Law Flashcards
A formal agreement in which a person agrees to sell something to a buyer at a time in the future and the buyer agrees to the terms
Sales Contract (contract to sell)
The amount of money expected, required, or given in payment for something
Price
Goods owned and possessed by the seller
existing goods
items that are to be manufactured by a seller after a contract of sale has been made
future goods
subject matter or items subject to a sales contract
identified goods
a contract or receipt for the transport of goods and their deliver to the person named (indicates a product is ordered and being shipped or has been shipped.)
Bill of lading
certificate of transfer of personal property
bill of sale
a guarantee of good, products, or services to meeting a certain expectation or quality
warranties
an assurance that products will meet a certain level of quality and if it fails, the seller will provide repairs or replacement for a fault product, within a specified period of time after it was purchased
express warranty
legal assurances that a product is fit for the purpose intended and is merchantable and conforms to an ordinary buyers expections
implied warranty
short-term unsecured promissory notes issued by companies
commercial paper
a signed document that promises a sum of payment to a specified person. (checks, money orders, promissory notes)
negotiable instrument
a written promise to pay
promissory note
a certificate issued by a bank to a person depositing money for a specified length of time
certificate of deposit
the person to whom promise to pay money in a note
maker
person cited on a note to whom the promise to pay is made
payee
a bill of exchange drawn on a bank payable on demand. A draft written on a bank and payable upon demand
check
is an order to a third party to pay money
draft
a check which is guaranteed by the bank or financial institution.
certified check
a check drawn by the cashier of the bank, in the name of the bank payable to a third party/person.
cashiers check
person who orders money to be payed in a draft
drawer
person to whom the order to pay money in a draft
drawee
a negotiable instrument that is payable to a specified person or its assignee
order paper
the person in possession of a bill or note
bearer
instrument which is payable to the bearer or to the order of the bearer. does not have to indicate that it is payable to a particular person
bearer paper
transfer of possession of an instrument by a person other than the issuer to a person who becomes the holder
negotiation
the person in possession of the negotiable instrument and to receive the amount due on it. Is payable either to the bearer or to an identified person that is in possession of the instrument
holder
signature, that alone or accompanied by other words is made on an instrument for the purposes of restricting payment, incurring liability or negotiating the instrument.
endorsement
a person who signs or transfers his ownership interest in a negotiable instrument by signing it to another
endorser
a person to whom a check or bill of exchange is made payable instead of the stated payee
endorsee
act of writing on the back of a negotiable instrument where the indorsement identifies a person to whom to make the instrument payable
special endorsement
the act of writing on or on the back of a negotiable instrument without naming the person to whom it would be paid
blank indorsement
the act of a payee that consists of signing his or her name upon the back of the instrument in order to transfer it to another and wording the signature in such a manner as to bar the further negotiability of the instrument
restrictive indorsement
the placement of a signature on the back of a negotiable instrument- coupled with an additional phrase (without recourse, for deposit only) limiting the liability of the endorser (signer) in the event the instrument is dishonored
qualified endorsement
the body of laws governing commercial transactions in the united states and is created for uniformity
uniform commercial code
a business agreement between one party providing a service to another party in return for something else
service contract
a present transfer of title to movable property for a price
sale
a check drawn on one bank but payable through another bank
teller’s check
where a payer instructs a financial institution or bank to transfer money from the payers account to the payee
payable to order
goods that are characterized by fitness for normal use, good quality, and accord with any statements or promises made on the packaging label
merchantable goods
food or drink to be consumed and meets quality standards
merchantable food
a united states federal law, enacted in 1975, which governs warranties on consumer products. the law requires that if a product has a warranty, that warranty must comply with specific standards
Magnuson-Moss Warranty Act
A delivery of personal property by one person to another who holds the property for certain purpose under an express or implied in fact contract
Bailment
a person who delivers personal property to another as a bailment
bailor
a person who received personal property to another as a bailment
bailee
the things, real or personal, that belong to an individual
property
tax term referring to personal property which can be touched or felt
Tangible personal property
a legal document executed to convey ownership rights or interests in real property
deed
a legal document executed to convey ownership rights or interests in personal property
title
agreement between a lender and borrower to allow a neutral third party to act as a trustee over a piece of property
deed of trust
an oral will declared and dictated by the testator during illness before appropriate witness(es) to dispose of personal property and afterwards reduced to writing
Nuncupative will
a proportional reduction of legacy under a will when assets out of which legacy are payable and not sufficient to pay in full
abatement
the extinction or withdrawal of an inheritance because descendent did not own the property at the time of death
ademption
one who inherits personal property under a will
legatee
one who inherits real estate under a will
devisee
the act of changing one’s will or other actions that prevent another from inheriting property
disinheritance
a method of proportionately dividing an estate between beneficiaries according to their deceased ancestor’s share
per stripes
the forfeiture of a decedents property to the estate in the absence of heirs
escheat
the listing and valuation of the decedents assets by personal representative of the estate
inventory
a secured loan on a parcel of land
real estate mortgage
the document or grant of legal authority to make decisions for another person
power of attorney
the grant of or legal authority to manage another’s financial affairs and assets as well as their legal affairs.
