Week 6-10

Question 1

Acceleration Provision

Answer 1

An acceleration clause outlines the reasons that the lender can demand loan repayment

Question 2

Adjudication

Answer 2

The act of giving judgment on an issue

Question 3

Anticipatory breach

Answer 3

Actionable conduct which occurs when one party to a contract positively states, without legal justification, an intention to not perform obligations under that contract.

Question 4

Audit Provision

Answer 4

Contract language which provides for the frequency and manner in which one party may conduct an audit of the books and records of another party to verify accurate accounting.

Question 5

Blue Sky Laws

Answer 5

Laws enacted on a state -by-state basis to protect the public from investment swindles by regulating the manner in which investment opportunities may be lawfully offrered for sale.

Question 6

Breach

Answer 6

A tearing or a break. The failure to perform or a violation of law, right, obligation, or duty, either by commission or omission.

Question 7

Consent Decree

Answer 7

A court order based upon an agreement between parties to resolve an issue.

Question 8

Damages

Answer 8

Court -ordered monetary compensation for loss.

Question 9

Escalate

Answer 9

To rise

Question 10

Escape provision

Answer 10

is any clause, term, or condition in a contract that allows a party to that contract to avoid having to perform the contract.

Question 11

Estop

Answer 11

To Halt, prevent, bar or preclude.

Question 12

Ex parte

Answer 12

On one side only……..Generally referring to a proceeding in which only one side appears, either without notice or with minimal notice to other parties.

Question 13

Fact

Answer 13

That what has actually occurred. An actual thing or occurrence. Material facts are those which must be proven at trial to establish each of the essential elements of a cause of action or a particular crime charged. Facts are to be distinguished from opinions, interpretation, theories, arguments, speculations and conclusions.

Question 14

Fair market value

Answer 14

The amount for which property, goods or services could be obtained on the open market. Generally abbreviated FMV

Question 15

Force Majeure

Answer 15

A superior or irresistible force. In contract law, The term is used to allow for unforseeable events of such impact that they excuse or prevent a party from fully performing obligations otherwise required.

Question 16

Fraud

Answer 16

Intentional use of deceit, a trick or some dishonest practice to induce another to act in reliance thereon to their detriment.

Question 17

Impossibility

Answer 17

An act which cannot be performed due to nature, physical impediments, or other material conditions which prevent performance , and which where not caused intentionally or negligently by the person obligated to perform.

Question 18

Indemnity

Answer 18

A legal device for shifting ultimate liability from one person to another. A contract of assurance by which one party agrees to secure another against an anticipated loss or action, or to prevent the indemnified party from the legal and / or finacial consequences of an at or forbearance to act. indemnity can be established by statute , contract or by a proceeding in equity

Question 19

Infringement

Answer 19

In copyright and patent law, the unlawful use of another’s protected intellectual property. Generally, any unlawful use or entry upon the rights or property of another.

Question 20

Injunctive relief

Answer 20

Type of judicial remedy in which one seeks not damages but rather a court order compelling or prohibiting certain action by another.

Question 21

Integration

Answer 21

Adopting a writing as part of another by express lamguage, such that both writing are necessary part of the entire agreement. The two writings are then said to be “wholly integrated.” Integration is to be distinguished from “incorporation by reference ‘ where the referenced document is not interdependent with the new document

Question 22

Intent

Answer 22

Mental desire and will act in a particular way.

Question 23

Jurisdiction

Answer 23

Authority given by law to a court to try and adjudicate cases, and to enforce ruling.

Question 24

Jurisprudence

Answer 24

The overall science and philosophy of law.

Question 25

Laches

Answer 25

Equitable doctrine stating that a legal right or claim will not be enforced when the person holding that right or claim has, for an appreciable period of time knowingly permitted others to violate that right or claim, without taking action, to point where that lack of action was reasonably perceived and relied upon by affects persons as being acquiescence, a waiver, or permission in respect to that right claim.

Question 26

Liquidated damages

Answer 26

A sum of money agreed upon by both parties to a contract as being the exact sum (and no more) whice will be satisfactory compensation in the event of a failure of performances

Question 27

Long arm statute

Answer 27

A law which permits a state court to exercise jurisdiction over person or entities not residents of that state but who or which have conducted transactions or engaged in conduct within that state which are a subject of the relevant.

