Card Set Information

2010-05-31 19:10:59
Business Law

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  1. Abandon
    Discard with no intention to reclaim
  2. Abatement
    proportionate reduction in monetary bequest because of insufficient funds
  3. Abstract of Title
    History of real estate
  4. Acceleration Clause
    Clause allowing entire principal to be due
  5. Acceptance
    Assent of buyer to become owner of goods; assent to an offer resulting in a contract; drawee's signed agreement to pay draft
  6. Acceptor
    Person who agrees to: pay a draft; receive goods; or assent to an offer
  7. Accession
    Acquiring property by adding property of another to one's own
  8. Accretion
    Addition to land by gradual water deposits execution of instrument is free act
  9. Acknowledgement
    Declaration grantor has stated execution of instrument is free act
  10. Action of Ejectment
    Action to have sheriff remove tenant
  11. Active Fraud
    Party engages in action that causes the fraud
  12. Ademption
    Failure of bequest because property not in testator's estate
  13. Administrative Agency
    Govermental board or commission with authority to regulate matters or implement laws
  14. Administrator, Administratrix or Personal Representative
    Person appointed by court to administer estate of interstate
  15. Adverse Possession
    Acquiring title to laned by occupying it for fixed period
  16. Affirmative Covenant
    Promise by grantee of deed to do an act
  17. Agency
    Contract under which one party is authorized to contract for another
  18. Agency of Estoppel
    Agency in which agent has financial stake in performance of agency because of having given consideration to principal
  19. Agent
    Person appointed to contract to behalf of another
  20. Alien Corporation
    One chartered in another country
  21. Allonge
    Paper so firmly attached to instrument as to be part of it
  22. Alteration
    Unauthorized change or completion of negotiable instrument to modify obligation of a party
  23. Annual Percentange Rate APR
    Amount charged for loan as percentage of loan
  24. Annuity Inusurance
    Contract that pays monthly income to insured while alive
  25. Anonymous Remailer
    Device that permits sending anonymous e-mail and software
  26. Answer or Motion
    Written response of defendant to a complaint
  27. Anticipatory Breach
    One party announces intention not to perform contract prior to time to perfom
  28. Antitrust Law
    Statute that seeks to promote competition amoung businesses
  29. Apparent Authority
    Authority agent believed to have because of principals behavior
  30. Appellate Court
    Court that reviews decision of lower court
  31. Articles of Incorporation
    Document stating facts about corporation required for issuance of charter
  32. Articles of Partnership
    Written partnership agreement
  33. Assessment Mutual Company
    Insurance company in which losses are shared by policyholders
  34. Assignee
    Person to whom contract right is assigned
  35. Assignment
    Conveyance of rights in a contract to a person not a party
  36. Assignor
    Person to whom contract right in a contract to a person not a party
  37. Attorney in Fact
    General Agent appointed by written authorization
  38. Auction
    Oral sale of property to the highest bidder
  39. Automated Teller Machine
    EFT terminal that performs routine banking services
  40. Bad Check
    check the drawee bank refuses to pay
  41. Baggage
    Articles necessary for personal convenience while traveling
  42. Bailee
    person in possession of bailed property
  43. Bailment
    Transfer of possession of bailed property
  44. Bailor
    Person who gives up possission of bailed property
  45. Balloon payment
    payment more than twice the normal installment one
  46. Bank Draft or Teller's Check
    Check drawn by one bank on another
  47. Bearer
    payee of instrument made payable to whomever is in possession
  48. Bearer paper
    negotiable instrument payable to bearer
  49. beneficiary
    person who receives: income or enjoyment of trust property; proceeds of life insurance; or property by will
  50. bequest or legacy
    personal property left to person by will
  51. bidder
    person who makes offer at auction
  52. bilateral contract
    contract consisting of mutual exchange of promises
  53. bill of exchange
    a draft
  54. bill of lading
    receipt and contract between conignor and carrier
  55. bill of rights
    first ten amendments to US Constitution personal property
  56. binder
    temporary contract of insurance
  57. blank indorsement
    indorsement consisting of signature of indorser
