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LAS101 - Intro to Law > Chapter 7 - Contract and Business Law - Terminology > Flashcards

Chapter 7 - Contract and Business Law - Terminology Flashcards

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1
Q

actions or threats used by debt collectors to harass a debtor

A

abusive debt collection practices

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2
Q

a manifestation of assent to the terms made by the offeror in a manner invited or required by the offeror

A

acceptance

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3
Q

payment by one party and acceptance of it by another in full satisfaction of a disputed claim

A

accord and satisfaction

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4
Q

unforeseen occurrences not caused by a human being or a human agency

A

acts of God

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5
Q

a consideration that is reasonably proportional under the circumstances

A

adequacy for consideration

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6
Q

accumulation of capital assets, usually cash, from difference sources. In corporations usually occrs as a result of the sales of securities to investors.

A

aggregation of capital

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7
Q

unclear meaning of terms or words

A

ambiguity

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8
Q

The rate of interest actually paid by a borrower when the lender’s fees and “points” are considered; the true rate of interest received from money invested when the compounding factor is included

A

annual percentage rate of interest (APR)

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9
Q

document signed by organizers of a corporation setting forth the name, purpose, authorized capital stock and other requirements of a corporation

A

articles of incorporation

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10
Q

one to whom a legal right is transferred

A

assignee

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11
Q

transfer of legal rights

A

assignment

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12
Q

one who assigns legal rights

A

assignor

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13
Q

attempting to sell a customer a higher-priced item after having advertised a similar item for a lower price

A

bait and switch advertising

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14
Q

legal process by which honest debtors obtain relief under laws designed to protect them from their creditors

A

bankruptcy

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15
Q

a contract between parties based on exchange of promises

A

bilateral contract

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16
Q

common name for statutory laws designed to protect investors from securities fraud

A

blue sky laws

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17
Q

the violation of a provision in a legally enforceable agreement that gives the damaged party the right to recourse in a court of law

A

breach of contract

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18
Q

legal ability to enter into a binding agreement

A

capacity to contract

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19
Q

“Let the buyer beware.” Common law maxim requiring the consumer to judge the quality of a product before making a purchase

A

caveat emptor

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20
Q

a legal charter to conduct business as a corporation issued y a government, usually the state

A

certificate of incorporation

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21
Q

a written document by a depositor directing the bank to pay a certain sum to the order of a named payee

A

check

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22
Q

a corporation whose stock is held by a small group of stockholder who often actively conduct the corporate business

A

closely held corporations

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23
Q

cash or other asset pledged as security for repayment of a debt

A

collateral

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24
Q

short-term unsecured debt instruments

A

commercial paper

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25
Q

class of corporate security whose holders have the right to vote to elect directors

A

common stock

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26
Q

amount awarded a plaintiff to compensate for injury for losses suffered

A

compensatory damages

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27
Q

a benefit or detriment bargained for by parties who form a contract

A

consideration

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28
Q

pattern of uninterrupted management

A

continuity of management

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29
Q

a certificate of incorporation issued by federal or state government authorizing an organization to conduct business as a corporation

A

corporate charter

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30
Q

an entity with legal powers chartered under law and designed to exist indefinitely where ownership is vested in stockholders

A

corporation

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31
Q

a contract not to act in competition

A

covenant not to compete

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32
Q

one who possesses a credit card that allows the cardholder to obtain credit in accordance with the terms of a contract between the cardholder and issuing institution

A

credit cardholders

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33
Q

a body corporate organized and existing under law

A

de jure corporation

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34
Q

one to whom a power, authority, or responsibility has been transferred

A

delegatee

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35
Q

one who transfer a power, authority or responsibility

A

delegator

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36
Q

repudiate; disavow. For example, a minor disavowing a contract.

A

disaffirm

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37
Q

the object of a debtor who files a bankruptcy proceeding. In meeting requirements of the law, the person receives release from most debts.

