Business Law Final Exam.txt

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Business Law Final Exam.txt
2011-03-24 23:45:00
Business Law Exam

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  1. Anti-Trust Laws
    Statute that seeks to promote competition among businesses.
  2. A Common Carriers Liability
    Common carriers of goods are insurers of the safety of the transported goods and are liable for loss or damage regardless of fault, unless the carrier can prove the loss arises from: 1.) Acts of God 2.) Acts of a public authority 3.) Inherent nature of the goods.4.) Acts of the shipper.5.) Acts of a public enemy.
  3. These do not excuse the carrier if the carrier failed to safeguard the goods from harm.
  4. Acceptance of goods.
    Assent of the buyer to become the owner of specific goods.
  5. Administrative Agencies
    Governmental board or commission whith authority to regulate matters or implement laws.
  6. Agency of Estoppel
    Agency arising when person leads another to believe third party is agent.
  7. Agent
    Person appointed to contract on behalf of another.
  8. Allonge
    Paper so firmly attached to instrument as to be part of it.
  9. Alteration
    Unauthorized change or completion of negotiable instrument to modify obligation of a party.
  10. Assignment
    Conveyance of rights in a contract to a person not a party.
  11. Attorney in Fact
    General agent appointed by written authorization.
  12. Bearer
    Payee of instrument made payable to whomever is in possession.
  13. Bill of Sale
    Written eidence of title to tangible personal property.
  14. Boardinghouse Keeper
    Person in business to supply accomodations to permanent lodgers.
  15. Capacity to Contract
    • Parties must have the ability to understand that a contract is being made, have the ability to understand its general nature, and have the legal competence
    • to contract.Among those whom the law considers to be incompetent, at least to some degree, are minors, incompetent people, intoxicated people, and convicts.
  16. Caveat Emptor
    Let the buyer beware.
  17. Collateral Note
    Note secured by personal property.
  18. Collective Bargaining
    Process by which emplyer and union negotiate and agre on terms of employment.
  19. Common Stock
    Stock that entitles owner to vote.
  20. Comparitive Negligence
    Contributory negligence that reduces but does not bar recovery.
  21. Complaint or Petition
    Written request to a court to settle a dispute.
  22. Consideration
    What promisor requires as the price for a promise.
  23. Constructive Bailment
    Bailment imposed when a person controls lost property
  24. Constructive Notice
    Information or knowledge imputed by law.
  25. Contracts contrary to public policy
    Most common types of contracts:1.) Contracts limiting the freedom of marriage.2.) Contracts obstructing the administration of justice.3.) Contracts injuring the public service.
  26. Conversion of bailed property
    Unauthorized exercise of ownership rights.Not being the owner of the property, a bailee normally has no right to convert the property. However when the purpose of the bailment is to have the property sold and the proceeds remitted to teh bailor, the bailee has the power to sell all goods, the proceeds remitted to the bailor, the bailee has the power to sell all goods regardless of any restriction on the right to sell, unless the buyer knows of the restriction.
  27. Crimes
    Offense against society.
  28. Debenture
    Unsecured bond issued by a business.
  29. Default
    Breach of contractual obligation other than money.
  30. Delegation
    Transfer of duties.
  31. Disaffirmance
    Repudiation of a voidable contract.
  32. Disparate treatment
    Intentional discrimination against a particular individual.
  33. Dissolution
    Termination of corporation's operation except activities needed for liquidation.
  34. Dissolution of a Corporation
    A corporation my terminate its existence by paying all its debts, distributing all remaining assets to teh stockholders, and surrendering its articles of corporation. The corporation then ceases to exist and completes its disolution.
  35. Duress
    Obtaining consent by means of a threat.
  36. Embezzlement
    Fraudulent conversion of property lawfully possessed.
  37. Express Contract
    Contract with the terms of the agreement specified in words.
  38. Fiduciary
    A person in relationship of trust and confidence.
  39. Firm Offer
    A merchant's signed, written offer to sell or purchase goods saying it will be held open.
  40. Forbearance
    Refraining from doing something.
  41. Fraud in the Inducement
    Defrauded party intended to make a contract.
  42. Fungible Goods
    Goods of homogeneous nature sold by weight or measure.