  58. blind trust
    assets and administration of trust hidden from grantor
  59. blue-sky laws
    state laws to prevent sale of worthless stock
  60. boardinghouse keeper
    person in business to supply accommdations to permanent lodgers
  61. bond
    sealed, written contract obligation with essentials of note
  62. bonding company
    paid surety
  63. breach of contract
    failure of refusal to perform contractual obligations
  64. broker
    agent with job of bringing two contracting parties together
  65. business crimes
    crimes against business or sommitteed by using a business
  66. business interruption insurance
    insurance covering loss of profits while business building is repaired
  67. business law
    rules of conduct for the performance of business transactions
  68. business tort
    tort caused by or involving a business
  69. bylaws
    rules enacted by directors to govern corporation's conduct
  70. cancellation
    act taht indicates intention to destroy validity of an instrument
  71. capital stock
    declared value of outstanding stock
  72. carrier
    transporter of goods, people, or both
  73. cashier's check
    check drawn by bank on it's funds in bank
  74. caveat emptor
    let the buyer beware
  75. certificate of deposit
    acknowledgement by bank of receipt of money with engagement to repay it
  76. certified check
    check accepted by bank's writing "certified" on it
  77. check
    draft drawn on a bank and payable on demand
  78. check truncation
    shortening check's trip from payee to drawer
  79. civil law
    law dealinbg with enforcement or protection of private rights
  80. close or closely held corporation
    one with very small number of shareholders
  81. codicil
    writing that modifies a will
  82. cofuarantors or cosureties
    two or more people jointly liable for another's obligation
  83. coinsurance
    insured recovers in ration of insurance to amount of insurance required
  84. collateral note
    note secured by personal property
  85. collective bargaining
    process by which employer and union negotiate and agree on terms of employment
  86. commercial unit
    quanitity regarded as separate unit
  87. common carrier
    one that undertakes to transport without discriminiation all who apply for service
  88. common law
    english custom recognized by courts as binding
  89. common stock
    stock that entitles owner to vote
  90. communication
    telling something to third person
  91. community property
    property acquired during marriage owned separately and equally by both spouses
  92. comparative negligence
    contributory negligence reduces but does not bar recovery
  93. Compensatory Damages
    amount equal to the loss sustained
  94. Complaint or Petition
    written request to a court to settle a dispute
  95. Composition of Creditors
    When all of multiple creditors settle in full for a fraction of the amount owed
  96. Comprehensive Policy
    Insurance covering large number of miscellaneous risks
  97. Computer Crime
    Crime committed with involvement of computers
  98. Computer Trespas
    unauthroized use of or access to a computer
  99. Concealment
    willful failure to disclose pertinent information
  100. Confusion
    inseparable mixing of goods of different owners
  101. confusion of source
    representing goods or services as those of another
  102. consideration
    inseparable mixing of goods or service as those of another
  103. consignee
    one to whom goods are shipped
  104. consignment
    transfer of possession of goods for purpose of sale
  105. consignor
    one who ships by common carrier
  106. consolidation
    combinning two corporations to form a new one
  107. constitution
    document that contains fundamental principles of a goverment
  108. constructive bailment
    bailment imposee when a person controls lost property
  109. constructive notice
    information or knowledge imputed by law
  110. constructive trust
    trust created by court to corect a wrong
  111. cosumer goods or service
    goods or services primarily for personal, family, or household use
  112. contract
    legally enforceable agreement
  113. contract to sell
    agreement to transfer title to goods for a price
  114. contriubution
    right of coguarantor to recover excess of proportionate share of debt from other coguarantor(s)
  115. conversion
    obtanining possession of property and converting it to own use
  116. convict
    person found guilty by court of major criminal offense
  117. corporation
    association of people created by law into an entity
  118. counteroffer
    offeree's response that rejects offer by varying its terms