Business Law

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Author:
anda2398
ID:
163534
Filename:
Business Law
Updated:
2012-07-22 19:13:41
Tags:
Business Final
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Description:
Business Law
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  1. Acceptance (of offer)
    Unequivoal assent to the term of an offer
  2. Actual authority
    Such authority as a principal intentionally confers on an agent, or negligently allows the agen to believe (s)he possesses.
  3. Agency
    The relationship between a principal and an agen.
  4. Agency, Termination
    • An agency is terminated by
    • -achievement of agency purpose
    • - agreement
    • -will of either party
    • -lapse of time or a specific event
    • -revocation
    • -reunciation
    • -death or insanity
    • -impossibility
    • -bankruptcy
    • -war
  5. Agent
    One who is authorized to act on behalf of another (called a princial) in dealings with third persons.
  6. Agent, Apparent
    An agent whose authority is conferred by an act of the principal who, intentionally or negligently, causes a third person to believe the agent has authority to act for the princial, even though the principal has not given the agent such authority.
  7. Agent, Special
    An agent whose authority to act is limited to a particual transaction or to a series of transaction dealing with a specific subject.
  8. Agreement
    A meeting of minds. Mutual assent.
  9. Ambiguous term
    Word or phrase susceptible to more than one interpretation
  10. Anticipatory breach
    Unequivocal repudiation of a contractual obligation prior to the time for perfomance
  11. Assult
    Causing another to have a resonable apprehension of an unconsented to or offensive touching
  12. Assent
    AgreeingĀ  to a proposal
  13. Assignable rights
    All rights under a contract are assignable unless assignlent is prohibited by law or contract or the right is too personal
  14. Assignee
    party that recives an assignment
  15. Assignment
    The present transfer of a contractual right
  16. Assignor
    Party that makes an assignment
  17. Authority, apparent
    Such authority as a principal, intentionally or negliently, causes a third person to believe the agent has to act for the principal, even though the principal has not given the agent such authority
  18. Authority, actual
    Such authority as a principal intentionally confers on an agent, or negligently causes or allows an agent to beleive (s)he possesses.
  19. Authority, express
    Another termt for "Actual authority"
  20. Authority, implied
    Authority implied by law as being conferred on an angent by custom, by the agent's position, or that authority which is reasonably necessary to carry out the agent's actual authority.
  21. Authority, incidental
    Another term for "implied authority"
  22. Authority, Ostensible
    Another term for "apparent authority"
  23. Bailee
    Party who receives the deposit of personal property from another
  24. Bailment
    Legal relationship that arises when one party deposists or entrusts personal property with another
  25. Bailor
    Party who deposits personal property with another.
  26. Bargain
    Manifestation of an intent to be bound to a contract contingent on receiving a specified thing in exchange.
  27. Battery
    An unconsented to or offensive touching.
  28. Beneficiary
    One who benefits from the act of another
  29. Bilateral contract
    A proposed transaction in a bilateral contract if the offeror intends the offeree will accept by giving a return promise to perform
  30. Breach
    The failure to perfom a contractual promise or obligation without a legal excuse.
  31. Breach of contract- Immaterial beach
    The failure to perform a minor promise is an immaterial breach. The injured plaintiff may sue for damages and is justified in treating the contract as ended. The injured party is under no future duty to perform under the agreement.
  32. Breach of Contract- legal excuses
    • -Failure of condition
    • -Discharge of the obligation
  33. Breach of Contract-Material Breach
    The failure to perform a material promises is a material breach. the injured plaintiff may sue for damages and is justified in treationg the contract as ende. The injured party is under no futher duty to perform under the agreement.

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