Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

MOS 2275: Biz Law > Ch 23/24/25/26/27-Sales of Gds, Consumer Protection, Debtor, Creditor Law > Flashcards

Ch 23/24/25/26/27-Sales of Gds, Consumer Protection, Debtor, Creditor Law Flashcards

1
Q

marketing law

A

all areas of law that influence and direct the creation, promotion, pricing, and distribution of goods, services, or ideas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

caveat emptor

A

“let the buyer beware” or “let the buyer take care”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

bill of lading

A

a shipping document that serves as a contract between the seller and the carrier

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

stoppage in transit

A

the right of a seller to demand that goods be returned by a shipper to the seller, provided the buyer is insolvent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

c.i.f.

A

cost, insurance, freight; contractual term making the seller responsible for insurance and shipping

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

f.o.b.

A

free on board; contractual term whereby the buyer specifies the type of transportation and the seller arranges that transportation and delivery of goods to the shipper at the buyer’s expense

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

c.o.d.

A

cash on delivery; a contractual term requiring the purchaser to pay the shipper cash on delivery of goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

specific good

A

goods that are identified and agreed on at the time a contract of sale is made

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

unascertained goods

A

goods not yet set aside and identifiable as the subject of the contract at the time the contract is formed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

damages for non-acceptance

A

damages to which a seller is entitled if a buyer refuses to accept goods prior to the title shifting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

action for the price

A

seller’s claim when title to the goods has shifted to the buyer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

unfair practices

A

illegal business practices that exploit the unequal bargaining position of consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

false or misleading advertising

A

promotional statements that either are false or have the ability to mislead a consumer as to their truth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

due diligence

A

defence based on adopting reasonable steps to avoid the violation of a legal duty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

bait and switch

A

advertising a product at a very low price to attract customers, then encouraging them to buy another product that is more expensive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

bid rigging

A

conspiring to fix the bidding process to suit the collective needs of those submitting bids

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

abuse of dominant position

A

conduct that is reviewable under the Competition Act because a dominant company or group of companies have engaged in anticompetitive behavior that unduly prevents or lessens competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

price maintenance

A

the attempt to drive the final retail price of goods upward and the imposition of recriminations upon noncompliant retailers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

refusal to deal

A

when a seller refuses to sell to a purchaser on the same terms as those that are offered to the purchaser’s competition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

double ticketing

A

offence of failing to sell at the lower of the two or more prices marked on or otherwise appearing with regard to a product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

refusal to deal

A

when seller refuses to sell to purchaser on the same terms as those that are offered tot he purchaser’s competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

exclusive dealing

A

when a seller agrees to sell to the purchaser only if the purchaser buys from it exclusively

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

tied selling

A

when a seller will sell tot he purchaser only if the purchaser buys other, less desirable goods as well

