside by one of the parties

A

voidable contract

164
Q

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

A

warranty

Principles II - Vocabulary (21 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions