Final Exam Review Flashcards

1
Q

The person against whom legal action is brought

A

defendant

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2
Q

Those contracts which must be in special form or produced in a certain way, such as under are considered to be ______ contracts.

A

formal

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3
Q

One authorized by the principal to execute specific act(s) is called a/an ____ agent.

A

special

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4
Q

An award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff called ______ damages.

A

punitive

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5
Q

A decision of a court of law is called

A

judgment

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6
Q

A proposal to make a contract is called the

A

offer

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7
Q

The body of law concerned with private or purely personal rights is referred to as _____ law.

A

civil

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8
Q

A party who appoints a second party to serve as an agent is called the

A

principal

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9
Q

Having no words other than the signature of the endorser is called a/an _____ endorsement.

A

blank

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10
Q

The party who gives up possession, but not the title, of personal property in a bailment is called the

A

bailor

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11
Q

A less serious criminal offense, generally punishable by fine and/or imprisonment of less than one year is called a

A

misdemeanor

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12
Q

A business entity created by statutory law and owned by individuals known as stockholders is called a/an

A

corporation

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13
Q

The party appointed by the principal to enter into a contract with a third party on behalf of the principal is called the

A

agent

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14
Q

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.

A

voidable

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15
Q

The authority of an agent, stated in the document or agreement creating the agency is called _____ authority.

A

express

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16
Q

An endorsement which prevents the use of the instrument for anything except the stated use is called a/an _____ endorsement

A

restrictive

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17
Q

Those rules of conduct prescribed by government and its agencies in regulating business transactions is called _____ law.

A

business

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18
Q

A check for which the bank assures that the drawer has sufficient funds to make payment is called a _____ check

A

certified

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19
Q

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.

A

general

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20
Q

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

A

duress

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21
Q

An offense which is injurious to society as a whole is called a/an

22
Q

Land and those objects permanently attached to land are called ____ property.

23
Q

The individual who initiates a civil action is called the

24
Q

An endorsement which limits the liability of the endorser is called a _____ endorsement.

25
Q

Conforming an act which was executed without authority or an act which was voidable is called

A

ratification

26
Q

An agreement between two or more competent persons which is enforceable by law is called a/an

27
Q

Customs which have become recognized by the courts as binding on the community are considered ____ law.

28
Q

The party to whom any negotiable instrument is made payable is called the

29
Q

An order by a depositor on the bank to pay a sum of money to a payee is called a/an

30
Q

A relationship of trust and confidence, such as that which exists between partners in a partnership is called

31
Q

A written request initiating a civil suit is called the

32
Q

A private or civil wrong, other than by breach of contract, for which there may be action for damages is called a/an

33
Q

Any contract other than a formal contract, whether written, oral or implied is called a/an ____ contract.

34
Q

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

35
Q

Laws which are enacted by legislative bodies are called

36
Q

A contract which consists of mutual promises to perform some future acts is called a _____ contract

37
Q

A contract which will be enforced by the court is considered to be a ____ contract.

38
Q

Courts hearing cases appealed from a lower court are called _____ courts.

39
Q

A negotiable instrument containing a promise to pay is called a/an _____ note.

A

promissory

40
Q

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

41
Q

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.

A

commercial

42
Q

The person who writes his or her name on the back of an instrument is the

43
Q

Evidences of ownership of personal property, such as stock of corporations, checks and copyrights are considered to be _____ personal property.

A

intangible

44
Q

The transfer of title of goods from the seller to the buyer for a consideration called the price is referred to as a/an

45
Q

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

46
Q

A request to a higher court to review a lower court’s decision is called a/an

47
Q

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

A

negligence

48
Q

The person, company, or financial institution ordered to pay a draft is called the

49
Q

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

A

assignment

50
Q

The person who executes a promissory note is called a/an