A

discharge from debts

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38
Q

a corporation doing business in the state of its incorporation

A

domestic corporation

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39
Q

a written order drawn on one party by another and requesting that payment be made to a third party

A

draft

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40
Q

party on whom a draft is drawn

A

drawee

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41
Q

party who draws an order on another party requesting the drawee to make payment to a third party

A

drawer

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42
Q

a contract that has been completely performed

A

executed contract

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43
Q

an agreement not yet performed by the parties

A

executory contract

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44
Q

a contract where the terms have been expressed orally or in writing by the parties

A

express contract

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45
Q

powers explicitly granted by the contract

A

express powers

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46
Q

a law that requires persons who operate a business under a name other than their own to register that fact with a government office

A

fictitious name laws

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47
Q

a document filed with an appropriate government office that notifies the public that specified property is subject to existing law

A

financing statement

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48
Q

a contract provision excusing performance when a superior force makes performance impossible (Act of God)

A

force majeure clauses

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49
Q

a corporation doing business or maintaining an office in a state other than its state of incorporation

A

foreign corporation

50
Q

a contract that complies with specific requirements of law

A

formal contracts

51
Q

a written consumer product warranty that complies with the Magnuson-Moss Warranty Act.

A

full warranty

52
Q

a party (bank or employer) who is required to withhold payment due or to become due to someone and pay it over o the garnishor

A

garnishee

53
Q

court action requiring a party who is indebted to a person to withhold payment and pay a sum over to a creditor (garnishor) who instituted garnishment proceedings

A

garnishment

54
Q

a party who institutes a garnishment proceeding

A

garnishor

55
Q

a member of a partnership who shares with other partners the management and the profits and losses of the business

A

general partner

56
Q

any act that violates a provision of law

A

illegal act

57
Q

deceptive; based on a false impression. Courts will not enforce contracts where a party has made a vague, insubstantial, or deceptive promise.

A

illusory

58
Q

an agreement or acquiescence manifested by a person’s actions or inaction

A

implied contract

59
Q

powers not specifically enumerated but implied in a contract

A

implied powers

60
Q

a warranty that is implied based on the nature of the transaction, the relationship of parties and the circumstances and customs

A

implied warranty

61
Q

a warranty under the UCC that goods are suitable for the buyer’s intended use

A

implied warranty of fitness of goods

62
Q

a warranty imposed on merchants that goods sold are such as to allow the buyer to assume they are as defined in the UCC

A

implied warranty of merchantability

63
Q

where circumstances beyond the control of a contracting party make it impossible to perform under a contract

A

impossibility of performance

64
Q

contract for which the law does not prescribe a set form

A

informal contracts

65
Q

information concerning financial matters and prospective actions of a corporation available only to persons within the corporation

A

insider information

66
Q

court proceeding resulting in appointment of a guardian to exercise control over a ward, the ward’s property, or both

A

legal guardianship

67
Q

statutes that provide a means for a consumer who buys goods that are defective (frequently autos) to obtain necessary repairs or replacement of the goods

A

lemon laws

68
Q

a characteristic of certain forms of investment where the investor’s liability is limited to his or her investment.

A

limited liability

69
Q

a business structure combining aspects of both corporations and partnerships, in which the members are insulated from actions of others in the company

A

limited liability company

70
Q

a partner in a limited partnership whose liability for debts of the partnership is generally limited to the partner’s investment

A

limited partner

71
Q

a partnership with at least one general partner and one or more limited partners organized under statutory law

A

limited partnership

72
Q

a warranty that expressly includes certain limitations of the warrantor’s liability

A

limited warranty

73
Q

a fixed amount of damages that parties agree to in the event of a breach of contract

A

liquidated damages

74
Q

a term commonly applied to a person who signs a promissory note

A

maker

75
Q

an understanding between parties manifested by an offer and an acceptance

A

mutual assent

76
Q

where each of the parties to a contract was mistaken as to a fact material to the formation of a contract

A

mutual mistake

77
Q

transferable by endorsement and delivery

A

negotiable

78
Q

commercial paper signed by the maker or drawer containing an unconditional promise or order to pay a sum certain in money, made payable on the demand or at a fixed time to the order of someone or to the bearer

A

negotiable instrument

79
Q

a token amount awarded to a plaintiff who proves the defendant liable but fails to prove actual damages

