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Flash Cards Caib 3 > Key terms > Flashcards

Key terms Flashcards

1
Q

Civil Law

A

The body of law concerned with civil or private rights and remedies

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2
Q

Tort

A

A private or civil wrong or injury, other than a breach of contract, for which the court will provide a remedy in the form of an action for damages

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3
Q

Breach of Contract

A

Failure without legal excuse, to perform any promise which forms the whole or part of a contract

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4
Q

Rule of Precedent

A

Current court decisions must follow those made in cases having similar circumstance

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5
Q

Statute Law

A

“Written Law” Created by federal and provincial legislation and supersedes or amends common law.

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6
Q

Damages

A

Compensation in the form of money for the loss or damage suffered

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7
Q

Compensatory Damages

A

Compensate the injured party for the bodily injury or property damage sustained

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8
Q

General Damages

A

Damages which cannot be exactly determined in monetary terms, but reflect an amount the court believes necessary to compensate the aggrieved party fairly. e.g pain and suffering.

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9
Q

Special Damages

A

Damages which can be measured as to amount. often referred to as out of pocket expenses.

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10
Q

Exemplary or Punitive Damages

A

May be awarded to the plaintiff over and above those provided as compensatory damages, purpose is to punish the defendants

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11
Q

Nominal Damages

A

Establish the validity of the plaintiffs claim when a question of principal is at stake.

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12
Q

Doctrine of Negligence

A

Duty of all persons to exercise due care in their conduct towards others from which injury may result

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13
Q

Negligence

A

(Must be proven and plaintiff must show) fault or failure of the defendant to exercise reasonable care.

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14
Q

Strict Liability

A

Certain actives are so hazardous that in the event of injury or damage arising out of them, the person conducting the activity is presumed to be legally liable.

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15
Q

Occupier

A

Person who has the immediate supervision and control of premises and the power to admit and exclude the entry of others.

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16
Q

Nuisance

A

Everything that endangers life or health, gives offence to senses, violates the laws of decency or obstructs the reasonable and comfortable use of property

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17
Q

Trespass

A

Unlawful interference with one’s person, property, or rights

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18
Q

Easement

A

A right of persons to use land belonging to others

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19
Q

False imprisonment

A

Holding someone without lawful justification in a place against their will.

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20
Q

False arrest

A

Includes false imprisonment, detaining victims with the intention that they be turned over to the police for prosecution.

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21
Q

Malicious Prosecution

A

The complainant was arrested then later released; evidence reveals that the person making the complaint did not have an honest belief that a crime had been committed, but was guided by other improper motives (such as a desire to harass or humiliate the victim.)

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22
Q

Defamation

A

A statement that causes unjustified injury to the reputation of another person and which results in the loss to that person of the esteem, confidence, respect and goodwill of. a considerable part of the community.

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23
Q

Slander

A

Spoken defamation

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24
Q

Libel

A

Written defamation

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25
Q

Aggregate Limit

A

Stated on declarations. The most the policy will pay during the policy period for all claims for which insurance is provided.

26
Q

Bill of Lading

A

A document issued by the carrier responsible for transporting or forwarding the goods. (Contract of carriage btwn shipper and owner, receipt for the goods, doc of title to the goods)

27
Q

Agreed Value

A

Insurer and insured be permitted to agree in advance upon the fair valuation of any shipment.

28
Q

Freight

A

Money payable either for the hire of a vessel or for the conveyance of cargo from one port to another.

29
Q

Actual Total Loss

A

Subject property is totally lost or is so badly damaged that it has no value left.

30
Q

Constructive Total Loss

A

Cost of salvaging the cargo is too high relative to the value saved.

31
Q

Particular Average

A

Partial loss to a specified shipment, other than a general average.

32
Q

General Average

A

Payment for those losses voluntarily incurred for the safety of the entire venture.

33
Q

Surety

A

The state of being sure, certain and secure

34
Q

Suretyship

A

Guarantee of performance made by one person or entity for another.

35
Q

Surety Bond

A

An undertaking by one party (the surety) to become accountable to the other party (the obligee) for the performance of an obligation by a third party (the principal)

36
Q

Obligee

A

The party to whom someone else is obligated under a contract

37
Q

Principal

A

The person primarily liable

38
Q

A surety

A

One who undertakes to pay money or to do any other act in the event that the principal fails (answers for the default of the principal)

39
Q

Penalty

A

Bond Limit; Reflects the amount of credit given to the principal by the surety

40
Q

Statutory Bond

A

Required by municipal ordinance, or federal or provincial regulation or statute.

41
Q

Non-Statutory Bond

A

Not required by law but flow from the contract of agreement between the parties

42
Q

Contract Bond

A

Guarantee the fulfilment of certain obligations required under public and private contracts.

43
Q

Consent of Surety

A

Letters that assure the owner that if the principal is the successful bidder, the surety will issue such other bonds as are specified to ensure the performance of the contract.

44
Q

Working Capital

A

The amount of funds available to pay continuing business operating expenses until payment is received for the work being undertaken by the contractor (wc=current assets-current liabilities)

45
Q

Net Worth

A

Established by calculating the amount of money left after all assets have been liquidated and all liabilities cleared.

46
Q

Licence

A

permit from an authority to own or use something, do a particular thing, or carry on a trade

47
Q

Permit

A

Fulfill same functions as licence, usually required as a pre-requisite to perform special functions incidental to the operation of the business.

48
Q

Risk Management

A

The application of a rational process to risk. Making/Carrying out decisions that will minimize the adverse effects of accidental losses upon an organization)

49
Q

Loss Exposure

A

The chance of financial loss to the organization due to a particular peril striking something of value.

50
Q

Tangible Property

A

Real, can be touched and has form and substance. e.g. land.

51
Q

Going Concern Value

A

The Difference in the value of property which must be sold after a loss and its value had the business continued.

52
Q

Intangible Property

A

No physical substance. Consists of legal rights rather than things. e.g. stock bonds

53
Q

Expediting Costs

A

The extra costs incurred in hastening the recovery of a business after a loss. e.g. advertising

54
Q

Risk Control

A

Objective is to reduce the frequency and severity of losses as much as possible with the resources available.

55
Q

Risk Financing

A

Concerned with paying those losses that inevitably occur.

56
Q

Segregation

A

Involves arranging an organizations activities and resources so that no single event can cause simultaneous losses to all of them.

57
Q

Seperation

A

Dividing an organization’s single asset or operation into two or more separate units.

58
Q

Duplication

A

Complete reproduction of the organizations own “standby” asset or facility to be kept in reserve.

59
Q

Retention

A

All means of generating funds from within the business to pay for losses.

60
Q

Contractual Transfer

A

All means of generating funds from outside the business to pay for losses.

Flash Cards Caib 3 (1 decks)

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