Final Exam Review Flashcards
The person against whom legal action is brought
defendant
Those contracts which must be in special form or produced in a certain way, such as under are considered to be ______ contracts.
formal
One authorized by the principal to execute specific act(s) is called a/an ____ agent.
special
An award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff called ______ damages.
punitive
A decision of a court of law is called
judgment
A proposal to make a contract is called the
offer
The body of law concerned with private or purely personal rights is referred to as _____ law.
civil
A party who appoints a second party to serve as an agent is called the
principal
Having no words other than the signature of the endorser is called a/an _____ endorsement.
blank
The party who gives up possession, but not the title, of personal property in a bailment is called the
bailor
A less serious criminal offense, generally punishable by fine and/or imprisonment of less than one year is called a
misdemeanor
A business entity created by statutory law and owned by individuals known as stockholders is called a/an
corporation
The party appointed by the principal to enter into a contract with a third party on behalf of the principal is called the
agent
A contract which would be an enforceable agreement, but due to circumstances, may be set aside by one of the parties is said to be a _____ contract.
voidable
The authority of an agent, stated in the document or agreement creating the agency is called _____ authority.
express
An endorsement which prevents the use of the instrument for anything except the stated use is called a/an _____ endorsement
restrictive
Those rules of conduct prescribed by government and its agencies in regulating business transactions is called _____ law.
business
A check for which the bank assures that the drawer has sufficient funds to make payment is called a _____ check
certified
One who is authorized to execute the principal’s business of a particular kind, or all the principal’s business at a particular place, if not all of one kind is called a/an _____ agent.
general
A means of removing one’s free will, obtaining consent by means of a threat to do harm to the person, his family, his property, or his earning power is called
duress
An offense which is injurious to society as a whole is called a/an
crime
Land and those objects permanently attached to land are called ____ property.
real
The individual who initiates a civil action is called the
plaintiff
An endorsement which limits the liability of the endorser is called a _____ endorsement.
qualified
Conforming an act which was executed without authority or an act which was voidable is called
ratification
An agreement between two or more competent persons which is enforceable by law is called a/an
contract
Customs which have become recognized by the courts as binding on the community are considered ____ law.
common
The party to whom any negotiable instrument is made payable is called the
payee
An order by a depositor on the bank to pay a sum of money to a payee is called a/an
check
A relationship of trust and confidence, such as that which exists between partners in a partnership is called
fiduciary
A written request initiating a civil suit is called the
complaint
A private or civil wrong, other than by breach of contract, for which there may be action for damages is called a/an
tort
Any contract other than a formal contract, whether written, oral or implied is called a/an ____ contract.
simple
The principle that the decision of a higher court should serve as a guide or precedent and control the decision of a similar case in the future is called _____ decisis
stare
Laws which are enacted by legislative bodies are called
statutory
A contract which consists of mutual promises to perform some future acts is called a _____ contract
bilateral
A contract which will be enforced by the court is considered to be a ____ contract.
valid
Courts hearing cases appealed from a lower court are called _____ courts.
appellate
A negotiable instrument containing a promise to pay is called a/an _____ note.
promissory
A more serious criminal offense that is punishable by death or by imprisonment in a penitentiary for more than one year is called a/an
felony
A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit is called ____ paper.
commercial
The person who writes his or her name on the back of an instrument is the
endorser
Evidences of ownership of personal property, such as stock of corporations, checks and copyrights are considered to be _____ personal property.
intangible
The transfer of title of goods from the seller to the buyer for a consideration called the price is referred to as a/an
sale
The person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done is called a/an
employee
A request to a higher court to review a lower court’s decision is called a/an
appeal
Failure to exercise ordinary care; omission to do something which a reasonable prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (a breach of a legal duty to act carefully resulting in injury to another or damage to another’s property) is considered
negligence
The person, company, or financial institution ordered to pay a draft is called the
drawee
A means whereby one party in a contract conveys rights to another person, who is not a party to the original contract is called a/an
assignment
The person who executes a promissory note is called a/an
maker