  43. Holder in Due Course
    Person who acquirs rights superior to original owner.
  44. Identified goods
    Goods picked to be delivered to the buyer.
  45. Implied Warranty
    Warranty imposed by law.
  46. Intangible Personal Property
    Evidences of ownership of rights or value.
  47. Joint Venture
    Business relationship similar to partnership, except existing only for single transaction.
  48. Joint and Several Contract
    Two or more people bound jointly and individually.
  49. Judicial Admission
    Fact acknowledged in the course of legal proceeding.
  50. Legal Interest Rate
    Interest rate applied when no rate specified.
  51. Liquidated damages
    Sum fixed by contract for breach where actual damages are difficult to measure.
  52. Merger
    One corporation absorbed by another.
  53. Nominal damages
    Small amount is awarded when there is technical breach but no injury.
  54. Novation
    Termination of a contract and sustitution of a new one with same terms but new party.
  55. Offer
    A proposal to make a contract.
  56. Option
    Binding promoise to hold an offer open
  57. Order Bill of Lading
    Contract allowing deliver of shipped goods to bearer.
  58. Parol Evidence Rule
    Complete, written contract may not be modified by oral testimony unless evidence of fraud, accident, or mistake exists.
  59. Per se Violation
    Activity illegal illegal regardless of its effect.
  60. Precedent
    Court decision that determines the decision in a subsquent, similar case.
  61. Preemptive Rights
    Right to purchase new shares in proportion to shares owned.
  62. Price
    Consideration in a sales contract.
  63. Privity of Contract
    Relationship between contracting parties.
  64. Procedural Law
    Law specifying how actions are filed and what trial procedure to follow.
  65. Profit Corporation
    One organized to run a business and earn money.
  66. Promissory Estoppel
    Substitute for consideration when another acts in reliance on promisor's promise.
  67. Prospectus
    Document giving specified information about a corporation.
  68. Proxy
    Person authorized to vote for another; written authorization to vote for another.
  69. Proxy War
    Attempt by competing sides to secure majority of stockholders' votes.
  70. Public Corporation
    One formed for governmental function.
  71. Qualified Indorsement
    Indorsement that limits liability of indorser.
  72. Quasi-Contract
    Implied in Law Contract, Impostion of rights and obligations by law without a contract.
  73. Quorum
    Minumum number of shares required to be represented to transact corporate business.
  74. Receipt of Goods
  75. Reformation
    Judicial correction of a contract.
  76. Respondeat Superior
    Theory imposing liability on employers for torts of employees.
  77. Sale or Return
    Completed sale with right to return goods.
  78. Shop Rights
    Employer's right to use employee's invention without payment of royalty.
  79. Silent Partner
    Partner who takes no part in firm.
  80. Specific Performance
    Carrying out terms of contract.
  81. Statute of Frauds
    Law requiring certain contracts to be in writing.
  82. Subscriber
    One who agrees to buy stock in proposed corporation.
  83. Tender of Performance
    Offer to perform in satisfaction of terms of contract.
  84. Torts
    Private wrong for which damages may be recovered.
  85. Trade Acceptance
    Draft drawn by seller on purchaser of goods.
  86. Treasury Stock
    Stock reacquired by a corporation.
  87. Ultra Vires Contract
    Contract exceeding corporation's powers.
  88. Undue Influence
    Person in special relationship causing another's action contrary to free will.
  89. Unfair Competition
    Total Impression of product results in confusion as to its orgin.
  90. Unilateral Contract
    Contract calling for an act in considerationfor a promise.
  91. Unjust Enrichment
    One benefitingunfairly at another's expense.
  92. Unlimited Liability
    Business debts payable from personal assets.
  93. Usury
    Charging higher rate of interst than law allows.
  94. Void Contract
    Of no legal affect.
  95. Voting Trust
    Device wherby stock is transferred to trustee to vote it.
  96. Warehouse Receipt
    Document of title issued by storage company for goods stored.
  97. Water Stock
    Sock paid for with property of inflated value.
  98. Winding Up
    Taking care of outstanding obligations and distributing remaining assets of partnership.
  99. Writ of Certiorari
    Order to produce record of a case.