Question 28

Mediation

Answer 28

Method for attempting informal resolution of a legal dispute through the active participation of a third party (the Mediator) who acts as an impartial conduct between opposing parties, seeking to develop mutually acceptable terms of compromise.

Question 29

Mitigation of damages

Answer 29

Legal requirement that someone injured by another has a duty to exercise reasonable diligence and ordinary care in seeking to minimize the damage suffered.

Question 30

Moot

Answer 30

That which cannot be resolved by debate. Pointless,Unresolvable. A matter raised for argument’s sake alone, not for resolution. An unsettled issue. Conversely, alternative solutions offered in respect to an issue which already has been thoroughly resolved

Question 31

Most Favored Nation

Answer 31

Diplomatic phrase which has been carried over into business relationships, referring to an arrangement by which is agreed that a party will not deal with the other party on terms which are less favorable that the terms afforded to any third party.

Question 32

Negligence

Answer 32

A breach of duty, Failure to exercise the due care toward others which is reasonable person understands and accepts as a common duty.

Question 33

Nuisance

Answer 33

A condition which arises from the unwarranted unreasonable, or unlawful use by person of his or her own property, which creates a material annoyance obstruction, impediment or injury to the rights or person of another, or the public

Question 34

Pecuniary

Answer 34

Relating to money

Question 35

Per se

Answer 35

By itself or by himself, Inherently without the need for anything else. Taken alone

Question 36

Percipient

Answer 36

Having knowledge by reason of direct perception, as with an eye witness.

Question 37

Personal Guaranty

Answer 37

is an unsecured written promise from a business owner and or business executive guaranteeing payment on an equipment lease or loan in the event the business does not pay. Since it is unsecured, a personal guarantee is not tied to a specific asset.

Question 38

Proximate Cause

Answer 38

That which directly results in some specific new circumstances, condition, or event. Particularly, the action or conduct which directly results in an injury, loss, or harm

Question 39

Quantum Meruit

Answer 39

“as much as he deserved”

Question 40

Quantum Meruit

Answer 40

“as much as he deserved” Legal doctrines which provides that in the absence of a valid contract, the party providing goods or services may still recover from the person receiving those goods or services, based solely on the fair thereof. The doctrine seeks to avoid an unjust enrichment of one party, at the expense of another, from a technical defect or inadvertent error in forming a contract, or from failure of the parties to have formalized a contract.

Question 41

Quasi Corporation

Answer 41

Business which has operated in all respects as though it were a corporation, without having yet completed the necessary formalities for incorporation.

Question 42

Quiet Enjoyment

Answer 42

Right to enjoy and use premises, without annoyance, hindrance, or encroachment.

Question 43

Reasonable Person

Answer 43

A phrase frequently used in tort and Criminal Law to denote a hypothetical person in society who exercises average care, skill, and judgment in conduct and who serves as a comparative standard for determining liability.

Question 44

Reasonable Doubt

Answer 44

Uncertainty, A perception that reasonable, alternative possibilities exist.

Question 45

Rebuttable Presumption

Answer 45

A fact which the court is legally required to accept as true until sufficient evidence has been introduced to demonstrate to contrary.

Question 46

Remedy

Answer 46

General term for the means which a party may employ to seek satisfaction of a claim or enforcement of a right.

Question 47

Res Judicata

Answer 47

“the thing has been judged” Rule which prohibits any court from making a ruling or judgement upon any particular issue or case which previously been judged upon on its merits by another court which had jurisdiction over the issue and the parties or their privies

Question 48

Reservation of Rights

Answer 48

is a means by which. an insurer agrees to defend an insured against a claim or suit while simultaneously retaining its ability to evaluate, or even disclaim, coverage for some or all of the claims alleged by the plaintiff.

Question 49

Respondeat superior

Answer 49

“let the master answer” Legal doctrine which provides that the master(employer) is legally liable for the acts or omissions of the servant (employee) done in the normal and scope of that employment.

Question 50

Specific Performance

Answer 50

Cause of action by which a party may obtain judgement by a court order which compels another party to perform contract obligations.

