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SBE > Business Law > Flashcards

Business Law Flashcards

1
Q

acceptance

A

an agreement to an offer resulting in a contract

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2
Q

accord and satisfaction

A

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

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3
Q

agent

A

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

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4
Q

alien corporation

A

one that is incorporated in a foreign country

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5
Q

answer

A

official document detailing a defendant’s defense

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6
Q

antitrust

A

laws which seek to promote competition among businesses

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7
Q

apparent aurthority

A

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

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8
Q

appeal

A

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

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9
Q

appellate courts

A

courts hearing cases appealed from a lower court

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10
Q

arraignment

A

charging a person with a crime and asking for that person’s plea

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11
Q

arrest

A

to take into police custody

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12
Q

assignee

A

the party to whom the assignment is made

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13
Q

assignment

A

a means whereby one party in a contract conveys rights to another person, who 30 is not a party to the original contract

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14
Q

assignor

A

the party making the assignment

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15
Q

authority

A

power to act for someone else

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16
Q

bailee

A

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

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17
Q

bailment

A

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

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18
Q

bailor

A

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

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19
Q

bearer

A

a person in possession of an instrument

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20
Q

bearer paper

A

commercial paper payable to bearer; i.e. to the person having possession of such

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21
Q

beneficiary

A

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

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22
Q

bilateral contract

A

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

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23
Q

bill of lading

A

the contract existing between the cosignor and the carrier

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24
Q

bill of sale

A

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

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25
Q

blank endorsement

A

having no words other than the signature of the endorser

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26
Q

board of directors

A

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

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27
Q

booking

A

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.

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28
Q

breach of contract

A

a situation in which one of the parties to a contract fails or otherwise refuses to perform the obligations established in that contract

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29
Q

business law

A

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

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30
Q

cashier’s check

A

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

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31
Q

certificate of deposit

A

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

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32
Q

certified check

A

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

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33
Q

check

A

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

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34
Q

civil law

A

the body of law concerned with private or purely personal rights

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35
Q

close (closely held) corporation

A

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)

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36
Q

commercial paper (negotiable instrument)

A

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

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37
Q

common law

A

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

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38
Q

compensatory damages

A

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

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39
Q

complaint (petition)

A

the written request which initiates a civil law suit

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40
Q

consideration

A

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

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41
Q

cosignee

A

one to whom goods are shipped by common carrier

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42
Q

consignor

A

one who ships goods by common carrier

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43
Q

contract

A

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

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44
Q

contract to sell

A

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

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45
Q

contractual capacity

A

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

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46
Q

corporation

A

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

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47
Q

counteroffer

A

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

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48
Q

creditor beneficiary

A

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

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49
Q

crime

A

an offense which is injurious to society as a whole

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50
Q

criminal law

A

laws dealing with crimes and the punishment of wrongdoers

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51
Q

deed

A

writing conveying title to real property

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52
Q

deed of trust

A

deed that transfers property to trustee for benefit of creditor

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53
Q

defendant

A

the person against whom legal action is brought

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54
Q

disaffirmance

A

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

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55
Q

discharge

A

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

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56
Q

discovery

A

pretrial steps taken to learn the details of the case

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57
Q

domestic corporation

A

operates in the state that granted the charter

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58
Q

donee beneficiary

A

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

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59
Q

draft

A

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

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60
Q

drawee

A

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

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61
Q

drawer

A

the person who executes any draft

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62
Q

duress

A

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

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63
Q

employee

A

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

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64
Q

employer

A

the party who employs employees to do certain work

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65
Q

executed contract

A

those contracts in which the terms have been fulfilled

66
Q

execution

A

the carrying out of completion of some task

67
Q

executory contract

A

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

68
Q

existing goods

A

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

69
Q

express authority

A

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

70
Q

express contract

A

a contract

71
Q

express warranties

A

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

72
Q

fee simple estate

A

largest, most complete right in property

73
Q

felony

A

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

74
Q

fiduciary

A

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

75
Q

foreign corporation

A

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

76
Q

formal contract

A

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

77
Q

fraud

A

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

78
Q

future goods

A

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

79
Q

general agent

A

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

80
Q

general partner

A

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

81
Q

goods

A

movable tangible personal property

82
Q

holder

A

one in possession of commercial paper

83
Q

identified goods

A

the goods specified by the buyer and seller

84
Q

implied authority

A

an agent’s authority to do things not specifically authorized in order to carry out express authority

