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REG > Business Law Vocabulary > Flashcards

Business Law Vocabulary Flashcards

1
Q

Undue influence

A

When someone uses their power or control over another person to make them do something they normally wouldn’t do

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2
Q

Duress

A

When someone uses threats (physical or forceful) or psychological pressure to force someone to act against their will

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3
Q

Coercion

A

The practice of persuading someone to do something using force or threats

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4
Q

Compulsion

A

The action or state of forcing or being forced to do something

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5
Q

Ratify

A

To give formal consent or confirming

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6
Q

Recission

A

The act of canceling a contract

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7
Q

Mutual recission

A

When both parties agree to release each other from a contract

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8
Q

Statute of Limitations

A

A law that sets a time limit (generally from 4 to 6 years) for filing a lawsuit or prosecuting a crime

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9
Q

Statute of Frauds

A

A law that requires certain contracts and their terms be in writing and signed by the parties being sued

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10
Q

Breach

A

Breaking the terms of a contract

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11
Q

Minor Breach

A

Breaking a partial part of contract. Typically, most of the contract is fulfilled with the exception of a minor term

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12
Q

Material Breach

A

Breaking a contract where it affects the contract’s purpose and prevents the other party from receiveing what was agreed to

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13
Q

Anticipatory Breach

A

Breaking a contract in which a party indicates that they will not be able to fulfill their obligations before the actual deadline

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14
Q

Substantial Breach

A

Breaking a contract due to dissatisification in good faith

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15
Q

Substanial Performance

A

Nonbreaching party got most of what was bargained for

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16
Q

Guaranty

A

A legal written agreement in which there is a promise to pay back a loan

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17
Q

Executory

A

A contract or task that is not yet fully performed rather it is in the process of being completed

18
Q

Contemporaneous Agreement

A

A legal document between at least two parties that governs the terms and conditions of events occuring simultaneously

19
Q

Fungible

A

A product or commodity that can be replaced by another identical item

20
Q

Inadvertent

A

Unintentional

21
Q

Liquidated Damage

A

A specified amount of money that will be owed if someone doesn’t do/perform what they said

22
Q

Express warranty

A

An oral or written guarantee from a seller or manufacturer that a product will meet certain standards

23
Q

Implied Waranty of Merchantability

What do you have?

A

When a seller sells something already

24
Q

Implied Waranty of Fitness

What’s fit for me?

A

When a seller knows of a particular purpose for the goods being sold and the buyer relies on the seller to choose goods suitable for that purpose

25
Q

Tender of Performance

A

An offer to attempt to do what is required under a contract

26
Q

Perfect Tender Doctrine

A

When a buyer may reject goods if they do not conform to the contract any way

27
Q

Replevy

A

To recover

28
Q

Power of Attorney

A

A boss’s (i.e. principal) written authorization granting an agent authority to enter into a binding contract on behalf of the boss

29
Q

Indemification

A

Compensation for losses or damages

30
Q

Actual Authority

A

Authority the agent reasonably believes he/she has based on communication from the principal

31
Q

Surety

A

A person like a cosigner who takes responsibility for another’s performance/obligation

32
Q

Cosurety

A

A person who shares responsibility for another’s performance/obligation

33
Q

Subrogation

A

Enforcement of the creditor’s rights against the principal debtor

34
Q

Composition of Creditors

A

An agreement between a debtor and at least two creditors to take less than fully payment of debts owed to creditor

35
Q

Assignment for the Benefit of Creditors

A

A transfer of some or all of debtor’s property to a trustee who then uses the property to pay the creditors

36
Q

Fraudulent Conveyance

A

An illegal transfer of property or assets to secure payment of debt or services

37
Q

Lien

A

A legal claim against a person’s property or assets to secure payment of debt or services

38
Q

Lienholder

A

A party that holds the claim to a property until the loan is repaid or other conditions are met

39
Q

Unilateral Mistake

A

Occurs when the nonmistaken party knew or should have known of a mistake

40
Q

Mutual Mistake of Fact

A

Occurs when both parties are mistaken about the same material fact within their contract

41
Q

Nexus

A

The connection between a business and a jurisdiction to impose taxes or legal obligations on the business

REG (14 decks)

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