Question 51

Standard of Proof

Answer 51

The degree to which a burden of proof must be demonstrated in a particular case. There are tree basic standards of proof: in criminal matters, the prosecution’s burden is to prove guilt “beyond” reasonable doubt, and to the point of mortal certainty. In civil matters , the higher standard is “clear and convincing evidence” and the lower standard is “a preponderance of the evidence”

Question 52

Standard Of Care

Answer 52

That degree of attention, caution, conscientiousness, and prudence which an ordinary, reasonable person could be expected to exercise under circumstances similar to those presented by the matter under consideration

Question 53

Standing

Answer 53

The right to file or defend a lawsuit regarding particular matters, as a real party having a direct interest and privity with respect to the facts, occurrence, issues, and outcome of such action. It is fundamental that one without standing in regards to the subject matter of an action has no right to appear as a party in such action.

Question 54

Stare Decisis

Answer 54

Policy of courts to stand by establishing precedent and not disturb previously decided points of law. Doctrine by which the law reflects not only statutes, but the entire body of published judicial opinions which interpret and explain those statutes and their application to particular type of issues.

Question 55

Statute of Limitations

Answer 55

Law governing period of time allowed between actionable occurrence and last date upon which a complaint may be filed in respect to the occurrence. The period varies from state to state, and runs from as little as matter of days to ten years or more, depending upon the underlying cause of action or criminal charge. In some criminal matters (e.g. Murder) there is no statute of limitations.

Question 56

Strict Liability

Answer 56

Automatic responsibility, relieving plantiff if burden of proof beyond defendants manufactures or sale of a product and injury proximately resulting from that product

Question 57

Subpoena

Answer 57

a writ ordering a person to attend a court.

Question 58

Subpoena duces tecum

Answer 58

Court order served upon custodian of records commanding that custodian to produce particular documents, or particular categories of documents, identified in the supoena at a certain time and place, and may also command the custodian to testify as a witness in regard to those documents. Failure to obey is punishable as a contempt of court.

Question 59

Summons

Answer 59

Official documents issued by the court at the time a lawsuit is filed, commanding the defendant parties to respond within a specified number of days after being served. By virtue of the judicial power residing in it, the summons, upon being served creates the legal foundation for the court;s jurisdiction and authority over the person served.

Question 60

Sunset Provision Clause

Answer 60

a sunset provision or clause is a measure within a statute, regulation or other law that provides that the law shall cease to have effect after a specific date, unless further legislative action is taken to extend the law. Most laws do not have sunset clauses and therefore remain in force indefinitely, except under systems in which desuetude applies.

Question 61

Surety

Answer 61

Person or entity which guarantees performance or payment on behalf of another, in the event of failure such performance or payment.

Question 62

Ulterior Motives

Answer 62

Having a purposes other than or beyond the stated or obvious purpose, A hidden intention or agenda.

Question 63

Unclean Hands

Answer 63

An affirmative defense based on legal doctrine which states that the court will not grant equitable to a plaintiff or petitioner who has committed wrongful acts in the course of the occurrence or transaction underlying the complaint or petition. The doctrine applies only when the wrongdoing has proximate relationship to the subject matter in dispute.

Question 64

Unjust enrichment

Answer 64

Benefits obtained by one party, at the expense of another, through chance, mistake or that other’s misfortune, Equitable doctrine which demand that the party receiving such benefits make restitution to the party suffering thereby

Question 65

Venue

Answer 65

(1) The location in which a legal proceeding is conducted.
(2) Colloquially, the location in which any event takes place.
(3) The club, theater or auditorium in which concerts or other entertainment is presented.

Question 66

Vicarious Liability

Answer 66

Indirect legal responsibility for the acts of another. Liability which is imputed from circumstances or situation, rather than from the actions or negligence of the person held liable

Question 67

Yieldt

Answer 67

(1) To surrender, relinquish, or withdraws, To give up.

Question 68

Zero Tolerance

Answer 68

Policy provision which states that no violation of an underlying policy regulation will go unpunsihed. Theoretically, a person violating a policy which has a “zero tolerance” provision is immediately, prosecuted, or subjected to such other penalty as the policy dictates, adoption and strict adherence to such a policy may help shield an employer from liability with respect to third party clients.