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Commonwealth 2nd Quarter > Business Law Glossary > Flashcards

Business Law Glossary 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 principle

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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 authority

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 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 the personal property in a bailment

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19
Q

Bear

A

a person in possession of an instrument

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20
Q

Bearer paper

A

commercial paper payable to bearer; ex. 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 Landing

A

the contract existing between the consignor 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 person 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 offical

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31
Q

Certificate of deposit

A

the acknowledgment 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

Consignee

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 the contract owes an obligation or duty

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49
Q

Crime

A

an offense which is injurious to society as a whole

50
Q

Criminal law

A

laws dealing with crimes and the punishment of wrongdoers

51
Q

Defendant

A

the person against whom legal action is brought

52
Q

Disaffirmance

A

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

53
Q

Discharge

A

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

54
Q

Discovery

A

pretrial steps taken to learn the details of the case

55
Q

Domestic corporation

A

operates in the state that granted the charter

56
Q

Donee beneficiary

A

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

57
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

58
Q

Drawee

A

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

59
Q

Drawer

A

the person who executes any draft

60
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

61
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.

62
Q

Employer

A

the party who employs employees to do certain work

63
Q

Executed contract

A

those contracts in which the terms have been fulfilled

64
Q

Execution

A

the carrying out or completion of some task

65
Q

Executory contract

A

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

66
Q

Existing goods

A

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

67
Q

Express authority

A

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

68
Q

Express contract

A

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

69
Q

Express warranties

A

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

70
Q

Felony

A

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

71
Q

Fiduciary

A

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

72
Q

Foreign corporation

A

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

73
Q

Formal contract

A

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

74
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

75
Q

Future goods

A

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

76
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

77
Q

General partner

A

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

78
Q

Goods

A

movable tangible personal property

79
Q

Holder

A

one in possession of commercial paper

80
Q

Identified goods

A

the goods specified by the buyer and seller

81
Q

Implied authority

A

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

82
Q

Implied contract

A

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

83
Q

Implied warranties

A

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

84
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

85
Q

Endorsee

A

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

86
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

87
Q

Endorser

A

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

88
Q

Injunction

A

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

89
Q

Intangible personal property

A

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

90
Q

Judgement

A

a decision of a court of law

91
Q

Law

A

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

92
Q

Limited Liability Company

A

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

93
Q

Limited Partner

A

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

94
Q

Liquidated damages

A

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

95
Q

Maker

A

the person who executes a promissory note

96
Q

Malpractice

A

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

97
Q

Merchant

A

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

98
Q

Minor

A

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

99
Q

Misdemeanor

A

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

100
Q

Misrepresentation

A

stating an untrue fact

101
Q

Necessaries

A

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

102
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)

103
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

104
Q

Negotiation

A

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

105
Q

Nominal damages

A

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

106
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

107
Q

Offer

A

a proposal to make a contract

108
Q

Offeree

A

the person to whom an offer is made

109
Q

Offeror

A

the party who initiates, or makes an offer

110
Q

Order paper

A

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

111
Q

Ordinance

A

law enacted by a local municipality

112
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

113
Q

Payee

A

the party to whom any negotiable instrument is made payable

114
Q

Personal property

A

all property which is not real property

115
Q

Petition (complaint)

A

a written request initiating a civil suit

116
Q

Plaintiff

A

the individual who initiates a civil action

117
Q

Price

A

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

118
Q

Principal

A

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

119
Q

Private corporation

A

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

120
Q

Process (summons)

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

121
Q

Promissory estoppel

A

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

122
Q

Promissory note

A

a negotiable instrument containing a promise to pay

Commonwealth 2nd Quarter (22 decks)

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