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Business Law Glossary Revised Flashcards

1
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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2
Q

Apparent authority

A

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

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3
Q

Beneficiary

A

recipient of the proceeds of a life insurance policy.

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4
Q

Civil law

A

the body of law concerned with private or purely personal rights.

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5
Q

Common law

A

the body of law deriving from judicial decisions, rather than from statutes or constitutions.

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6
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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7
Q

Complaint (petition)

A

the written request which initiates a civil lawsuit.

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8
Q

Consideration

A

the bargained-for exchange of a contract.

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9
Q

Contract to sell

A

contract to sell goods at a future time.

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10
Q

Contractual capacity

A

the legal ability to enter into a contract.

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11
Q

Creditor beneficiary

A

third party beneficiary owed a debt by a party to a contract.

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12
Q

Disaffirmance

A

election to avoid a voidable contract.

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13
Q

Discharge

A

any method by which a legal duty is extinguished.

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14
Q

Donee beneficiary

A

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

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15
Q

Express authority

A

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

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16
Q

Identified goods

A

the goods specified by the buyer and seller.

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17
Q

Implied authority

A

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

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18
Q

Life estate

A

interest in real property for the duration of a person’s life.

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19
Q

Nominal damages

A

small amount awarded when there is a technical breach but no injury.

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20
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.

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21
Q

Offer

A

a proposal to make a contract.

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22
Q

Punitive damages

A

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

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23
Q

Quasi contract

A

a contract created or implied by law to prevent unjust enrichment.

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24
Q

Ratification

A

approving an act which was executed without authority; electing to be bound by a voidable contract.

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25
Real property
land and those objects permanently attached to land.
26
Rescission
to set aside or cancel a contract.
27
Revocation
cancellation of an instrument by the maker; rescinding an offer.
28
Specific performance
a contract remedy by which the court requires the breaching party to perform the contract.
29
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.
30
Statute of limitations
a law that restricts the period of time within which an action may be brought to court.
31
Statutes
laws which are enacted by legislative bodies.
32
Third party beneficiary
person not party to a contract, but whom parties intended to benefit.
33
Tort
a private or civil wrong, other than by breach of contract, for which there may be action for damages.
34
Undue influence
improper influence that is asserted by one dominant person over another, without the threat of harm.
35
Unenforceable contract
an agreement which at the current time is not enforceable by law.
36
Voidable contract
a contract which would be an enforceable agreement, but due to circumstances may be set aside by one of the parties.
37
an agreement made and executed in satisfaction of the rights one has from a previous contract.
Accord and satisfaction
38
the authority an agent is believed by third parties to have because of behavior by the principal.
Apparent authority
39
recipient of the proceeds of a life insurance policy.
Beneficiary
40
the body of law concerned with private or purely personal rights.
Civil law
41
the body of law deriving from judicial decisions, rather than from statutes or constitutions.
Common law
42
an award paid to the injured party to cover the exact amount of their loss, but no more.
Compensatory damages
43
the written request which initiates a civil lawsuit.
Complaint (petition)
44
the bargained-for exchange of a contract.
Consideration
45
contract to sell goods at a future time.
Contract to sell
46
the legal ability to enter into a contract.
Contractual capacity
47
third party beneficiary owed a debt by a party to a contract.
Creditor beneficiary
48
election to avoid a voidable contract.
Disaffirmance
49
any method by which a legal duty is extinguished.
Discharge
50
a third party beneficiary to whom no legal duty is owed and performance is a gift.
Donee beneficiary
51
the authority of an agent, stated in the document or agreement creating the agency.
Express authority
52
the goods specified by the buyer and seller.
Identified goods
53
an agent’s authority to do things not specifically authorized in order to carry out express authority.
Implied authority
54
interest in real property for the duration of a person’s life.
Life estate
55
small amount awarded when there is a technical breach but no injury.
Nominal damages
56
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
57
a proposal to make a contract.
Offer
58
an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff.
Punitive damages
59
a contract created or implied by law to prevent unjust enrichment.
Quasi contract
60
approving an act which was executed without authority; electing to be bound by a voidable contract.
Ratification
61
land and those objects permanently attached to land.
Real property
62
to set aside or cancel a contract.
Rescission
63
cancellation of an instrument by the maker; rescinding an offer.
Revocation
64
a contract remedy by which the court requires the breaching party to perform the contract.
Specific performance
65
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
66
a law that restricts the period of time within which an action may be brought to court.
Statute of limitations
67
laws which are enacted by legislative bodies.
Statutes
68
person not party to a contract, but whom parties intended to benefit.
Third party beneficiary
69
a private or civil wrong, other than by breach of contract, for which there may be action for damages.
Tort
70
improper influence that is asserted by one dominant person over another, without the threat of harm.
Undue influence
71
an agreement which at the current time is not enforceable by law.
Unenforceable contract
72
a contract which would be an enforceable agreement, but due to circumstances may be set aside by one of the parties.
Voidable contract

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