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Commonwealth 2nd Quarter > Business Law Exam 5 Mini-Final > Flashcards

Business Law Exam 5 Mini-Final Flashcards

1
Q
  • Is a criminal offense which is injurious to society as a whole
  • Punishable offense against society
A

Crime

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2
Q

Private or civil wrong, either intentional or caused by negligence, for which there may be action for damages
•Private wrong for which damages might be recovered

A

•Tort

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3
Q
  • Land and objects permanently attached to land
  • Also known as REAL ESTATE
  • Land, buildings, fences, trees, ect.
A

Real Property

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4
Q
  • All property which is not real

* Car, furniture, jewelry, insurance, stocks, bonds, ect.

A

Personal Property

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5
Q
  • A contract which will be enforceable by the court

* Contract enforceable by law

A

Valid Contract

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6
Q
  • Agreement with no legal effect
  • Contract to rob a bank
  • Sometimes referred to as a: Void Contract
A

Void Agreement

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7
Q
  • Contract which would be an enforceable agreement, but due to circumstances, may be set aside by one of the parties
  • Party to a contract is declared “mentally incompetent”
  • Adult contracts with a minor
  • Minor contracts with another minor
A

Voidable Contract

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8
Q
  • Agreement which is not in the form required by law, but can be made so by the parties
  • A contract that is not currently binding
  • Simple contract made into a formal contract
A

Unenforceable

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9
Q
  • Failure to exercise or ordinary care
  • “Act of omission”
  • “Act of commission”
A

Negligence

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10
Q

•Laws specifying how actions are filed and what trial procedure to follow

A

Procedural Law

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11
Q 
Stare Decisis
Case Law
Ordinances
Administrative Law
Police Power
Statutory Law
Constitutional Law
Common Law
A

The Pyramid of Law

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12
Q
  • Customs which have become recognized by the courts as binding on the community
  • Forms the historical foundation of United States Law
  • Based on human experience and the “Common good” of all members of society
  • Rooted in English and early colonial law
  • “If it makes sense, it must be good law”
A

Common Law

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13
Q
  • Written document containing fundamental principles of a government
  • It determines the powers and duties of a government
  • Guarantees certain rights to the people
  • “Law of the Land”
  • Examples
  • Federal Constitution of the U.S. of America
  • Individual state constitutions
A

Constitutional Law

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14
Q
  • Laws enacted by legislative bodies
  • Also know as: STATUTES
  • Legislative bodies include federal, state, and local governments
  • Federal Statutes
  • U.S. Congress
  • State Statutes
  • Individual state legislatures
A

Statutory Law

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15
Q
  • Body of law created by federal and state administrative agencies to implement their powers and duties in the form of rules, regulations, orders, and decisions
  • Occupational Safety and Health Act (OSHA)
  • Federal Trade Commission (FTC)
  • Texas Funeral Service Commission (TFSC)
A

Administrative Law

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16
Q
  • Laws enacted by local municipalities
  • Village, town, or city
  • Parking ordinances
  • No Smoking in public buildings
  • Levels of Music
A

Ordinances

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17
Q
  • Court decisions that establish precedent principles
  • Laws based on a court’s interpretation of federal, state, and local laws
  • Determines “constitutionality” of the law
A

Case Law

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18
Q
  • Principle that decisions of a court should serve as a guide or precedent and control the decision of a similar case in the future
  • Reliance on authority of established law
  • “LIKE CASES ARE DECIDED IN LIKE MANNER”
  • Applicable to mortuary law and court cases
A

Stare Decisis

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19
Q

o Expression of willingness of the offeror to enter a contractual agreement

A

Offer

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20
Q

• Person/party who initiates, or makes, an offer

A

Offeror

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21
Q

• Person/party whom an offer is made

A

Offeree

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22
Q

• Intended acceptance which changes or qualifies the offer, and is a rejection of the original offer.

A

Counteroffer

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23
Q
  • Mistake by one party to a contract
  • Mistake as to quality, value, or price
  • Mistake as to terms of contract
  • Generally will not render agreement defective
A

Unilateral Mistake

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24
Q
  • Mistake by both parties to a contract
  • Mistake as to nature of transaction
  • Mistake as to identity or existence of subject matter
  • Generally render agreement defective
A

Mutual Mistake

25
Q
  • Refraining from doing something

* Example: Promising not to rob a bank

A

Forbearance

26
Q

o Improper influence that is asserted by one dominant person over another, without threat of harm
o Often with a fiduciary relationship

A

Undue influence

27
Q

o Means of removing one’s free will
o Obtaining consent by threat to do harm to the person, his/her family or property
o Element of coercion or force
o Physical, emotional, and financial

A

Duress

28
Q

o 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/her detriment

A

Fraud

29
Q

stipulated by the contract, generally expressed in money or money’s worth;
EX:can be: money, goods, services

A

Consideration

30
Q

Recognized as most important statute in business law; Includes provisions which regulate certain sales of goods

A

Uniform Commercial Code (UCC)

31
Q

o Document 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)

32
Q

o Is the receipt and contract existing between CONSIGNOR (SHIPPER) AND CARRIER
o Is documentary evidence of title of goods

A

Bill of Lading

33
Q

• One who ships goods by a common carrier

A

Consignor

34
Q

• One to whom goods are shipped to by a common carrier

A

Consignee

35
Q

o Transports under special arrangements for a fee
• Moving vans
• Delivery services
• Funeral Home A transports a body for Funeral Home B

A

Private Carrier

36
Q
  • One that undertakes to transport without discrimination for all who apply for service
  • Airlines, trains, buses, etc.
A

Public Carrier (common carrier)

37
Q

o Those held to “normal” standard of care for bailed property

A

Ordinary Bailment

38
Q

o Those held to higher than normal standard of care for bailed property
• Common carriers
• Hotelkeepers
• Funeral directors

A

Extraordinary Bailment

39
Q

o Bailment benefits only property owner
o Bailee must exercise “slight care”
o Liable only for gross negligence

A

Sole Benefit of Bailor

40
Q

o Occurs when borrowing someone’s property

o Bailee must exercise “great care”

A

Sole Benefit of Bailee

41
Q

o Bailee renders a service
o Charges for the service
o Bailee must exercise “reasonable care under the circumstances”

A

Mutual Benefit

42
Q

• Party who gives up possession, but not title of property

A

Bailor

43
Q

• Party who acquires possession, but not title of personal property

A

Bailee

44
Q

• Enforceable promise whereby one party justifiably acts in reliance upon the promise of another

A

Promissory Estoppel

45
Q

• Confirming of an act which was executed without authority or an act which was voidable

A

Ratification

46
Q

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

A

Existing Goods

47
Q

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

A

Future Goods

48
Q

a contract which the parties express their intentions, either orally or in writing, at the time of the sale

A

Expressed Contract

49
Q

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

A

Implied Contract

50
Q

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

A

Endorsement/ Indorsement

51
Q

o The payee of a note or draft transferring the instrument to another party

A

Endorser/ Indorser

52
Q

o Person who becomes the holder of a negotiable instrument by endorsement which names him/her as the person to whom the instrument is negotiated

A

Endorsee/ Indorsee

53
Q
  • Having no words other than signature of endorser

* “Mary A. Johnson”

A

Blank endorsement

54
Q
  • An endorsement which designates the particular person to whom payment is to be made
  • “Pay to the order of John Q. Jones”
A

Special Endorsement

55
Q
  • An endorsement which prevents the use of the instrument for anything except stated use
  • “For deposit only”
A

Restrictive Endorsement

56
Q
  • Limits liability of endorser
  • Endorser signs the bill or promissory note and adds “Without recourse”
  • This limits the endorser’s liability
  • Endorsee accepts the liability
A

Qualified Endorsement

57
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

58
Q
  • Inherent power of every government to make reasonable laws to protect the safety, health, morals, and general welfare of its citizens
  • Mortuary Law
  • Licensure
  • Health standards
  • Business operations
A

police power

Commonwealth 2nd Quarter (22 decks)

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