Business Law Glossary Revised Flashcards
Accord and satisfaction
an agreement made and executed in satisfaction of the rights one has from a previous contract.
Apparent authority
the authority an agent is believed by third parties to have because of behavior by the principal.
Beneficiary
recipient of the proceeds of a life insurance policy.
Civil law
the body of law concerned with private or purely personal rights.
Common law
the body of law deriving from judicial decisions, rather than from statutes or constitutions.
Compensatory damages
an award paid to the injured party to cover the exact amount of their loss, but no more.
Complaint (petition)
the written request which initiates a civil lawsuit.
Consideration
the bargained-for exchange of a contract.
Contract to sell
contract to sell goods at a future time.
Contractual capacity
the legal ability to enter into a contract.
Creditor beneficiary
third party beneficiary owed a debt by a party to a contract.
Disaffirmance
election to avoid a voidable contract.
Discharge
any method by which a legal duty is extinguished.
Donee beneficiary
a third party beneficiary to whom no legal duty is owed and performance is a gift.
Express authority
the authority of an agent, stated in the document or agreement creating the agency.
Identified goods
the goods specified by the buyer and seller.
Implied authority
an agent’s authority to do things not specifically authorized in order to carry out express authority.
Life estate
interest in real property for the duration of a person’s life.
Nominal damages
small amount awarded when there is a technical breach but no injury.
Novation
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.
Offer
a proposal to make a contract.
Punitive damages
an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff.
Quasi contract
a contract created or implied by law to prevent unjust enrichment.
Ratification
approving an act which was executed without authority; electing to be bound by a voidable contract.
Real property
land and those objects permanently attached to land.
Rescission
to set aside or cancel a contract.
Revocation
cancellation of an instrument by the maker; rescinding an offer.
Specific performance
a contract remedy by which the court requires the breaching party to perform the contract.
Statute of frauds
a statute originally enacted by English Parliament, and now enacted in some form in all the American states, listing certain types of contracts which could only be enforced if in written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 limitations
a law that restricts the period of time within which an action may be brought to court.
Statutes
laws which are enacted by legislative bodies.
Third party beneficiary
person not party to a contract, but whom parties intended to benefit.
Tort
a private or civil wrong, other than by breach of contract, for which there may be action for damages.
Undue influence
improper influence that is asserted by one dominant person over another, without the threat of harm.
Unenforceable contract
an agreement which at the current time is not enforceable by law.
Voidable contract
a contract which would be an enforceable agreement, but due to circumstances may be set aside by one of the parties.
an agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and satisfaction
the authority an agent is believed by third parties to have because of behavior by the principal.
Apparent authority
recipient of the proceeds of a life insurance policy.
Beneficiary
the body of law concerned with private or purely personal rights.
Civil law
the body of law deriving from judicial decisions, rather than from statutes or constitutions.
Common law
an award paid to the injured party to cover the exact amount of their loss, but no more.
Compensatory damages
the written request which initiates a civil lawsuit.
Complaint (petition)
the bargained-for exchange of a contract.
Consideration
contract to sell goods at a future time.
Contract to sell
the legal ability to enter into a contract.
Contractual capacity
third party beneficiary owed a debt by a party to a contract.
Creditor beneficiary
election to avoid a voidable contract.
Disaffirmance
any method by which a legal duty is extinguished.
Discharge
a third party beneficiary to whom no legal duty is owed and performance is a gift.
Donee beneficiary
the authority of an agent, stated in the document or agreement creating the agency.
Express authority
the goods specified by the buyer and seller.
Identified goods
an agent’s authority to do things not specifically authorized in order to carry out express authority.
Implied authority
interest in real property for the duration of a person’s life.
Life estate
small amount awarded when there is a technical breach but no injury.
Nominal damages
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
a proposal to make a contract.
Offer
an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff.
Punitive damages
a contract created or implied by law to prevent unjust enrichment.
Quasi contract
approving an act which was executed without authority; electing to be bound by a voidable contract.
Ratification
land and those objects permanently attached to land.
Real property
to set aside or cancel a contract.
Rescission
cancellation of an instrument by the maker; rescinding an offer.
Revocation
a contract remedy by which the court requires the breaching party to perform the contract.
Specific performance
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
a law that restricts the period of time within which an action may be brought to court.
Statute of limitations
laws which are enacted by legislative bodies.
Statutes
person not party to a contract, but whom parties intended to benefit.
Third party beneficiary
a private or civil wrong, other than by breach of contract, for which there may be action for damages.
Tort
improper influence that is asserted by one dominant person over another, without the threat of harm.
Undue influence
an agreement which at the current time is not enforceable by law.
Unenforceable contract
a contract which would be an enforceable agreement, but due to circumstances may be set aside by one of the parties.
Voidable contract
