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textbook terms Flashcards

1
Q
A
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2
Q

principal

A

a person on whose behalf an agent acts

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3
Q

agent

A

a person appointed to act for another, usually in contract matters

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4
Q

agency by express agreement

A

an agency relationship established by an express oral or written agreement.

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5
Q

agency by conduct

A

an agency relationship inferred from the actions of a principal.

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6
Q

agency by estoppel/conduct

A

a representation by words or conduct that a person is an agent cannot be later denied if a third party relies on the representation.

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7
Q

estoppel

A

a rule whereby a person may not evade a promise or deny the truth of a statement of fact made by him or her when another person has relied and acted upon the promise or statement.

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8
Q

apparent authority

A

the ability of an agent to bind a principal where the principal has not notified third parties of the restricted or terminated authority of the agent.

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9
Q

agency by operation of law

A

agency that may arise in certain circumstances out of necessity where it is not possible to obtain the authority of the principal to act.

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10
Q

sole proprietorship

A

a business where the sole owner is responsible for the management, debts and liabilities of the business.

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11
Q

partnership

A

a legal relationship between two or more persons for the purpose of carrying on a business with a view to profit.

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12
Q

joint and several liability

A

where partners individually and as a group have liability for a debt of the partnership.

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13
Q

dissolution (partnership)

A

the termination of the partnership relationship.

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14
Q

limited partner

A

a partner who may not actively participate in the management of the firm, but has limited liability.

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15
Q

general partner

A

a full partner with unlimited liability for the debts of the partnership

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16
Q

limited liability partnership

A

a partnership where individual partners are liable for the general debts of the partnership and for personal negligence, but not personally liable for
the negligence of other partners.

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17
Q

joint venture

A

a business relationship between corporations.

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18
Q

corporation

A

a type of legal entity created by the state.

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19
Q

shareholder

A

a person who holds a share interest in a corporation; a part owner of the corporation.

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20
Q

director

A

under corporation law, a person elected by the shareholders of a corporation to manage its affairs.

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21
Q

officer

A

a person elected
or appointed by
the directors of a corporation to fill a particular office (such as president, secretary, treasurer, etc.).

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22
Q

letters patent

A

a government document that creates a corporation as a legal entity.

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23
Q

special-act

A

a corporation created by an act of Parliament or a legislature for a specific purpose.

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24
Q

general-act

A

a form of incorporation whereby a corporation may be created by filing specific information required by the statute.

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25
doctrine of constructive notice
presumption at law that everyone has knowledge of the content of all statutes.
26
indoor management rule
a party dealing with a corporation may assume that the officers have the valid and express authority to bind the corporation.
27
shareholders' agreement
an agreement between shareholders of a private corporation concerning management and/or future reorganization of the corporation such as buy-out of interests.
28
floating charge
a debt security issued by a corporation in which assets of the corporation, such as inventory, are pledged as security. The corporation is free to deal with the assets and the obligation floats until default occurs, when the obligation crystallizes on the assets then on hand.
29
debenture
a debt security issued by a corporation that may or may not have specific assets of the corporation pledged as security for payment.
30
fiduciary
a relationship of utmost good faith in which a person, in dealing with property, must act in the best interests of the person for whom he or she acts, rather than in his or her own personal interest. (relationship between director and corporation is fiduciary)
31
doctrine of corporate opportunity
the use of corporate information for a personal benefit to the detriment of the corporation.
32
outside director
a director who is not an officer or employee of the corporation.
33
business judgement rule
the reluctance of the court to interfere with decisions of a board of directors.
34
management buy-out
the transfer of ownership in a corporation to existing managers or employees.
35
fourfold test for employment
1. ownership of tools 2. control 3. chance of profit 4. risk of loss
36
organization test
a test for employment based upon an examination of the services in relation to the business itself.
37
wrongful dismissal
the failure of an employer to give reasonable notice of termination of a contract of employment.
38
just cause
the onus on the employer to establish grounds for termination of an employee without notice.
39
constructive dismissal
employer termination of a contract of employment by a substantial, unilateral change in the terms or conditions of employment.
40
lockout
in a labour relations setting, the refusal of employee entry to a workplace by an employer when collective bargaining with the employees fails to produce a collective agreement.
41
picketing
the physical presence of persons at or near the premises of another for the purpose of conveying information.
42
secondary picketing
picketing at other than the employer’s place of business.
43
collective agreement (employment)
an agreement in writing, made between an employer and a union certified or recognized as the bargaining unit of the employees. It contains the terms and conditions under which work is to be performed and sets out the rights and duties of the employer, the employees, and the union.
44
condition
an essential term of a contract.
45
warranty
in the sale of goods, a minor term in a contract. The breach of the term would allow the injured party damages, but not rescission of the agreement.
46
caveat emptor
latin: "let the buyer beware"
47
merchantable quality
goods of a quality standard suitable for resale.
48
stoppage in transitu
the right of the seller to stop delivery of goods by the carrier if the buyer is insolvent.
49
itinerant sellers
sellers of goods who sell goods at the buyer's residence
50
cooling-off period
a time interval after a contract is signed that allows the buyer to repudiate the contract without liability.
51
unfair business practices
business practices designed to take advantage of consumer inexperience or ignorance.
52
real property
land and anything permanently attached to it.
53
fixture
a chattel that is constructively or permanently attached to land.
54
tenure
a method of holding land granted by the Crown.
55
fee simple
an estate in land that represents the greatest interest in land that a person may possess, and that may be conveyed or passed by will to another, or that on an intestacy would devolve to the person’s heirs
56
escheat
the reversion of land to the Crown when a person possessed of the fee dies intestate and without heirs.
57
expropriation
the forceful taking of land by a government or government agency for public purposes.
58
deed/transfer
if a person grants land during their lifetime, the grant is by way of a formal document called a deed or transfer
59
life estate
an estate in land in which the right to possession is based upon a person’s lifetime.
60
remainderman
a person who is entitled to real property subject to a prior interest (e.g., a life estate) and who acquires the fee when the prior estate terminates.
61
leasehold estate
grant of the right to possession of a parcel of land for a period of time in return for the payment of rent to the landowner.
62
condominium
a form of ownership of real property, usually including a building, in which certain units are owned in fee simple and the common elements are owned by the various unit owners as tenants-in-common.
63
dominant tenement
a parcel of land to which a right-of-way or easement attaches for its better use.
64
servient tenement
a parcel of land subject to a right-of-way or easement.
65
easement
a right to use the property of another, usually for a particular purpose.
66
right-of-way
a right to pass over the land of another, usually to gain access to one’s property.
67
restrictive covenant (property)
a means by which an owner of property may continue to exercise some control over its use after the property has been conveyed to another
68
adverse possession
otherwise known as "squatter's rights" - is a principle of real estate law that allows a person who possesses someone else's land for an extended period to claim legal ownership of that land
69
encroachment
a possessory right to the property of another that may be acquired by the passage of time.
70
joint tenancy
the joint holding of equal interests in land with the right of the surviving tenant to the interest of a deceased joint tenant.
71
tenancy-in-common
the joint holding of interests in land that need not be equal.
72
mortgage
an agreement made between a debtor and a creditor in which the title to property of the debtor is transferred to the creditor as security for payment of the debt.
73
charge
a secured claim (similar to a mortgage) registered against real property under the Land Titles System.
74
equity of redemption
the equitable right of a mortgagor to acquire the title to the mortgaged property by payment of the debt secured by the mortgage.
75
acceleration clause
a clause in a debt instrument (e.g., a mortgage) that requires the payment of the balance of the debt on the happening of a specific event, such as default on an instalment payment.
76
secured creditor
a creditor that may look to particular assets of the debtor to ensure payment of the debt.
77
chattels
moveable property (furniture, animals, tools, jewelry)
78
mechanic's lien
a lien exercisable by a worker, contractor, or material supplier against property upon which the work or materials were expended.
79
chattel mortgage
a mortgage in which the title to a chattel owned by the debtor is transferred to the creditor as security for the payment of a debt.
80
conditional-sale agreement
sale of a chattel in which the seller grants possession of the goods, but withholds title until payment for the goods is made in full.
81
bond
a debt security issued by a corporation in which assets of the corporation are usually pledged as security for payment.
82
debenture
a debt security issued by a corporation that may or may not have specific assets of the corporation pledged as security for payment.
83
floating charge
a debt security issued by a corporation in which assets of the corporation, such as inventory, are pledged as security. the corporation is free to deal with the assets and the obligation floats until default occurs, when the obligation crystallizes on the assets then on hand.
84
hold-back
the retention of a part of the contract price by the owner as required under construction lien legislation to ensure payment of subcontractors and suppliers of materials.

business law final (9 decks)

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