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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

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1
Q

marketing law

A

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

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2
Q

caveat emptor

A

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

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3
Q

bill of lading

A

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

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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

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5
Q

c.i.f.

A

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

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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

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7
Q

c.o.d.

A

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

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8
Q

specific good

A

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

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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

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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

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11
Q

action for the price

A

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

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12
Q

unfair practices

A

illegal business practices that exploit the unequal bargaining position of consumers

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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

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14
Q

due diligence

A

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

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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

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16
Q

bid rigging

A

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

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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

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18
Q

price maintenance

A

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

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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

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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

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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

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22
Q

exclusive dealing

A

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

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23
Q

tied selling

A

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

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24
Q

multi level marketing

A

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

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25
Q

pyramid selling

A

form of multi-level selling that is illegal under the Competition Act

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26
Q

door to door selling

A

act of selling in person directly, at a customer’s residence

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27
Q

telemarketing

A

use of the telephone to communicate product and organizational information to customers

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28
Q

money laundering

A

false reporting of income from criminal activity as income from legitimate business

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29
Q

banking contract

A

contract that specifies the rights and obligations of a bank and a customer

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30
Q

electronic banking

A

financial transactions carried out through the use of computers, telephones, or other electronic means

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31
Q

identity theft

A

fraudulent use of others’ personal information to create a false identity

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32
Q

cheque

A

written order to a bank to pay money to a specified person

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33
Q

negotiable instrument

A

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

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34
Q

promissory note

A

written promise to another person to pay a specified amount

35
Q

bill of exchange

A

written order to a person to pay a specified amount to another person

36
Q

holder

A

person who has possession of a negotiable instrument

37
Q

holder in due course

A

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
Q

consumer note

A

negotiable instrument signed by a consumer to buy on credit

39
Q

certification

A

process whereby a bank guarantees payment of a cheque

40
Q

stop payment

A

process whereby the person who writes a cheque orders the bank not to pay the holder who presents it for payment

41
Q

negotiation

A

process of transferring negotiable instruments from one person to another

42
Q

endorse

A

sign a negotiable instrument in order to enable negotiation

43
Q

endorsement in blank

A

signing a cheque without any special instructions

44
Q

restrictive endorsement

A

signing a cheque for deposit only to a particular bank account

45
Q

special endorsement

A

signing a cheque and making it payable to a specific person

46
Q

secured credit

A

debt where the creditor has an interest in the debtor’s property to secure payment

47
Q

unsecured credit

A

debt where the creditor has only a contractual right to be repaid

48
Q

letter of credit

A

written promise by a buyer’s bank to a seller’s bank to pay the seller when specified conditions are met

49
Q

events of default

A

failure by the debtor to make required payments on a loan or to fulfill its other obligations under the credit agreement

50
Q

collateral

A

property in which creditor takes an interest as security for a borrower’s promise to repay a loan

51
Q

level of commitment

A

document that is provided by a lender to a borrower and sets out the terms of a loan

52
Q

general security agreement

A

security agreement that includes all of the debtor’s personal property assets as collateral

53
Q

after-acquired property

A

collateral that includes personal property acquired by the debtor during the term of the loan

54
Q

security interest

A

an interest in personal property that is intended to secure payment or performance of an obligation (usually a debt)

55
Q

registration

A

registration of a financing statement to record a security interest

56
Q

financing statement

A

document registered as evidence of a security interest

57
Q

purchase-money security interest (PMSI)

A

security interest that enables the debtor to acquire assets and gives the secured party priority over existing perfected security interest

58
Q

acceleration clause

A

term of loan agreement that makes the entire loan due if one payment is missed

59
Q

deficiency

A

shortfall if collateral is sold for less than the amount of a outstanding debt

60
Q

receiver

A

person appointed by the secured party or by the court to seize, and usually sell, collateral

61
Q

guarantee

A

conditional promise to a creditor to pay a debt if the debtor defaults

62
Q

guarantor

A

person who guarantees a debt

63
Q

indemnity

A

primary obligation to pay a debt owed by another person

64
Q

subrogation

A

the right of a guarantor to recover from the debtor any payments made tot he creditor

65
Q

consumer debt

A

a loan to an individual for a non-commercial purpose

66
Q

credit bureau

A

an agency that compiles credit information on borrowers

67
Q

collection agency

A

an agency that assists lenders in obtaining payment on outstanding loans

68
Q

payday loans

A

short term loan for a relatively small amount of money, provided by non-traditional lender to an individual

69
Q

trustee in bankruptcy

A

person who has legal responsibility under the BIA for administering bankruptcies and proposals

70
Q

estate

A

collective term for assets of a bankrupt individual or corporation

71
Q

insolvent

A

unable to meet financial obligations as they become due or having insufficient assets, if liquidated, to meet financial obligations

72
Q

debtor in possession (DIP) financing

A

secured credit provided to companies during the reorganization process with priority over existing secured creditors

73
Q

bankrupt

A

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
Q

assignment in bankruptcy

A

debtor’s voluntary assignment tot he trustee in bankruptcy of legal title tot he debtor’s property for the benefit of creditors

75
Q

bankruptcy order

A

an order of the court resulting in a person being declared bankrupt

76
Q

act of bankruptcy

A

one of a list of specified acts that the debtor must commit before the court will grant a bankruptcy order

77
Q

inspector

A

person appointed by creditors to act on their behalf and supervise the actions of the trustee in bankruptcy

78
Q

transfers at undervalue

A

transfers of property or provision of services for less than fair market value

79
Q

arm’s length

A

people who are independent of each other and not related

80
Q

bankruptcy offences

A

criminal acts defined by the BIA in relation to the bankruptcy process

81
Q

proof of claim

A

formal notice provided by the creditor to the trustee of the amount owed and the nature of the debt

82
Q

preferred creditors

A

certain unsecured creditors who are given priority over other unsecured creditors in the bankruptcy distribution

83
Q

discharge of bankruptcy

A

order releasing the debtor from bankrupt status and from most remaining debts

MOS 2275: Biz Law (12 decks)

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