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

multi level marketing

A

scheme for distributing products or services that involves participants recruiting others to become involved in distribution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
pyramid selling
form of multi-level selling that is illegal under the Competition Act
26
door to door selling
act of selling in person directly, at a customer's residence
27
telemarketing
use of the telephone to communicate product and organizational information to customers
28
money laundering
false reporting of income from criminal activity as income from legitimate business
29
banking contract
contract that specifies the rights and obligations of a bank and a customer
30
electronic banking
financial transactions carried out through the use of computers, telephones, or other electronic means
31
identity theft
fraudulent use of others' personal information to create a false identity
32
cheque
written order to a bank to pay money to a specified person
33
negotiable instrument
written contract containing an unconditional promise or order to pay a specific sum on demand or on a specified date to a specific person or bearer
34
promissory note
written promise to another person to pay a specified amount
35
bill of exchange
written order to a person to pay a specified amount to another person
36
holder
person who has possession of a negotiable instrument
37
holder in due course
holder in a good faith without notice of defects, who acquires greater rights than the parties who dealt directly with each other as the drawer and payee
38
consumer note
negotiable instrument signed by a consumer to buy on credit
39
certification
process whereby a bank guarantees payment of a cheque
40
stop payment
process whereby the person who writes a cheque orders the bank not to pay the holder who presents it for payment
41
negotiation
process of transferring negotiable instruments from one person to another
42
endorse
sign a negotiable instrument in order to enable negotiation
43
endorsement in blank
signing a cheque without any special instructions
44
restrictive endorsement
signing a cheque for deposit only to a particular bank account
45
special endorsement
signing a cheque and making it payable to a specific person
46
secured credit
debt where the creditor has an interest in the debtor's property to secure payment
47
unsecured credit
debt where the creditor has only a contractual right to be repaid
48
letter of credit
written promise by a buyer's bank to a seller's bank to pay the seller when specified conditions are met
49
events of default
failure by the debtor to make required payments on a loan or to fulfill its other obligations under the credit agreement
50
collateral
property in which creditor takes an interest as security for a borrower's promise to repay a loan
51
level of commitment
document that is provided by a lender to a borrower and sets out the terms of a loan
52
general security agreement
security agreement that includes all of the debtor's personal property assets as collateral
53
after-acquired property
collateral that includes personal property acquired by the debtor during the term of the loan
54
security interest
an interest in personal property that is intended to secure payment or performance of an obligation (usually a debt)
55
registration
registration of a financing statement to record a security interest
56
financing statement
document registered as evidence of a security interest
57
purchase-money security interest (PMSI)
security interest that enables the debtor to acquire assets and gives the secured party priority over existing perfected security interest
58
acceleration clause
term of loan agreement that makes the entire loan due if one payment is missed
59
deficiency
shortfall if collateral is sold for less than the amount of a outstanding debt
60
receiver
person appointed by the secured party or by the court to seize, and usually sell, collateral
61
guarantee
conditional promise to a creditor to pay a debt if the debtor defaults
62
guarantor
person who guarantees a debt
63
indemnity
primary obligation to pay a debt owed by another person
64
subrogation
the right of a guarantor to recover from the debtor any payments made tot he creditor
65
consumer debt
a loan to an individual for a non-commercial purpose
66
credit bureau
an agency that compiles credit information on borrowers
67
collection agency
an agency that assists lenders in obtaining payment on outstanding loans
68
payday loans
short term loan for a relatively small amount of money, provided by non-traditional lender to an individual
69
trustee in bankruptcy
person who has legal responsibility under the BIA for administering bankruptcies and proposals
70
estate
collective term for assets of a bankrupt individual or corporation
71
insolvent
unable to meet financial obligations as they become due or having insufficient assets, if liquidated, to meet financial obligations
72
debtor in possession (DIP) financing
secured credit provided to companies during the reorganization process with priority over existing secured creditors
73
bankrupt
legal status of a debtor who has made an assignment or against whom a bankruptcy order has been issued (also used to describe a debtor who is bankrupt)
74
assignment in bankruptcy
debtor's voluntary assignment tot he trustee in bankruptcy of legal title tot he debtor's property for the benefit of creditors
75
bankruptcy order
an order of the court resulting in a person being declared bankrupt
76
act of bankruptcy
one of a list of specified acts that the debtor must commit before the court will grant a bankruptcy order
77
inspector
person appointed by creditors to act on their behalf and supervise the actions of the trustee in bankruptcy
78
transfers at undervalue
transfers of property or provision of services for less than fair market value
79
arm's length
people who are independent of each other and not related
80
bankruptcy offences
criminal acts defined by the BIA in relation to the bankruptcy process
81
proof of claim
formal notice provided by the creditor to the trustee of the amount owed and the nature of the debt
82
preferred creditors
certain unsecured creditors who are given priority over other unsecured creditors in the bankruptcy distribution
83
discharge of bankruptcy
order releasing the debtor from bankrupt status and from most remaining debts

MOS 2275: Biz Law (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions