Business Law Flashcards
1
Q
an agreement to an offer resulting in a contract
A
acceptance
2
Q
an agreement made and executed in satisfaction of the rights one has from a previous contract
A
accord and satisfaction
3
Q
the party appointed by the principal to enter into a contract with a third party on behalf of the principal
A
agent
4
Q
one that is incorporated in a foreign country
A
alien corporation
5
Q
official document detailing a defendants defense
A
answer
6
Q
laws which seek to promote competition among business
A
antitrust
7
Q
the authority an agent is believed by third parties to have beause of the behavior of the principal
A
apparent authority
8
Q
request to a higher court to review a lower courts decision
A
appeal
9
Q
courts hearing cases appealed from a lower court
A
appellate courts
10
Q
charging a person with a crime and asking for that persons plea
A
arraignment
11
Q
to take into police custody
A
arrest
12
Q
the party to whom the assignment is made
A
assignee
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
14
Q
the party making the assignment
A
assignor
15
Q
power to act for someone else
A
authority
16
Q
the party who acquires possession but not the title, of personal property by one party to another, under agreement
A
bailee
17
Q
the transfer of possession, but not the title of personal property by one party to another, under agreement
A
bailment
18
Q
the party who gives up possession, but not the title, of personal property in a bailment
A
bailor
19
Q
a person in possession of an instrument
A
bearer
20
Q
a commercial paper made payable to bearer, i.e. to the person having possission of such
A
bearer paper
21
Q
recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will
A
beneficiary
22
Q
a contract which consists of mutual promises to perform sone future acts
A
bilateral contract
23
Q
the contract existing between the consignor (shipper) and the carrier
A
bill of lading
24
Q
a document of conveyance which provides written evidence of title to tangible personal property
A
bill of sale
25
having no words other than the signature of the indorser
blank indorsement
26
a body of persons elected by the stockholders to define and establish corporate policy
board of directors
27
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
booking
28
a situation in which one of the parties to a contract fails or otherwise refuses to perform the obligations established in that contract
breach of contract
29
those rules of conduct prescribed by a government and its agencies in regulating the business transactions
business law
30
a check drawn on a bank's own funds and signed by a responsible bank official
cashiers check
31
the acknowledgment by a bank of a receipt of money with an agreement of repayment
certificate of deposit
32
a check for which the bank assures that the drawer has sufficient funds to make payment
certified check
33
an order by a depositor on the bank to pay a sum of money to a payee
check
34
the body of law concerned with private or purely personal rights
civil law
35
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)
close closely held corporation
36
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
commercial paper (negotiable instrument)
37
customs which have become recognized by the courts as binding on the community
common law
38
an award paid to the injured party to cover the exact amount of their loss, but no more
compensatory damages
39
the written request which initiates a civil law suit
complaint (petition)
40
that which the promisor demands and receives as the price for a promise
consideration
41
one to whom goods are shipped by common carrier
consignee
42
one who ships goods by common carrier
consignor
43
an agreement between two or more competent persons which is enforceable by law
contract
44
a seller agrees to transfer title to goods to buyer for a consideration (price) at a future time
contract to sell
45
the necessity that the parties desiring to enter into contracts meet all requirements
contractual capacity
46
a business entity created by statutory law and owned by individuals known as stockholders
corporation
47
an inteded acceptance which changes or qualifies an original offer, and in effect rejects that offer and becomes a new offer
counteroffer
48
a person who is nota party to a contract to whom the promisor of a contract owes an obligation or duty
creditor beneficiary
49
an offense which is injurious to society as a whole
crime
50
law dealing with crimes and the punishment of wrongdoers
criminal law
51
the person against whom legal action is brought
defendant
52
the repudiation of , or election to avoid , a voidable contract
disaffimance
53
termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law
discharge
54
pretrial steps taken to learn the details of the case
discovery
55
operates in the state that granted the charter
domestic corporation
56
a third party beneficiary to whom no legal duty is owed and for whom performance is a gift
donee beneficiary
57
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
draft
58
the person, company or financil institution ordered to pay a draft
drawee
59
the person who executes any draft
drawer
60
a means of removing ones free will, obtaining consent by means of a threat to do harm to the person, his earning power
duress
61
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
employee
62
the party who hires people to do certain work
employer
63
contracts in which the terms have been fulfilled
executed contract
64
those goods which are, at the time of the contract, in existence and owned by the seller
existing goods
65
th e authority of an agent, stated in the document or agreement creating the agency
express authority
66
a contract in which th eparties express their intentions, either orally or in writing at the time of the agreement
express contract
67
the actual and definite statement of a seller, either orally or in writing, at t he tiem of the sale
express warranties
68
a more serious criminal offense that is punishable by death or imprisonment in a penitentiary for more than one year
felony
69
a relationship of trust and confidence such as that which exists between partners in a partnership.
fiduciary
70
designation that applies when a corporation operates in an t state other than where it is chartered
foreign corporation
71
those contracts which must be in special form or produced in a certain way, such as under seal
formal contract
72
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
fraud
73
goods which are not in existence at the time a contract is agreed to
future goods
74
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.