85
Q

implied contract

A

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

86
Q

implied warranties

A

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

87
Q

independent contractor

A

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

88
Q

endorsee

A

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

89
Q

endorsement

A

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

90
Q

injunction

A

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

91
Q

intangible personal property

A

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

92
Q

judgment

A

a decision of a court of law

93
Q

law

A

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

94
Q

life estate

A

estate for duration of a person’s life

95
Q

limited liability company

A

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

96
Q

limited partner

A

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

97
Q

liquidated damages

A

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

98
Q

maker

A

the person who executes a promissory note

99
Q

malpractice

A

a breach of contract by a professional person; failure to perform a professional service with the ability and care generally and care generally exercised by others in the profession

100
Q

merchant

A

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

101
Q

minor

A

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

102
Q

misdemeanor

A

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

103
Q

misrepresentation

A

stating an untrue fact

104
Q

necessaries

A

items, required or proper and useful, for sustaining a human being at an appropriate living standard (i.e. food, clothing and shelter).

105
Q

negligence

A

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 breach of a legal duty to act carefully resulting in injury to another or damage to another’s property).

106
Q

negotiable instrument (commercial paper)

A

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

107
Q

negotiation

A

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

108
Q

nominal damages

A

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

109
Q

novation

A

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

110
Q

offer

A

a proposal to make a contract

111
Q

offeree

A

the person to whom an offer is made

112
Q

offeror

A

the party who initiates, or makes an offer

113
Q

order paper

A

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

114
Q

ordinance

A

law enacted by a municipality

115
Q

partnership

A

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.

116
Q

payee

A

the party to whom any negotiable instrument is made payable

117
Q

personal property

A

all property which is not real property

118
Q

petition (complaint)

A

a written request initiating a civil suit

119
Q

plaintiff

A

the individual who initiates a civil action

120
Q

price

A

the consideration stipulated by contract, generally expressed in money or money - worth

121
Q

principal

A

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

122
Q

private corporation

A

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

123
Q

punitive damages

A

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

124
Q

qualified endorsement

A

an endorsement which limits the liability of the endorser

125
Q

ratification

A

conforming an act which was executed without authority or an act which was avoidable

126
Q

real property

A

land and those objects permanently attached to land

127
Q

rescission

A

canceling, annulling, avoiding

128
Q

rejection

A

refusal to accept

129
Q

restrictive endorsement

A

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

130
Q

revocation

A

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

131
Q

sale

A

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

132
Q

service contracts

A

the contracting of services rather than goods

133
Q

shareholders (stockholders)

A

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

134
Q

Sherman Antitrust Act

A

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

135
Q

silent partner

A

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

136
Q

simple contract

A

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

137
Q

sole proprietorship

A

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

138
Q

special agent

A

one authorized by the principal to execute specific act(s)

139
Q

special endorsement

A

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

140
Q

specific performance

A

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

141
Q

stare decisis

A

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

142
Q

statute of frauds

A

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.

143
Q

statute of limitations

A

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

144
Q

statutes

A

laws which are enacted by legislative bodies

145
Q

stockholders (shareholders)

A

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

146
Q

subchapter S corporation

A

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

147
Q

summons (process)

A

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

148
Q

third party beneficiary

A

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

149
Q

title

A

ownership; evidence of ownership of property

150
Q

tort

A

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

151
Q

trial court

A

court which conducts the original trial and renders its decision

152
Q

undue influence

A

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

153
Q

unenforceable contract

A

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

154
Q

uniform commercial code

A

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

155
Q

unilateral contract

A

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

156
Q

usurious

A

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

157
Q

valid contract

A

a contract which will be enforced by the court

158
Q

void contract

A

an agreement of no legal effect

159
Q

voidable contract

A

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

160
Q

warranties

A

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

SBE (14 decks)

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