general power of attorney
the grant of or legal authority to manage the affairs’ of another that takes effect at a specific time or after a specific occurrence
springing power of attorney
a document which governs the withholding or withdrawal of life sustaining treatment from an individual in the event of an incurable condition that will cause death within a relatively short time, and when such persona is no longer able to make decisions regarding their medical treatment
living will
a type of power of attorney where one person legal authority transfers to another, who makes medical decisions (only) on their behalf.
health care power of attorney
the ownership of an interest in land that lasts during the duration of a person’s life. At death, the right may revert back to the original owner
life estate
the action or process of transferring property ownership to another person
conveyance
a document detailing the terms and conditions of an insurance contract
policy
the periodic payment made on an insurance policy
premium
the person or company which pledges to cover an insurable risk
underwriter
agreement whereby an insurer promises to pay benefits to the insurance or on behalf of the insured to a third party (beneficiary)
insurance contract
an interest arising out of property or other items of value
insurance interest
a model law to achieve uniformity in probate proceedings throughout the US
Uniform probate code
a will created in a way that allows a probate court to accept the will as true and the wishes of the decedent
self-proving will
Type of claim that is given priority over other claims, generally in the context of estate settlements of debts
Preferred claim
the act of making reasonable steps to satisfy legal obligations or requirements
due diligence
a right to keep possession of property or attach to the property of another person owing a debt that has not been discharged
Liens
special uniform worn by an official or servant or automotive equipment made available for hire
livery
an action to recover possession or property wrongfully withheld
replevin
is a clause under which one party agrees not to enter into or start a similar profession or trade in competition against another party
covenant not to compete
a secret device or technique used by a company in manufacturing of goods or providing services
trade secrets
provision in a deed limiting the use of property and prohibiting certain uses
restrictive covenants
a promise in exchange for performance by another party
offer
the party who makes the offer or promise
offeror
act of terminating an offer or promsie
revocation
involves one person taking advantage of a position of power over another person
undue influence
wrongful pressure exerted upon a person in order to coerce that person into a contract
duress
the act of renouncing a voidable contractual obligation (minors, incapacity, intoxication)
disaffirmance
principals approval of an act of its agent that lacked the authority to bind the principal legally
ratification
enforceable by law, when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment
promissory estoppel
requires that certain types of contracts must be executed in writing
statue of frauds
completing the obligations under an agreement
discharge
act of violating or not complying with a term of an agreement
breach of contract
any word or action intended to make another person fearful of immediate physical harm
assault
synonymous with state decisis
case law
wrongfully taking or retaining possession of another’s personal property and placing it in the service of another
conversion
liability regardless of fault imposed on those engaged in abnormally dangerous activities
strict liability
is a court order granted to put in force a judgment of possession obtained by a plaintiff from a court
writ of exectution
the branch of law dealing with the enforcement of private rights and duties between parties
civil law
a contact remedy by which the court requires the breaching party to perform the contract
specific performance
defamation of character by spoken words or gestures
slander
4 elements of a contract
mutual agreement, consideration, capacity, legality
4 ways a contract can end or be terminated
Performance, discharge or agreement, frustration of purpose, breach
a person who is not a party to a contract to whom the promisor of a contract owes an obligation or duty
creditor beneficiary
an agreement made and executed in satisfaction of the rights one has from a previous contract
accord and satisfaction