general agent
75
those individuals actively and openly engaged in the business and held out ot every one as a partner
general partner
76
movable tangible personal property
goods
77
one in possession of commercial paper
holder
78
a person in possession of a negotiable instrument who accepts the negotiable instrument in good faith and for value
holder in due course
79
the goods specified by the buyer and seller
identified goods
80
an agents authority to do things not specifically authorized in order to carry out express authority
implied authority
81
one in which terms of the contract are implied by acts or conduct of the parties
implied contract
82
warranties imposed by law, arising automatically because the sale has been made
implied warranties
83
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
independent contractor
84
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
indorsee
85
the signature or statement of purpose by the owner on the back of a negotiable instrument which indicated the future control of the instrument
indorsement
86
person who writes his or her name on the back of an instrument
indorser
87
a permanent judicial order or decree forbidding the performance of a certain act
injunction
88
persons who are afflicted with a serious mental disorder impairing their ability to function
insane
89
evidences of ownership of personal property such as stock of corporations, checks and copyrights.
intangible personal property
90
persons who are under the influence of alcohol to the extent that their judgment may be impaired
intoxication
91
a decision of a court of law
judgment
92
rules of conduct commanding what is right and prohibiting what is wrong
law
93
newest form of business ownership recognized in the U.S. combines features of both the corporation and partnership
limited liability corporation
94
partners who have their liability for the firms debts limited to the amount of their investment
limited partner
95
the amount of the damages stipulated in a contract to be paid in the event one party breaches the contract
liquidated damages
96
the person who executes a promissory note
maker
97
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
malpractice
98
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
merchant
99
those persons under legal age in most states but not all, the standard is under the age of 18
minor
100
a less serious criminal offense, generally punishable by fine and or imprisonment of less than one year
misdemeanor
101
stating an untrue fact
misrepresentation
102
items, required or proper and useful, for sustaining a human being at an appropriate living standard
necessaries
103
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
negligence
104
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
negotiable instrument
105
the act of transferring ownership of a negotiable instrument to another party
negotiation
106
a token award to symbolize vindication of the wrong done to the plaintiff generally the award is $1.00
nominal damages
107
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
novation
108
a proposal to make a contract
offer
109
the person to whom an offer is made
offeree
110
the party who initiates or makes an offer
offeror
111
a commercial paper made payable to the order of some named party, the word order or its equivalent must be used
order paper
112
law enacted by a local government entity
ordinance
113
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
partnership
114
the party to whom any negotiable instrument is made payable
payee
115
all property which is not real property
personal property
116
the written request which initiates a civil law suit
petition
117
the individual who initiates a civil action
plaintiff
118
the consideration stipulated by contract, generally expressed in monetary terms
price
119
a party who appoints a second party to serve as an agent
principal
120
a corporation formed by individuals to carry out some non governmental function
private corporation
121
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
process
122
an equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment
promissory estoppel
123
a negotiable instrument containing a promise to pay
promissory note
124
a business owned by one person who is subject to claims of creditors
proprietorship
125
a corporation formed to carry out government functions
public corporation
126
an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff
punitive damages
127
an endorsement which limits the liability of the indorser
qualified endorsement
128
confirming an act which was executed without authority or an act which was voidable
ratification
129
land and those objects permanently attached to land
real estate
130
land and those objects permanently attached to land
real property
131
canceling, annulling, avoiding
recission
132
refusal to accept
rejection
133
an endorsement which prevents the use of the instrument for anything except the stated use
restrictive indorsement
134
the annulment or cancellation of an instrument, act or promise by one doing or making the offer
revocation
135
the transfer of title to goods from the seller to the buyer for a consideration called the price
sale
136
the contracting of services rather than goods
service contracts
137
those having title to one or more shares of stock in a corporation, combined, they represent ownership of the corporation
shareholders
138
federal legislation intended to promote competition among businesses by prohibiting restraint of trade
sherman antitrust act
139
an individual who takes no active part in the management of a partnership but has capital invested in the business
silent partner
140
any contract other than a formal contract, whether written, oral or implied
simple contract
141
a business owned by one person who i subject to claims of creditors
sole proprietorship
142
one authorized by the principal to execute specific acts
special agent
143
an endorsement which designates the particular person to whom payment is to be made
special indorsement
144
a contract remedy by which the court requires the breaching party to perform the contract
specific performance
145
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
stare decisis
146
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
statute of frauds
147
a law that restricts the period of time within which an action may be brought to court
statute of limitations
148
laws which are enacted by legislative bodies
statutes
149
those having title to one or more shares of stock in a corporation, combined, they represent ownership of the corporation
stockholders- shareholders
150
a creation of the tax codes in which shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status
subchapter s corporation
151
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
summons- process
152
person not party to a contract, but whom parties intended to benefit
third party beneficiary
153
a private or civil wrong, other than by breach of contract, for which there may be action for damages
tort
154
Court which conducts the original trial and renders its decision
trial court
155
improper influence that is asserted by one dominant person over another, without the threat of harm
undue influence
156
an agreement which a tt he current time is not enforceable by law
unenforceable contract
157
recognized as the most important statute in business law, it includes provisions which regulate certain sales of goods and negotiable instruments
uniform commercial code
158
a contract formed when an act is done in consideration for a promise
unilateral contract
159
exceeding the maximum rate of interest which may be charged on loans
usurious
160
rate of interest which exceeds the max that is allowed
usury
161
a contract which will be enforced by the court
valid contract
162
an agreement of no legal effect
void contract contract
163
an agreement which would be an enforceable agreement, but due to circumstances may be set aside by one of the parties
voidable contract
164
guarantee made by a seller that an article good or service will conform to a certain standard or will operate in a certain manner.
warranty
