Business Terms 2 Flashcards
A BILL OF LADING must be clean in order to
Be negotiable
What is a negotiable bill of lading?
AKA Order bill of lading, the negotiable bill of lading transfers control (title) of the goods to the order of the entity named on the document
In order to transfer the negotiable bill of lading,
The consignor (the person or business shipping the goods) must stamp and sign the bill and the carrier must deliver it.
What is the name to a cover letter for a report?
Letter of transmittal.
Writ of Execution
is a court order granted to put in force a judgment of possession obtained by a plaintiff from a court.
[1] When issuing a writ of execution, a court typically will order a sheriff or other similar official to take possession of property owned by a judgment debtor.
Such property will often then be sold in a sheriff’s sale and the proceeds remunerated to the plaintiff in partial or full satisfaction of the judgment.
Can a court order money to be taken out of a defendant’s bank account?
Yes. Under a Writ of Execution, It is generally considered preferable for the sheriff simply to take possession of money from the defendant’s bank account.
If the judgment debtor owns real property, the judgment creditor can record the execution to “freeze” the title until the execution is satisfied.
When would a Writ of Execution be issued?
Generally, execution is unnecessary for defendants who pay verdicts against themselves voluntarily. However, some defendants ignore judgments against them, and thereby force plaintiffs to employ writs of execution to actually enforce judgments
Are any funds shielded from a Writ of Execution?
In the United States, not all assets are subject to execution.
For example, Social Security income that resides in a bank account is exempt from a levy on a debtor’s bank account.
Many states also protect an Individual Retirement Account (IRA) from execution as well as unemployment income, but the amount that is exempt may be limited.
What is a PLAINTIFF?
A plaintiff (Π in legal shorthand), also known as a claimant or complainant, is the term used in some jurisdictions for the party who initiates a lawsuit (also known as an action) before a court. By doing so, the plaintiff seeks a legal remedy, and if successful, the court will issue judgment in favor of the plaintiff and make the appropriate court order (e.g., an order for damages).
What is a DEFENDANT?
In a criminal trial, a defendant is any person accused (charged) of committing an offence (a crime), an act defined as punishable under criminal law. The other party to a criminal trial is usually a public prosecutor.
In a lawsuit, a defendant (or a respondent) is also the accused party, although not of an offence, but of a civil wrong (a tort or a breach of contract, for instance). The person who started the civil action through filing a complaint is referred to as the plaintiff.
