Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

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

You may prefer our related Brainscape-certified flashcards:
Civil Procedure 1L flashcards MBE flashcards MPRE 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
Q

pyramid selling

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

door to door selling

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

telemarketing

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

money laundering

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

banking contract

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

electronic banking

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

identity theft

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

cheque

A

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

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

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

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions