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FNS Law > Law > Flashcards

Law Flashcards

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1
Q

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

A

Sales Contract (contract to sell)

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2
Q

The amount of money expected, required, or given in payment for something

A

Price

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3
Q

Goods owned and possessed by the seller

A

existing goods

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4
Q

items that are to be manufactured by a seller after a contract of sale has been made

A

future goods

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5
Q

subject matter or items subject to a sales contract

A

identified goods

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6
Q

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.)

A

Bill of lading

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7
Q

certificate of transfer of personal property

A

bill of sale

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8
Q

a guarantee of good, products, or services to meeting a certain expectation or quality

A

warranties

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9
Q

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

A

express warranty

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10
Q

legal assurances that a product is fit for the purpose intended and is merchantable and conforms to an ordinary buyers expections

A

implied warranty

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11
Q

short-term unsecured promissory notes issued by companies

A

commercial paper

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12
Q

a signed document that promises a sum of payment to a specified person. (checks, money orders, promissory notes)

A

negotiable instrument

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13
Q

a written promise to pay

A

promissory note

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14
Q

a certificate issued by a bank to a person depositing money for a specified length of time

A

certificate of deposit

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15
Q

the person to whom promise to pay money in a note

A

maker

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16
Q

person cited on a note to whom the promise to pay is made

A

payee

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17
Q

a bill of exchange drawn on a bank payable on demand. A draft written on a bank and payable upon demand

A

check

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18
Q

is an order to a third party to pay money

A

draft

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19
Q

a check which is guaranteed by the bank or financial institution.

A

certified check

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20
Q

a check drawn by the cashier of the bank, in the name of the bank payable to a third party/person.

A

cashiers check

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21
Q

person who orders money to be payed in a draft

A

drawer

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22
Q

person to whom the order to pay money in a draft

A

drawee

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23
Q

a negotiable instrument that is payable to a specified person or its assignee

A

order paper

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24
Q

the person in possession of a bill or note

A

bearer

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25
Q

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

A

bearer paper

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26
Q

transfer of possession of an instrument by a person other than the issuer to a person who becomes the holder

A

negotiation

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27
Q

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

A

holder

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28
Q

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.

A

endorsement

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29
Q

a person who signs or transfers his ownership interest in a negotiable instrument by signing it to another

A

endorser

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30
Q

a person to whom a check or bill of exchange is made payable instead of the stated payee

A

endorsee

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31
Q

act of writing on the back of a negotiable instrument where the indorsement identifies a person to whom to make the instrument payable

A

special endorsement

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32
Q

the act of writing on or on the back of a negotiable instrument without naming the person to whom it would be paid

A

blank indorsement

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33
Q

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

A

restrictive indorsement

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34
Q

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

A

qualified endorsement

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35
Q

the body of laws governing commercial transactions in the united states and is created for uniformity

A

uniform commercial code

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36
Q

a business agreement between one party providing a service to another party in return for something else

A

service contract

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37
Q

a present transfer of title to movable property for a price

A

sale

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38
Q

a check drawn on one bank but payable through another bank

A

teller’s check

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39
Q

where a payer instructs a financial institution or bank to transfer money from the payers account to the payee

A

payable to order

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40
Q

goods that are characterized by fitness for normal use, good quality, and accord with any statements or promises made on the packaging label

A

merchantable goods

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41
Q

food or drink to be consumed and meets quality standards

A

merchantable food

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42
Q

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

A

Magnuson-Moss Warranty Act

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43
Q

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

A

Bailment

44
Q

a person who delivers personal property to another as a bailment

A

bailor

45
Q

a person who received personal property to another as a bailment

A

bailee

46
Q

the things, real or personal, that belong to an individual

A

property

47
Q

tax term referring to personal property which can be touched or felt

A

Tangible personal property

48
Q

a legal document executed to convey ownership rights or interests in real property

A

deed

49
Q

a legal document executed to convey ownership rights or interests in personal property

A

title

50
Q

agreement between a lender and borrower to allow a neutral third party to act as a trustee over a piece of property

A

deed of trust

51
Q

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

A

Nuncupative will

52
Q

a proportional reduction of legacy under a will when assets out of which legacy are payable and not sufficient to pay in full

A

abatement

53
Q

the extinction or withdrawal of an inheritance because descendent did not own the property at the time of death

A

ademption

54
Q

one who inherits personal property under a will

A

legatee

55
Q

one who inherits real estate under a will

A

devisee

56
Q

the act of changing one’s will or other actions that prevent another from inheriting property

A

disinheritance

57
Q

a method of proportionately dividing an estate between beneficiaries according to their deceased ancestor’s share

A

per stripes

58
Q

the forfeiture of a decedents property to the estate in the absence of heirs

A

escheat

59
Q

the listing and valuation of the decedents assets by personal representative of the estate

A

inventory

60
Q

a secured loan on a parcel of land

A

real estate mortgage

61
Q

the document or grant of legal authority to make decisions for another person

A

power of attorney

62
Q

the grant of or legal authority to manage another’s financial affairs and assets as well as their legal affairs.

A

general power of attorney

63
Q

the grant of or legal authority to manage the affairs’ of another that takes effect at a specific time or after a specific occurrence

A

springing power of attorney

64
Q

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

A

living will

65
Q

a type of power of attorney where one person legal authority transfers to another, who makes medical decisions (only) on their behalf.

A

health care power of attorney

66
Q

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

A

life estate

67
Q

the action or process of transferring property ownership to another person

A

conveyance

68
Q

a document detailing the terms and conditions of an insurance contract

A

policy

69
Q

the periodic payment made on an insurance policy

A

premium

70
Q

the person or company which pledges to cover an insurable risk

A

underwriter

71
Q

agreement whereby an insurer promises to pay benefits to the insurance or on behalf of the insured to a third party (beneficiary)

A

insurance contract

72
Q

an interest arising out of property or other items of value

A

insurance interest

73
Q

a model law to achieve uniformity in probate proceedings throughout the US

A

Uniform probate code

74
Q

a will created in a way that allows a probate court to accept the will as true and the wishes of the decedent

A

self-proving will

75
Q

Type of claim that is given priority over other claims, generally in the context of estate settlements of debts

A

Preferred claim

76
Q

the act of making reasonable steps to satisfy legal obligations or requirements

A

due diligence

77
Q

a right to keep possession of property or attach to the property of another person owing a debt that has not been discharged

A

Liens

78
Q

special uniform worn by an official or servant or automotive equipment made available for hire

A

livery

79
Q

an action to recover possession or property wrongfully withheld

A

replevin

80
Q

is a clause under which one party agrees not to enter into or start a similar profession or trade in competition against another party

A

covenant not to compete

81
Q

a secret device or technique used by a company in manufacturing of goods or providing services

A

trade secrets

82
Q

provision in a deed limiting the use of property and prohibiting certain uses

A

restrictive covenants

83
Q

a promise in exchange for performance by another party

A

offer

84
Q

the party who makes the offer or promise

A

offeror

85
Q

act of terminating an offer or promsie

A

revocation

86
Q

involves one person taking advantage of a position of power over another person

A

undue influence

87
Q

wrongful pressure exerted upon a person in order to coerce that person into a contract

A

duress

88
Q

the act of renouncing a voidable contractual obligation (minors, incapacity, intoxication)

A

disaffirmance

89
Q

principals approval of an act of its agent that lacked the authority to bind the principal legally

A

ratification

90
Q

enforceable by law, when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment

A

promissory estoppel

91
Q

requires that certain types of contracts must be executed in writing

A

statue of frauds

92
Q

completing the obligations under an agreement

A

discharge

93
Q

act of violating or not complying with a term of an agreement

A

breach of contract

94
Q

any word or action intended to make another person fearful of immediate physical harm

A

assault

95
Q

synonymous with state decisis

A

case law

96
Q

wrongfully taking or retaining possession of another’s personal property and placing it in the service of another

A

conversion

97
Q

liability regardless of fault imposed on those engaged in abnormally dangerous activities

A

strict liability

98
Q

is a court order granted to put in force a judgment of possession obtained by a plaintiff from a court

A

writ of exectution

99
Q

the branch of law dealing with the enforcement of private rights and duties between parties

A

civil law

100
Q

a contact remedy by which the court requires the breaching party to perform the contract

A

specific performance

101
Q

defamation of character by spoken words or gestures

A

slander

102
Q

4 elements of a contract

A

mutual agreement, consideration, capacity, legality

103
Q

4 ways a contract can end or be terminated

A

Performance, discharge or agreement, frustration of purpose, breach

104
Q

a person who is not a party to a contract to whom the promisor of a contract owes an obligation or duty

A

creditor beneficiary

105
Q

an agreement made and executed in satisfaction of the rights one has from a previous contract

A

accord and satisfaction

FNS Law (3 decks)

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