A

nominal damages

80
Q

duties that cannot be legally transferred to others

A

non-delegable duties

81
Q

refers to contracts that do not comply with requirements for negotiability under the UCC. One who acquires a non-negotiable instrument or contract takes it subject to all defenses between the original parties

A

non-negotiable

82
Q

failure to perform as required by a contract

A

non-performance

83
Q

statement or conduct by a person constituting a proposal to enter a contract

A

offer

84
Q

one to whom an offer has been made

A

offeree

85
Q

one who makes an offer

A

offeror

86
Q

A rule of law providing that when a contract is complete, oral agreements made prior to or at the time of execution of the contract cannot be admitted in evidence to vary or contradict the terms of the contract absent fraud, mistake or illegality

A

parol evidence rule

87
Q

an association of two or more people who carry on business for profit as co-owners and share in the profits and losses

A

partnership

88
Q

something done or given in the past that cannot serve as consideration in the present for a contract

A

past consideration

89
Q

party to whom a negotiable instrument is payable

A

payee

90
Q

fulfillment of a promise under a contract

A

performance

91
Q

indefinite lifetime, a characteristic of a corporation

A

perpetual existence

92
Q

to disregard the identity of a corporation as an entity separate from its shareholders and hole the stockholders liable

A

pierce the corporate veil

93
Q

a duty, the performance of which does not constitute a valid consideration for a contract

A

pre-existing duty

94
Q

shares of corporate stock that receive preference in payment of fixed dividends and priority in receiving assets upon dissolution of the corporation

A

preferred stock

95
Q

party to whom a contractual promise has been made

A

promissee

96
Q

party who makes a contractual promise

A

promisor

97
Q

a doctrine of contract law under which a promise, even though made without consideration, may be legally enforceable if the promise induces action on the part of the promissee

A

promissory estoppel

98
Q

a written promise to pay a certain sum to or to the order of another

A

promissory note

99
Q

guidelines (usually unwritten) by which courts make determinations whether certain acts are beneficial or harmful to society

A

public policy

100
Q

corporations whose securities are traded in public markets

A

publicly traded corporations

101
Q

exaggerated, but not fraudulent, claims by a seller or sales person

A

puffing

102
Q

a sum of money awarded to the plaintiff in a civil case as a means of punishing the defendant for wrongful action

A

punitive damages

103
Q

an act or event that a reasonable person would anticipate to occur as a result of a prior act or event

A

reasonably foreseeable

104
Q

cancellation. An equitable remedy that annuls a contract

A

rescission

105
Q

an investment in a stock or bond issued by a corporation

A

security

106
Q

a written contract between a debtor and a creditor granting the creditor a security interest in collateral

A

security agreements

107
Q

a business owned a operated by one individual

A

sole proprietorship

108
Q

a court-imposed requirement that a party perform obligations incurred under a contract

A

specific performance

109
Q

a statutory law patterned after an English statute that requires certain contracts to be in writing

A

statute of frauds

110
Q

a written contract whereby one party agrees to become liable for the debt or default of another party

A

suretyship

111
Q

a person designated to receive payment of an obligation as a result of a contract between other persons

A

third-party creditor beneficiary

112
Q

a person designated to receive something of value as a result of a contract between other persons

A

third-party donee beneficiary

113
Q

ability to readily transfer ownership interests in a corporation by simply endorsing stock certificates

A

transferability of ownership

114
Q

refers to acts committed by a corporation beyond the scope of its legal authority

A

ultra vires acts

115
Q

contracts tat result In oppression against consumers who have no real choice as to the terms imposed

A

unconscionable consumer contracts

116
Q

Model code adopted by most states to help facilitate interstate commerce

A

Uniform Commercial Code

117
Q

a contract formed by a promise being made in exchange for performance of an act

A

unilateral contract

118
Q

mistake made by only one party to a contract concerning a material aspect of the contract

A

unilateral mistake

119
Q

a rate of interest charged to a borrower that exceeds the maximum rate allowed by law

A

usurious rate of interest

120
Q

an agreement that cannot be enforced by law

A

void contract

121
Q

an agreement that a party can choose to set aside

A

voidable contract

LAS101 - Intro to Law (34 decks)

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