question

Person who authorizes another in an agency relationship

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Principal

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Any contract formed electronically such as over the internet

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E-contract

question

When payment for goods take place at a later date, the transfer of title takes place when

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Buyers select and agree to buy the goods @ sellers store

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Any agreement reached by the representative in an agency relationship binds

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The principal & 3rd party

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A legitimate defense to wrongful interference

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Bona-fide competition

question

required to negotiate on behalf of the principal or bring him or her and third parties into contractual relationship.

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Agent

question

is a natural person, business, or corporation that provides goods or services to another entity under terms specified in a contract or within a verbal agreement. Independent contractors are usually paid on a freelance basis. Contractors often work through a limited company or franchise, which they themselves own, or may work through an umbrella company.

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Independent contractor

question

a person who acts as an intermediary between sellers and buyers of real estate/real property and attempts to find sellers who wish to sell and buyers who wish to buy.

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Real estate broker/agent

question

is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another, also can be a person who is allowed to do certain tasks but not able to gain income.

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Trustee

question

describes a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person (the 'bailor') to another person (the 'bailee') who subsequently has possession of the property. It arises when a person gives property to someone else for safekeeping, and is a cause of action independent of contract or tort.

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Bailment

question

The vast majority of small businesses start out like this. These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business. They own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts.

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Sole proprietorships

question

two or more people share ownership of a single business. Like proprietorships, the law does not distinguish between the business and its owners. They should have a legal agreement that sets forth how decisions will be made, profits will be shared, disputes will be resolved. Many split up at crisis times unless there is defined process. They must decide how much time and capital each will contribute, etc.

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Partnership

question

chartered by the state in which it is headquartered, is considered by law to be a unique entity, separate and apart from those who own it. It can be taxed; it can be sued; it can enter into contractual agreements. The owners are its shareholders. The shareholders elect a board of directors to oversee the major policies and decisions. It has a life of its own and does not dissolve when ownership changes.

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Corporation

question

It requires employers to pay covered employees who are not otherwise exempt at least the federal minimum wage and overtime pay of one-and-one-half-times the regular rate of pay. For nonagricultural operations, it restricts the hours that children under age 16 can work and forbids the employment of children under age 18 in certain jobs deemed too dangerous. For agricultural operations, it prohibits the employment of children under age 16 during school hours and in certain jobs deemed too dangerous.

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Wages & hours

question

An administered by the (OSHA). Most private industries are regulated by OSHA or OSHA-approved state programs, which also cover public sector employers. Employers covered by the OSH Act must comply with the regulations and the safety and health standards promulgated by OSHA. Employers also have a general duty under the OSH Act to provide their employees with work and a workplace free from recognized, serious hazards. OSHA enforces the Act through workplace inspections and investigations.

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Workplace safety & health

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Americans with disabilities act of 1990

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ADA

question

Many small companies use this, where very few levels of management separate executives from analysts, secretaries and lower-level employees. Best when a company has less than 20 employees, especially if the company employs one or two employees per department. One advantage of using this for management is that decisions can be made relatively quickly.

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Flat organization structure

question

centered on job functions, such as marketing, research and development and finance. Small companies should use this when they want to arrange their organizational structure by department. For example, a small company may have a director, two managers and two analysts in the marketing department. The director would likely report to the Chief Executive Officer, or CEO, and both managers would report to the director. In addition, each manager may have an analyst reporting to them. It works well when small companies are heavily project-focused.

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A functional organizational structure

question

is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors. It is often simply referred to as "the board".

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Board of directors

question

is the practice of leasing for a prescribed period of time the right to use a firm's successful business model and brand. The word's meaning is free—and is used both as a noun and as a (transitive) verb. It is said to have a greater incentive than a direct employee because he or she has a direct stake in the business.

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Franchise

question

is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate group, usually involving a parent company and many subsidiaries. Often, it is a multi-industry company and are often large and multinational.

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Conglomerates

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A (LLC) is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC, although a business entity, is a type of unincorporated association and is not a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation, and it is well-suited for companies with a single owner.

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Limited Liability Company

question

1 Intent 2 Offer 3 Timeframe 4 Obligations 5 Representations 6 Consideration 7 Arbitration 8Acceptance

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Contract Step

question

In business, amalgamation is the merger and acquisition of many smaller companies into much larger ones.

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consolidation

question

The combining of two or more companies, generally by offering the stockholders of one company securities in the acquiring company in exchange for the surrender of their stock.

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Merger

question

is a high ranking person in a given corporation that is assigned a title indicating his position within the corporation. While a corporation may have many positions under its purview, only the persons holding the highest ranking positions are considered this (or executives).

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Corporate Officer

question

Party may do this after a breach of contract

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Discharge

question

A contract that cannot be enforced by law. They are different from voidable contracts, which are contracts that may be (but not necessarily will be) nullified. However, when a contract is being written and signed, there is no automatic mechanism available in every situation that can be utilized to detect the validity or enforceability of that contract.

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Void

question

A contract, unlike a void contract, is a valid contract. At most, one party to the contract is bound. The unbound party may repudiate the contract, at which time the contract is void.

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voidable

question

A contract or transaction that is valid, but which the court will not enforce. It is usually used in contradistinction to void (or void ab initio) and voidable. If the parties perform the agreement, it will be valid, but the court will not compel them if they do not.

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unenforceable

question

a contract in which all elements are specifically stated (offer, acceptance, consideration), and the terms are stated, as compared to an "implied" contract in which the existence of the contract is assumed by the circumstances.

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Express contract

question

occurs when one party in a contract presents information to another that is incorrect, deceitful, or meant to confuse the other party.

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Contract fraud

question

threats, violence, constraints, or other action brought to bear on someone to do something against their will or better judgment.

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Duress

question

In jurisprudence, it is an equitable doctrine that involves one person taking advantage of a position of power over another person.

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Undue influence

question

Witholding info

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Non-disclosure

question

In the United States, persons under 18 are typically minor and their contracts are considered voidable; however, if the minor voids the contract, benefits received by the minor must be returned. The minor can enforce breaches of contract by an adult while the adult's enforcement may be more limited under the bargain principle

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Minors & contracts

question

is a legal cause of action in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance.

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Breach of contract

question

Punitive & Compensatory & Liquidation

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Breach of Contract Remedies

question

is the act of selling a product or service in return for money or other compensation.

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sale

question

18 or 16 with parental consent but the other partner must be 18 or older. Younger with judicial consent (with no strict minimum age). With parental consent, serious reasons are required for a minor to marry; without parental consent, the unwillingness of the parents has to constitute an abuse.

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Marriage age

question

An agreement, antenuptial agreement, or premarital agreement, it is a contract entered into prior to marriage, civil union or any other agreement prior to the main agreement by the people intending to marry or contract with each other. The content of this agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage. They may also include terms for the forfeiture of assets as a result of divorce on the grounds of adultery; further conditions of guardianship may be included as well.

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prenuptial

question

is a marriage that is considered valid by both partners, but has not been formally registered with a state or church registry, or a formal religious service. In effect, the act of the couple representing themselves to others as being married acts as the evidence that they are married. In jurisdictions recognizing common-law marriages, such a marriage is not legally distinct from a traditional ceremonial marriage enacted through a civil or religious ceremony in terms of the couple's rights and obligations to one another.

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Common-law marriage

question

A husband and wife may obtain a divorce through the simplified dissolution procedure only if all of the following statements are true about both spouses at the time that they jointly file a petition for simplified dissolution of marriage.

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Divorce

question

Sexual harassment Adultery[3] Alcoholism[3] Disability[3] Desertion[3] Imprisonment[3] Domestic violence No-fault Divorce

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Requirements for a divorce

question

typically arise in proceedings involving divorce (dissolution of marriage), annulment and other legal proceedings where children may be involved. In most jurisdictions the issue of which parent the child will reside with is determined in accordance with the best interests of the child standard.

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Residence and contact issues

question

is the process of anticipating and arranging for the disposal of an estate during a person's life. It typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. However, the ultimate goal of estate plan is determined by the specific goals of the client and may be as simple or complex as the client's needs dictate.

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Estate planning

question

A testament is a legal declaration by which a person, the testator, names one or more persons to manage his or her estate and provides for the distribution of his property at death. For the devolution of property not disposed of by will, see inheritance and intestacy.

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will

question

Any person over the age of majority and of sound mind (having appropriate mental capacity) can draft his or her own will with or without the aid of a lawyer. (Estimates of the percent of Americans who write wills before they die range from 30 percent to 50 percent.

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Requirements for will

question

the action (generally illegal) of advertising goods that are an apparent bargain, with the intention of substituting inferior or more expensive goods.

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Bait and switch

question

is the practice of making unethical or immoral monetary loans intended to unfairly enrich the lender. A loan may be considered usurious because of excessive or abusive interest rates or other factors, but according to some dictionaries, simply charging any interest at all can be considered it

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Usury

question

Overcharging for services rendered

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Deceptive Service Estimates

question

a right to keep possession of property belonging to another person until a debt owed by that person is discharged.

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lien

question

is an alternative dispute resolution (ADR) process whereby the parties to a dispute use a conciliator, who meets with the parties separately in an attempt to resolve their differences. They do this by lowering tensions, improving communications, interpreting issues, providing technical assistance, exploring potential solutions and bringing about a negotiated settlement.

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Conciliation

question

A lawsuit or (very rarely) "suit in law" is a civil action brought in a court of law in which a plaintiff, a party who claims to have incurred loss as a result of a defendant's actions, demands a legal or equitable remedy. The defendant is required to respond to the plaintiff's complaint. If the plaintiff is successful, judgment is in the plaintiff's favor, and a variety of court orders may be issued to enforce a right, award damages, or impose a temporary or permanent injunction to prevent an act or compel an act. A declaratory judgment may be issued to prevent future legal disputes.

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Litigation

question

is an act of giving money or gift giving that alters the behavior of the recipient, where the gift is of a dishonest nature.

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Bribery

question

In criminal law, it is an agreement between two or more persons to commit a crime at some time in the future.

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Conspiracy

question

A wrongful act or an infringement of a right (other than under contract) leading to civil legal liability.

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Torts

question

denotes an unlawful act punishable by a state

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Crime

question

theft or misappropriation of funds placed in one's trust or belonging to one's employer.

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embezzlement

question

Also known as commercial law, the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.

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Business Law

question

enforceable rules in a society

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Laws

question

laws grouped into organized form

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Code

question

law based on current standards or customs of people

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Common law

question

law dictated by central authority

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Positive law

question

power to decide over a case

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Jurisdiction

question

fairness (clergyman)

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Equity

question

law made when courts interpret constitutions

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Constitutional law

question

laws enacted by legislatures

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Statutes

question

legislation at the local level

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Ordinance

question

governmental bodies formed to carry out particular laws

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Administrative agencies

question

law created by judicial branch

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Case law

question

Latin for "to adhere to decided cases"

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Stare decisis

question

when a law is in conflict with a constitution

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Unconstitutional

question

violation of private legal rights of an individual

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Civil law

question

offense against society

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Crime

question

violation of citizens' rights to live in peace

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Criminal law

question

law that deals with methods of enforcing legal rights and duties

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Procedural law

question

defines rights and duties

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Substantive law

question

rules that apply to business situations and transactions

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Business law

question

private wrongs against people or organizations

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Torts

question

deciding what is right or wrong in a reasoned, impartial manner

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Ethics

question

Making decisions that treat everyone the same

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Impartiality

question

ethics that deal with business

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Business ethics

question

Ethics that evaluates the results of an action

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Consequence-based reasoning

question

Standard for judging right and wrong, (love etc)

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The Good

question

Ethical decisions that evaluate only the act and not its consequences

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Fundamental ethical rules

question

A mental test to identify illogical actions

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Universalizing

question

Legitimate claims on other people, which flow from each person's status as a human being

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Moral rights

question

more than 50%, in elections and legislative bodies

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Majority rule

question

Personal, human rights recognized and guaranteed by our Constitution

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Civil rights

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Doing what is right even under pressure to act otherwise

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Integrity

question

Insurance policy that pays the employer money in the case of theft by employees

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Fidelity bond

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Open, peaceful conduct in violation of an alleged unjust law

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Civil disobedience

question

A person who does not respect the law

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Scofflaws

question

made by 13 original American colonies against King George III of England and guaranteed rights

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Declaration of Independence

question

loose charter made by 13 sovereign states

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Articles of Confederation

question

7 articles, framing document that currently consists of 7 articles and 27 amendments

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US Constitution

question

the first ten amendments of the U.S. Constitution

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Bill of Rights

question

Personal, natural rights guaranteed by the Constitution

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Civil Rights

question

benefits to which a person is justly entitled to by law

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Legal rights

question

Obligations or standards of conduct toward other persons that are enforceable by law

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Legal duties

question

Concept of fundamental fairness in compliance with reasonable and just laws

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Due process of law

question

Division and allocation of the powers of government between its various branches

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System of checks and balances

question

private organization of citizens who select and promote candidates for election to public office, not in Constitution

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Political party

question

trying a governmental official for misconduct in an office

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Impeachment cases

question

Change or alteration, ¾ pass

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Amendment

question

Governmental system wherein each citizen may vote directly to decide issues

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Democracy

question

Governmental systems wherein citizens elect representatives to decide issues

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Republic

question

Freedom from external control

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Sovereignty

question

take dispute to court

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Litigate

question

governmental forum that administers justice under the law

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Court

question

independent third party who tries to develop a solution acceptable to both sides, not biding

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Mediator

question

someone who holds an informal hearing to determine what happened, binding both parties

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Arbitrator

question

first court to hear a dispute

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Trial court

question

power to hear a case in full for the first time

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Original jurisdiction

question

a court that reviews decision of a lower court if a party claims there was an error made in the previous procedure

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Appellate court

question

a verbatim record of what went on at trial

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Transcript

question

written arguments on the issues of law

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Appellate briefs

question

a court that can hear almost any type of case

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General jurisdiction

question

court that only hears one specific type of case

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Special jurisdiction

question

order that compels the state court to turn over the record of the case to the Supreme Court for review

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Writ of certiorari

question

a court whose proceedings are recorded and available as evidence of fact

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Court of record

question

title given to judges who sit on the state and federal Supreme Court

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Justice

question

lower courts below main courts of general original jurisdiction

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Associate circuit courts/ county courts

question

courts that administer their ordinances

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Municipal court

question

courts that handle disputes in which small amounts, $2,500 or less, are involved

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Small claims court

question

younger members of society

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Juveniles

question

courts that administer wills and estates

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Probate courts

question

punishable offense against society

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Crime

question

breach of duty, the specific conduct that violates the statute

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Criminal act

question

doctrine that explains that a corporate officer can be held criminally responsible

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Vicarious criminal liability

question

the criminal conduct of taking another's property or money by a person to whom it has been trusted

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Embezzlement

question

crime punishable by confinement for more than a year in a state prison or by a fine of more than $1,000

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Felony

question

people who lie under oath

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Perjury

question

less serious crime

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Misdemeanor

question

lesser misdemeanors, can only be fined, not entitled to a jury trial

answer

Infractions

question

offenses committed in the business world, do not involve force or violence, do not cause injury or physical property damage

answer

White-collar crimes

question

state that competing companies may not cooperate in fixing prices or dividing sales regions

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Antitrust laws

question

variation of larceny, taking of property from another's person or immediate presence against the victim's will, by force or by causing fear

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Robbery

question

entering a building without permission when intending to commit a crime

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Burglary

question

one who obtains money or other property by lying about a past or existing fact

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False pretenses

question

falsely making or materially altering a writing to defraud another

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Forgery

question

unlawfully offering or giving anything of value to influence the performance of an official

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Bribery

question

obtaining money or other property from a person by wrongful use of force, fear, or the power of office

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Extortion/blackmail

question

an agreement between two or more persons to commit a crime

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Conspiracy

question

willful and illegal burning of a building

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Arson

question

based on problems with the way evidence is obtained or the way the accused is arrested, questioned, tried, or punished

answer

Procedural defenses

question

disprove, justify, or excuse the alleged crime

answer

Substantive defenses

question

use of force that appears to be reasonably necessary to the victim to prevent any harm, extends to members of one's family and household and to other whom one has a legal duty to protect

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Self defense

question

allows the defendant to escape liability

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Defense

question

exists when the accused does not know the difference between what is right and wrong

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Criminal insanity

question

freedom from prosecution even when one has committed the crime charged, can be granted in exchange for an agreement to testify about the criminal conduct of several other criminals, however, if an immune witness refuses to testify, he/she is guilty of contempt of court

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Immunity

question

action that hinders the administration of justice

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Contempt of court

question

any penalty provided by law and imposed by a court

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Punishment

question

where an accused person may agree to plead guilty to a less serious crime in exchange for having a more serious charge dropped

answer

Plea bargaining

question

private or civil wrong

answer

Tort

question

torts for which the defendant intended either the injury or act

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Intentional torts

question

when a person intentionally threatens to physically or offensively injure another

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Assault

question

intentional breach of the duty to refrain from harmful or offensive touching of another

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Battery

question

depriving a person of freedom of movement without the person's consent and without privilege

answer

False imprisonment

question

a false statement that injures one's reputation, spoken=slander, written=libel

answer

Defamation

question

invasion of the right to privacy as protected by the US Constitution

answer

Invasion of privacy

question

entry onto the property of another without the owner's consent

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Trespass to land

question

a thief is always a converter, when property is stolen, destroyed, or used in a manner inconsistent with the owner's rights

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Conversion

question

when a third party encourages a contracted party to breach the contract

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Interference with contractual relations

question

intent is not required, only carelessness

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Negligence

question

liability that exists even though the defendant was not negligent

answer

Strict liability

question

monetary award to the injured party to compensate for a loss

answer

Damages

question

anything that the judge allows to be presented to a jury that helps prove or disprove the alleged facts

answer

Evidence

question

made by witnesses under oath

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Testimony statements

question

written order by the judge commanding a witness to appear in court to give a testimony

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Subpoena

question

someone who has personal knowledge of the facts related to a case

answer

Witness

question

jury's decision

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Verdict

question

final result of the trial

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Judgement

question

intentional misrepresentation of an existing, important fact that is relied on and causes financial injury

answer

Fraud

question

an agreement that courts will enforce

answer

Contract

question

person who communicates a serious, definite proposal

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Offeror

question

persons to whom the offer is made

answer

Offerees

question

proposal by an offeror to do something, provided the offeree does something in return

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Offer

question

objective legal test used by jurors or judges (rather than a subjective test based on what offerors say they were thinking) to determine if the offer made indicated the offeror intended to contract

answer

Test of the reasonable person

question

right to withdraw an offer before it is accepted, not effective until communicated to the offeree

answer

Revocation

question

offeree's response to an offer which modifies it, when a party changes some of the terms of a contract, counteroffer counts as rejection of old contract

answer

Counteroffer

question

separate contract arising when the offeree gives the offeror something of value in return for a promise to leave an offer open

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Option

question

occurs in contracts when a party to whom an offer has been made agrees to the proposal

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Acceptance

question

requires that the terms in the acceptance must exactly match the terms contained in the offer

answer

Mirror image rule

question

offeree indicates acceptance by performing his/her obligations under the contract, offeror promises something in return for the offeree's performance and indicates that this performance is the way acceptance must be made

answer

Unilateral contracts

question

offeree can accept offer by giving a promise to the offeror instead of performing the contracted-for act

answer

Bilateral contracts

question

agreement to enter into a contract that is evidenced by words or conduct between the parties

answer

Genuine agreement

question

contract in which the injured party can withdraw

answer

Voidable

question

backing out of the transaction by asking for the return of what you gave and offering to give back what you received

answer

Rescission

question

acting toward the contract as though one intends to be bound by it

answer

Ratification

question

occurs when one party uses an improper threat or act to obtain an expression of agreement

answer

Duress

question

occurs when one party to a contract is in a position of trust and wrongfully dominates the other party

answer

Undue influence

question

occurs when one party holds an incorrect belief about the facts related to a contract

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Unilateral mistake

question

both parties to a contract have an incorrect belief about an important fact

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Mutual mistake

question

important facts that influence both parties' decisions about a contract

answer

Material facts

question

party to a contract does not know that a statement he/she made is untrue

answer

Innocent misrepresentation

question

party to a contract knows that a statement he/she made is untrue

answer

Fraudulent misrepresentation

question

intentional misrepresentation of an existing, important fact

answer

Fraud

question

transfer of ownership without receiving anything in return

answer

Gift

question

person giving the gift

answer

Donor

question

person receiving the gift

answer

Donee

question

that which is given or received in a contract

answer

Consideration

question

to not do something

answer

Forbearance/detriment

question

a person promising an action or forbearance

answer

Promisor

question

the person to whom the promise is being made

answer

Promisee

question

there has been a change in a party's legal position as a result of the contract

answer

Legal value

question

token amount identified in a written contract when parties either cannot or do not wish to state the amount precisely

answer

Nominal consideration

question

agreement to purchase all of a particular producer's production

answer

Output contract

question

seller agrees to supply all of the needs of a particular buyer

answer

Requirements contract

question

a debt where the parties agree that the debt exists and on the amount of the debt

answer

Liquidated debt

question

parties' agreement to change the obligation required by their original contract and the performance of the new obligation

answer

Accord and satisfaction

question

party settles a claim at the time the tort occurs, and liability is unliquidated because the extent of damages is uncertain

answer

Release

question

agreement by all creditors to accept something less than the total amount of their claims as full payment

answer

Composition of creditors

question

promise is enforced even though no consideration is given for it

answer

Promissory estoppel

question

state laws setting time limit for bringing a lawsuit

answer

Statute of limitations

question

underlying contract to keep a contract open

answer

Option contract

question

binding offer stating in writing how long it is to be held open

answer

Firm offer

question

individual under the age of majority

answer

Minors

question

ability to understand that a contact is being made and its general meaning

answer

Contractual capacity

question

things needed to maintain life and lifestyle

answer

Necessaries

question

things that are relative luxuries

answer

Non-necessaries

question

both parties to a contract return the consideration

answer

Disaffirmance

question

acting toward a contract as though one intends to be bound by it

answer

Ratification

question

severing the child-parent relationship

answer

Emancipation

question

minor part of one's life

answer

Minority

question

age at which a person can be legally bound to contracts

answer

Age of majority

question

mental impairment caused by voluntary use of alcohol, drugs, or inhalants

answer

Intoxication

question

condition in which a party to a contract is unable to understand the consequences of the contractual act

answer

Mental incapacity

question

range of acts an organization has authorized an employee to do

answer

Scope of authority

question

activity involving an agreement with the following: payment to participate, chance to win based on luck rather than skill, and a prize for one or more winners

answer

Gambling

question

bet on the uncertain outcome of an event

answer

Wager

question

rate of interest at which lenders may not exceed by law

answer

Maximum rate of interest

question

the illegal action or practice of lending money at unreasonably high rates of interest.

answer

Usury

question

rate specified by statute when interest is called for but no percentage is stated in the contract

answer

Legal rate of interest

question

higher interest rates that loan companies and pawnbrokers may change on loans up to $2,000

answer

Small loan rate of interest

question

accepting something of value for a promise not to inform on or prosecute a suspected criminal

answer

Compounding a crime

question

state requirement for people in certain occupations and businesses to pass exams and receive a license

answer

Competency license

question

required license imposed by government on certain occupations for the sole purpose of raising money

answer

Revenue license

question

competitors agree to charge the same amount for a product or service

answer

Price fixing

question

competitors' agreement that one bidder will have the lowest bid for a particular job

answer

Bid rigging

question

manufacturer attempts to influence the retail price of its product

answer

Resale price maintenance

question

competitors' agreement to split market areas between themselves

answer

Allocation of markets

question

restoring or making good a loss; repayment of money illegally obtained

answer

Restitution

question

contracts where separate consideration is given for the illegal and legal parts

answer

Divisible

question

contract for which legal and illegal parts cannot be separated or broken out into separate items

answer

Indivisible

question

term or contract that is grossly unfair and oppressive under the UCC

answer

Unconscionable

question

element of unconscionability shown by how the contract is created

answer

Procedural unconscionability

question

element of unconscionability established by the terms of the agreement

answer

Substantive unconscionability

question

crime of lying under oath

answer

Perjury

question

law stating that certain agreements are not enforceable in court unless they are evidenced by a signed writing

answer

Statute of frauds

question

contracts required to be in writing to be enforceable in court

answer

Within the statute of frauds

question

contracts which are not governed by the statute of frauds, thus not required in writing

answer

Without the statute of frauds

question

contract that has been fully performed

answer

Executed contract

question

contract that has not yet been fully performed

answer

Executory contract

question

obligation that is enforced as if it were a contract in order to prevent unjust enrichment of one party

answer

Quasi-contract

question

promise to pay a debt or default of another

answer

Collateral promise

question

promise to pay another's debt that is not conditioned upon the other person's failure to pay

answer

Primary promise

question

exception to a statute of frauds provision making a third party liable for an oral promise to pay another's debt if the main purpose of the promise serves the promisor's own interest

answer

Main purpose rule

question

contract clause stating that both parties agree that the terms written in the contract constitute the entire and final agreement

answer

Integration clause

question

rule under which oral testimony cannot be used to contradict terms in a complete, final, written contract

answer

Parol evidence rule

question

spoken words inadmissible in court

answer

Parol statements/Parol evidence

question

method of contract interpretation focused on the main goals of the parties to the contract

answer

Parties' principal objective

question

contract in which the more powerful party dictates all the important terms

answer

Contracts of adhesion

question

something a party will receive under a contract

answer

Contractual rights

question

one who transfers contractual rights

answer

Assignor

question

party to whom a transfer of contractual rights is made

answer

Assignee

question

fulfillment of contractual promises as agreed

answer

Performance

question

legal obligations created by a contract

answer

Contractual duties

question

turning over to another party one's duties under a contract

answer

Delegation of duties

question

one who owes a duty under a contract

answer

Obligor

question

termination of contractual duties that ordinarily occurs when the parties perform as promised

answer

Discharge

question

failure to provide complete performance of contractual obligations

answer

Breach of contract

question

ending a contract for sale of goods because of breach, while retaining other remedies; also, any act that shows an intent to end the obligation of payment of commercial paper

answer

Cancellation

question

performance of all but a minor contractual duty

answer

Substantial performance

question

failure to perform a legal duty or failure to perform an agreement

answer

Defaults

question

notification, before the scheduled time of performance, of refusal to perform contractual terms as agreed

answer

Anticipatory breach

question

parties' replacement of their original contract with a new contract

answer

Substitution

question

agreement between the parties to a contract to change to obligation required

answer

Accord

question

performance of the new contractual obligation parties have agreed to substitute for their original obligation

answer

Satisfaction

question

contractual party's release of the other party from the duty of performance and the acceptance of a substitute party

answer

Novation

question

in contracts, material change in the terms of a contract made intentionally by one party without consent of the other

answer

Alteration

question

offer to perform an obligation

answer

Tender

question

currency or coins

answer

Legal tender

question

action or procedure followed to enforce a right or to compensate for an injury

answer

Remedy

question

deducting the cost of completing or fixing a minor breach from payment of the contract price to the breaching party

answer

Offset

question

restoring or making good a loss; repayment of money illegally obtained

answer

Restitution

question

amount of awarded to compensate for a plaintiff's loss

answer

Compensatory money damages

question

money awarded to a party for foreseeable injuries caused by the other party's breach

answer

Consequential money damages

question

damages agreed upon before a possible breach of contract

answer

Liquidated money damages

question

money a court requires a defendant to pay in order to punish and set an example of the defendant

answer

Punitive damages

question

token amount awarded when rights have been violated but there is no actual injury

answer

Nominal damages

question

court order for a defendant to do exactly what he or she promised to do in the contract

answer

Decree for specific performance

question

to act to minimize one's injury

answer

Mitigate damages

question

contractual party's intentional and explicit giving up of a contractual right

answer

Waiver

question

state laws setting time limit for bringing a lawsuit

answer

Statute of limitations

question

legal proceedings discharging debts and distributing assets

answer

Bankruptcy

question

contract in which ownership of goods transfers from the seller to a buyer for a price

answer

Sale

question

transaction in which transfer of ownership is to take place in the future

answer

Contract to sell

question

consideration for a contract to sell or sale of goods

answer

Price

question

exchange of goods for goods

answer

Barter

question

items of tangible, movable, personal property

answer

Goods

question

delivery of the agreed-upon price and the concurrent acceptance of it by the seller

answer

Payment

question

seller in sales of goods and contracts to sell

answer

Vendor

question

buyer in sales of goods and contracts to sell

answer

Vendee

question

receipt that serves as written evidence of the transfer of ownership of goods

answer

Bill of sale

question

term or contract under the UCC that is grossly unfair and oppressive

answer

Unconscionable

question

contract in which the more powerful party dictates all the important terms

answer

Contracts of adhesion

question

seller who deals regularly in a particular type of goods or who claims special knowledge in a certain type of sales transaction

answer

Merchant

question

seller who does not meet the definition of a merchant

answer

Casual sellers

question

innocent third party to a fraudulent transfer of goods who gives value to the goods and gains rights in them

answer

Good faith purchase

question

physically existing goods owned by the seller

answer

Existing goods

question

designated subject matter of a particular sales contract

answer

Identified goods

question

goods that are not both existing and identified

answer

Future goods

question

to place the goods at the buyer's disposal or to give notice to the buyer that delivery can be received

answer

Tender of delivery

question

free on board

answer

FOB

question

cost, insurance, freight price

answer

CIF

question

sale that, by agreement of the parties, calls for payment of the goods at a later date

answer

Credit sale

question

collect on delivery

answer

COD

question

completed sale in which the buyer has the option of returning the goods

answer

Sale or return

question

goods are delivered to the buyer in an "on trial" or "on satisfaction" basis

answer

Sale on approval

question

sale involving a person who sells a fractional interest in a single good or in a number of goods that are to remain together

answer

Sale of an undivided interest

question

public sale to the highest bidder

answer

Auction

question

transfer, generally by sale, of all or a major part of the goods of a business in one unit at one time

answer

Bulk transfer

question

individual who acquires goods primarily for personal, family, or household use

answer

Consumer

question

let the buyer beware

answer

Caveat emptor

question

court procedure allowing a party to bring suit on his or her behalf and for those similarly situated

answer

Class action

question

governmental order requiring that certain improper conduct be stopped

answer

Cease-and-desist order

question

voluntarily, court-enforced agreement between the government and an offender requiring the termination of an illegal or questionable practice

answer

Consent order

question

repayment of money illegally obtained

answer

Restitution

question

dishonest, fraudulent, or anticompetitive business method

answer

Unfair trade practice

question

advertising that improperly deceives or conceals material facts

answer

False or misleading advertising

question

game involving elements of prize, chance, and consideration

answer

Lottery

question

improper business practice involving luring buyers with an understocked, low-priced good only to sell them a more profitable one

answer

Bait and switch

question

let the seller beware

answer

Caveat venditor

question

relationship or connection between parties to a legally binding agreement

answer

Privity of contract

question

statement about the product's qualities or performance that the seller assures the buyer is true

answer

Warranty

question

assurance of quality or performance explicitly made by the seller

answer

Express warranty

question

express warranty that obligates the seller to repair or replace a defective product without cost to the buyer within a reasonable time

answer

Full warranty

question

warranty providing a level of protection less than a full warranty

answer

Limited warranty

question

greatly exaggerated sales talk

answer

Puffing

question

warranty obligation implicitly imposed by law on all sellers

answer

Implied warranty

question

claims of third parties against the goods

answer

Encumbrances

question

warranty requiring that the goods fit the ordinary purposes for which the goods are used

answer

Warranty of merchantability

question

notice of exclusion in a warranty

answer

Disclaimer

question

legal union of a man and woman as husband and wife

answer

Marriage

question

marital relationship legalized by the couple holding themselves out as husband and wife and sharing home and property for an extended period

answer

Common-law marriage

question

mutual duties of the wife and husband

answer

Marital consortium

question

the creating of a parent-child relationship

answer

Adoption

question

keeping a spouse from getting property rights

answer

Prenuptial agreement

question

court order that cancels a marriage because of a problem that existed from the beginning of the marriage

answer

Annulment

question

valid marriage that can be terminated by one or both parties due to improper grounds

answer

Voidable marriage

question

marriage considered invalid from the beginning

answer

Void marriage

question

a person who knowingly marries a second spouse while still married to the first, bigamy is a crime

answer

Bigamist

question

court action terminating a marriage

answer

Divorce

question

termination of marriage

answer

Dissolution

question

divorce proceeding in which the requesting spouse does not have to show cause

answer

No-fault divorce

question

stage in the divorce process where the spouses maintain their marital rights and obligations, but do not live together

answer

Separation

question

division of the physical and other care and control responsibilities for a child

answer

Child custody

question

monetary payment by a parent to provide a dependent child with appropriate economic maintenance

answer

Child support

question

support paid by the wage earner of the family to the other spouse

answer

Alimony

question

tangible and intangible things and their corresponding legal rights and interests

answer

Property

question

tangible, movable property and intangible property

answer

Personal property

question

items of tangible, movable, personal property

answer

Goods

question

purely intangible personal property that one cannot touch or move

answer

Intellectual property

question

protects the expression of a creative work, such as the work of an artist, author, or composer

answer

Copyright

question

unauthorized copying, sale, display, or performance of a copyrighted work

answer

Infringement

question

limited use of copyrighted works by critics, researchers, new reporter, and educators

answer

Fair use

question

some sort of mark that identifies a service as opposed to a product

answer

Servicemark

question

unique marking of some sort that identifies a product of a particular manufacturer or merchant

answer

Trademark

question

government grant of exclusive right to make, use, and sell a product or process that is novel, unobvious, and useful

answer

Patent

question

unpatented, valuable formula or process not known to others

answer

Trade secret

question

shift of physical possession of the property to the new owner

answer

Delivery

question

person receiving the gift

answer

Donee

question

person giving the gift

answer

Donor

question

right of an owner of property to an increase in that property

answer

Accession

question

property that is intentionally placed somewhere but then forgotten

answer

Mislaid property

question

property that the owner unknowingly leaves somewhere or accidentally drops

answer

Lost property

question

acquisition of title by taking possession of personal property that belongs to no one

answer

Occupancy

question

ownership of all property rights by oneself

answer

Ownership in severalty

question

ownership existing when two or more persons have the same ownership rights in the same property

answer

Co-ownership

question

attribute of co-ownership which means that no co-owner can exclude any other co-owner from physical portion of the property

answer

Equal rights of possession

question

attribute of co-ownership which allows any co-owner to require the division of the property among the co-owners

answer

Right of partition

question

co-ownership of property with equal interests and the right of survivorship

answer

Joint tenancy

question

right of one joint tenant to ownership of property when the other joint tenant dies

answer

Right of survivorship

question

form of co-ownership by which the partners hold partnership property

answer

Tenancy in common

question

property owned equally by spouses

answer

Community property

question

usual form of co-ownership between married, carrying equal interest and the right of survivorship

answer

Tenancy by the entireties

question

property owned by either spouse at the time of marriage or received as a gift or inheritance

answer

Separate property

question

transfer of possession of personal property without transfer of ownership

answer

Bailment

question

party who gives up possession of the property

answer

Bailor

question

person having temporary possession and control of another person's goods, holding them in trust for a specified purpose

answer

Bailee

question

bailee's receipt and acceptance of the goods themselves

answer

Actual bailments

question

care and present control of another's personal property under the owner's direction

answer

Custody

question

goods of an essentially identical nature

answer

Fungible

question

duty arising from an extraordinary bailment in which the bailee is liable for all damage, loss, or injury

answer

Extraordinary care

question

bailment that requires an unusually high standard of care

answer

Extraordinary bailment

question

arises when only one of the parties benefits from the bailment

answer

Gratuitous bailment

question

duty created by mutual-benefit bailment in which the bailee is liable only if negligent in some fashion

answer

Ordinary care

question

consideration is given and received by both bailor and bailee

answer

Mutual-benefit bailment

question

duty arising from an bailment in which the bailee must not ignore, waste, or destroy the property

answer

Minimal care

question

arises without consent of the bailee, raises issue of whether the goods are lost or misplaced

answer

Involuntary bailments

question

sign, label, or warning reducing a bailee's duty of care

answer

Disclaimer

question

right of a bailee to retain possession of the bailed property until payment is made

answer

Bailee's lien

question

one who agree, for a fee, to transport goods that are lawful and fit for shipment for anyone who applies

answer

Common carrier

question

fee for delay by party shipping goods in loading or by party receiving goods in unloading

answer

Demurrage

question

carrier's right to retain possession of the goods until the charges for transportation and incidental services are paid

answer

Carrier's lien

question

bailment in which ownership remains with the manufacturer or wholesaler until the goods are sold

answer

Consignment

question

goods are delivered to the buyer in an "on trial" or "on satisfaction" basis

answer

Sale on approval

question

land, things permanently attached to land, and certain rights to use the land of others

answer

Real property

question

basic physical element of realty

answer

Land

question

right to dig or mine the earth on realty

answer

Mineral right

question

control of water on surface or under the ground of realty

answer

Water right

question

when personal property is permanently attached to realty

answer

Fixture

question

items of personal property attached to realty by business tenants

answer

Trade fixtures

question

bundle of ownership rights in, and powers over, realty; also property of the deceased

answer

Estate

question

transaction when an estate is transferred from a grantor to a grantee by deed

answer

Conveyance

question

estate with all the ownership rights

answer

Fee simple absolute

question

make ownership conditional on some act or event

answer

Conditional estates

question

ownership only for the length of a life

answer

Life estate

question

the legal document used to transfer ownership of real property

answer

Deed

question

also known as tenancies, involve ownership for a limited period of time

answer

Nonfreehold estates

question

occurs when you adversely/harmfully and exclusively possess in an open and notorious way the land of another private person

answer

Adverse possession

question

involves giving real property to the government, for use as a park or roadway

answer

Dedication

question

power of the government to take private property for public use in exchange for the fair market price

answer

Eminent domain

question

irrevocable rights to some limited use of another's land

answer

Easements

question

promise usually made in writing by the buyer to the seller

answer

Restrictive covenants

question

law adopted by city or country to regulate the location of residential, business, and industrial districts

answer

Zoning ordinances

question

treatment of a single property in a manner inconsistent with the treatment of similar properties in the area

answer

Spot zoning

question

granted by a city or country to allow a landowner to make some use of his or her land that is inconsistent with the general zoning ordinance

answer

Variance

question

when a person is on the land without a right to be there

answer

Trespass

question

something that attracts children to trespass

answer

Attractive nuisance

question

legal right in another's property given as security for the performance of a financial obligation

answer

Lien

question

agreement in which one party receives temporary possession of another's real property

answer

Lease

question

consideration given in return for temporary possession

answer

Rent

question

person conveying possession of realty

answer

Landlord

question

person receiving possession of realty

answer

Tenant

question

ownership interest of the tenant

answer

Leasehold estate

question

when the leasehold is for a renewable period of time with rent due at stated intervals

answer

Periodic tenancy

question

when rent is paid by the month

answer

Tenancy from month to month

question

when a leasehold is for a definite period of time

answer

Tenancy for years

question

if a tenant remains in possession after a lease has expired

answer

Tenancy at sufferance

question

when a party possesses land with the owner's permission but without an agreement as to the term of the lease or the amount of the rent

answer

Tenancy at will

question

when a landlord blocks the tenant from possession of all the real property

answer

Eviction

question

when a landlord fails to perform certain duties as defined in the lease or imposed by statute and if the tenant abandons the premises because of such a breach

answer

Constructive eviction

question

when the tenant either leases all the property to a third person for a period of time that is less than that remaining on the lease of leases part of the property to a third person for part or all the term remaining

answer

Subletting

question

takes place when the tenant transfers his or her entire interest in the lease to a third person

answer

Assignment of a lease

question

implied warranty where a landlord is required to provide residential property in a condition fit for human living

answer

Warranty of habitability

question

contractual arrangement that protects against loss

answer

Insurance

question

when one party pays to compensate for harm

answer

Indemnify

question

the party who agrees to indemnify

answer

Insurer

question

party covered or protected

answer

Insured

question

recipient of the amount to be paid

answer

Beneficiary

question

written contract of insurance

answer

Policy

question

the stated maximum amount that could be paid if the harm a person is insured against occurs

answer

Face value

question

consideration for a contract of insurance

answer

Premium

question

possible loss arising from injury to to death of a person or from damage to property from a specified peril

answer

Risk

question

potential to sustain loss if the injured property is damaged or destroyed or if the insured person is injured or dies

answer

Insurable interest

question

type of insurance intended to indemnify for harm to the insured's personal or real property brought about by perils such as theft and windstorm

answer

Property insurance

question

type of insurance that indemnifies for losses resulting from accident, chance, or negligence

answer

Casualty insurance

question

exceptions that are expressly stated in the policy that relieve the insurance company from paying

answer

Exclusions

question

type of property insurance that covers the direct loss to property resulting from fire, lightning strike, or removal from premises endangered by fire

answer

Fire insurance

question

attached to the policy and forms to provide for special and individual needs

answer

Endorsements

question

clause in a fire insurance policy that requires the insured to maintain coverage equal to a certain percentage of the total current value of the insured property

answer

Coinsurance

question

insurance covering goods being transported on the high seas

answer

Inland marine insurance

question

casualty insurance that indemnifies against personal injury or property damage claims for which the insured is legally responsible

answer

Liability insurance

question

insurance providing liability and other coverages for the operation of a motor vehicle

answer

Automobile insurance

question

indemnifies against all damage to the insured's car except that caused by collision or upset

answer

Comprehensive insurance

question

requires that parties to an automobile accident be indemnified by their own insurance company regardless of who is at fault

answer

No-fault insurance

question

contractual arrangement under which an insurer promises to pay an agreed upon amount of money to a named party upon the death of a particular person

answer

Life insurance

question

indemnifies persons partially from the hard financial consequences of unemployment, disability, death, or forced retirement

answer

Social insurance

question

person who dies

answer

Decedent

question

those who die without a valid will

answer

Intestate

question

male personal representative to take charge of the intestate's property/female personal representative to take charge of the intestate's property

answer

Administrator/Administratrix

question

property of the deceased

answer

Estate

question

when the someone dies leaving a valid will

answer

Testate

question

legal expression usually in writing by which a person directs how their property is to be distributed after their death

answer

Will

question

maker of the will that is male/maker of the will that is female

answer

Testator/Testatrix

question

personal representative who is named by the maker of a will to carry out the directions in the will and is male/female

answer

Executor/Executrix

question

clear intention to make a will

answer

Testamentary intent

question

maker must know at least in a general way the kind and extent of the property involved, the persons who stand to benefit, and that he/she is making arrangements to dispose of his or her property after death

answer

Testamentary capacity

question

a formal, written, and witnessed amendment to a will

answer

Codicil

question

one that was entirely written by the decedent's own hand and signed by him/her

answer

Holographic will

question

oral will

answer

Nuncupative will

question

when the property reverts to the state

answer

Escheats

question

when the transferee of the property is a separate entity under law

answer

Trust

question

legal entity that has the title to the subject property

answer

Trustee

question

creator of a trust

answer

Settlor

question

party for whose benefit the trust is managed in accordance with the settlor's wishes

answer

Beneficiary

question

trust created during lifetime of settlor

answer

Inter vivos trust

question

trust created after the death of the settlor in accordance with directions in his/her will

answer

Testamentary trust

question

a trust created for the fulfillment of an altruistic purpose

answer

Charitable trust

question

a trust created for a private purpose

answer

Private trust

question

private trust that protects the beneficiary's interest in the subject property from the beneficiary's creditors

answer

Spendthrift trust

question

trusts that are usually created by a written or oral statement in which the terms are explicitly stated by the settlor

answer

Express trust

question

first implied trust where the entity intended to receive the benefit of an express trust cannot do so

answer

Resulting trust

question

implied trust that is created to require a person holding property to transfer it to another because retention of the property would be a wrongful and unjust enrichment of the holder

answer

Constructive trust

question

when one person is authorized to alter another's legal relationships

answer

Agency

question

the person who authorizes another to alter one of his or her legal relationships

answer

Principal

question

party authorized by the principal to act on his/her behalf

answer

Agent

question

customers

answer

Third party

question

range of acts authorized by the principal

answer

Scope of authority

question

require that the agent serve the best interests of the principal

answer

Fiduciary duties

question

assumption of the law that the agent promises the third party that the principal has capacity

answer

Warranty of the principal's capacity

question

when the agent receives no consideration and there is no contract

answer

Gratuitous agency

question

agency authority directly communicated by the principal to the agent

answer

Express authority

question

any writing that appoints someone as an agent

answer

Power of attorney

question

power to do anything that is reasonably necessary or customary to carry out the duties expressly authorized

answer

Implied authority

question

created when a principal leads the third party to reasonably believe that a particular person has agency authority

answer

Apparent authority

question

duties owed by agents to principals include loyalty, care and skill, confidentiality, and accounting

answer

Fiduciary duties

question

core duty that requires that agents place the interests of their principals above the interests of all others

answer

Duty of loyalty and obedience

question

duty that requires the agent to exercise the degree of care and skill that a reasonably prudent person would use in a similar situation

answer

Duty of reasonable care and skill

question

duty that requires the agent to treat information about the principal with great caution

answer

Duty of confidentiality

question

duty that requires an agent to account to the principal for all money and property of the principal that comes into the agent's possession

answer

Duty of accounting

question

mixing the fund or property of the principal and agent

answer

Commingling

question

separate accounts for the funds of principals

answer

Trust accounts

question

when the principal accepts the benefits of the unauthorized transaction with the third party

answer

Ratification

question

occurs when the agent is not allowed to disclose the principal's existence or identity

answer

Undisclosed principal

question

party who pays

answer

Employer

question

party who does the work

answer

Employee

question

when an employer contracts to pay an employee to do work under supervision and control

answer

Employment

question

an employee can be discharged at any time because there has been no agreement about the length of his/her employment, also the employee may quit without being liable for breach of contract at any time

answer

Employment at will

question

the employee has the duty to obey the reasonable orders and rules of the employer

answer

Duty of obedience

question

requires that those who accept work possess the skill, experience, or knowledge necessary to do it

answer

Duty of reasonable skill

question

the employee is obligated to look out for the best interests of the employer

answer

Duty of loyalty and honesty

question

an employer is justified in discharging an employee who fails to perform assigned duties at the prescribed time and in the prescribed manner

answer

Duty of reasonable performance

question

deductions of money from employee's payroll

answer

Payroll deductions

question

payment into an insurance fund that compensates employees for injuries on the job

answer

Worker's compensation

question

document obtained from the state allowing a person under 18 years old to work

answer

Work permit

question

firing an employee in retaliation for reporting violations of law by the company

answer

Wrongful discharge

question

workers who have been terminated despite having complied with all the terms of their employment contracts

answer

Discharged without cause

question

money paid by the government for a private insurance fund to workers who have lost their job through no fault of their own

answer

Unemployment compensation

question

if an employee has been discharged because of violating an employment obligation

answer

Discharged for a cause

question

employment contracts in which new employees promise not to join a union

answer

Yellow-dog contracts

question

injunction issued by a judge after hearing only one side of an argument

answer

Ex parte injunction

question

any group of employees whose employment contract is negotiated together

answer

Bargaining unit

question

signature on card indicates that a worker wants to be represented by a particular union

answer

Authorization card

question

conducted by a union if workers wish to be represented by a union but management will not voluntarily recognize it

answer

Representation election

question

selecting a bargaining representative by a majority secret vote of the workers in the bargaining unit, NLRB then recognizes that union as the exclusive negotiator for all employees in the bargaining unit

answer

Certification

question

process by which employees can reject union representation or select a different union

answer

Decertification election

question

establishment in which all workers must join the union within a stated period

answer

Union shop

question

establishment in which nonunion members are not required to join an union but must pay union dues

answer

Agency shop

question

establishment in which nonunion members are not required to join the union or pay union dues

answer

Open shop

question

state laws which ban the union shop, closed shop, and agency shop

answer

Right-to-work laws

question

process by which the union and employer negotiate a contract that binds both sides

answer

Collective bargaining

question

collective bargaining situation in which the union and the employer cannot decide on important issues

answer

Deadlocked

question

attempt by a neutral third party to achieve a compromise between the two parties in dispute

answer

Mediation

question

union or employer actions which violate the rights of employees with respect to union activity

answer

Unfair labor practices

question

walking with signs at employer's business to publicize dispute or influence opinion

answer

Picketing

question

work stoppage in which the dispute is over wages, hours, or conditions of employment

answer

Economic strike

question

work stoppage in which the dispute is over unfair labor practices

answer

Unfair labor practice strike

question

refusal to buy or use an employer's goods or services

answer

Boycott

question

stopping a labor dispute by federal court order for a period of 80 days when a national emergency strike is threatened

answer

Cooling-off period

question

work stoppage that involves national defense or major industries or that would imperil national health or safety

answer

National emergency strike

question

employees' refusal to buy their employer's products or services

answer

Primary boycott

question

striking employees try to encourage customers to stop buying products or services of a third party

answer

Secondary boycott

question

collectively stop working to force an employer to give in to union demands

answer

Strike

question

occurs when an employer temporarily closes down operations to induce the union to agree to the employer's position

answer

Lockout

question

treating individuals differently in the workplace on the basis of race, color, gender, national origin, or religion

answer

Employment discrimination

question

groups that employment law protects

answer

Protected classes

question

employer's actions were meant to advance the business rather than to create unjustified discrimination

answer

Business necessity

question

when an employer treats members of a protected class less favorably than other employees

answer

Unequal treatment/disparate treatment

question

a job requirement that compels discrimination against a protected class

answer

Bona fide occupational qualification

question

system that rewards employees for length of employment rather than merit

answer

Bona fide seniority system

question

label for a workplace policy that does not seem on the surface to discriminate against any protected class

answer

Neutral on its face

question

employer treats members of a protected class less favorably, has the effect of eliminating members of a protected class

answer

Disparate impact

question

people qualified for a particular job

answer

Applicant pool

question

persons actually in the workforce

answer

Workforce pool

question

linking of the challenged practice and the difference in percentages of protected class persons

answer

Causation

question

one thing exchanged for another; type of sexual harassment case in which a supervisor seeks sexual favors from a subordinate in exchange for continued employment or a favorable term or condition of employment

answer

Quid pro quo

question

interference with an employee's ability to work through unwelcome comments, gestures, or touching of a sexual nature

answer

Hostile environment

question

court-ordered plan to remedy past discrimination by bringing the percentages of minorities and women in the workforce up to their corresponding percentages in the pool of qualified applicants

answer

Affirmative action plan

question

physical or mental condition that substantially limits a major life activity

answer

Disability

question

suit brought by an employee against an employer that claims the employer's carelessness caused the employee's injury

answer

Negligence suit

question

defenses in a negligence suit that include the employee's contributory negligence, employee's assumption, and co-worker negligence

answer

Common-law defenses

question

person is aware of a danger on the job but agrees to do it anyways

answer

Assumption of risk

question

employee does something carelessly to contribute to her or his injury or death

answer

Contributory negligence

question

one worker causes the injury of another

answer

Co-worker negligence

question

laws that require most employers to buy insurance to pay benefits to injured employees

answer

Workers' compensation statutes

question

federal agency that administers the Occupational Safety and Health Act by enacting safety regulations and inspecting workplaces

answer

Occupational Safety and Health Administration (OSHA)

question

law enacted in 1970 that created the Occupational Safety and Health Administration

answer

Occupational Safety and Health Act (OSHA)

question

retraining an injured worker for a different job

answer

Vocational rehabilitation

question

type of law OSHA enforces that requires employers to provide a work environment free from hazards likely to cause serious physical harm or death

answer

General duty clause

question

those who do not work regularly for one employer

answer

Casual workers

question

form of business owned by one person who has total unlimited liability

answer

Sole proprietorship

question

association of two or more persons, as co-owners, to carry on a business for profit

answer

Partnership

question

legal entity created by the authority of federal or state law

answer

Corporation

question

explicit statement, orally or in writing, of the terms and conditions agreed to by the partners for running the partnership

answer

Partnership agreement

question

partnership that buys and sells goods and services commercially

answer

Trading partnership

question

partnership that provides professional and noncommercial assistance or advice

answer

Non-trading partnership

question

partnership formed for a single transaction

answer

Special partnership

question

partnership formed by two or more persons or firms combining resources and skills for one complex project

answer

Joint venture

question

all partners assume full liability for debts of the firm

answer

General partnership

question

partnership form authorized by state statute requiring at least one general partner but allowing limited liability for the rest

answer

Limited partnership

question

partner with limited liability in a limited partnership

answer

Limited partner

question

partner known to the public but who takes no active managerial role

answer

Silent partner

question

partner not known to the public but active as a manager

answer

Secret partner

question

partner neither known to the public nor active in management

answer

Dormant partner

question

person who is not a partner but who is held out as such

answer

Nominal partner

question

change in partnership relationship due to a partner ceasing his association with its ongoing purpose

answer

Dissolution

question

period following dissolution in which the ongoing business of the partnership is concluded, its obligations are satisfied, and each partner's share is distributed

answer

Winding-up period

question

conclusion of the legal existence of the partnership

answer

Termination

question

partnership in which a partner may withdraw at any time without liability to other partners

answer

Partnership at will

question

form of co-ownership by which the partners hold partnership property

answer

Tenancy in partnership

question

those who sell a business idea and the corporate form for it

answer

Promoters

question

application to a state for a corporate charter

answer

Articles of incorporation

question

signers of the articles of incorporation

answer

Incorporators

question

also called stockholder, person owning share of stock in a corporation

answer

Shareholder

question

basic stock in a corporation conveying to its owner the right to vote and to receive dividends

answer

Common stock

question

distributions of corporate earnings

answer

Dividends

question

non-voting stock conveying the right to receive a stipulated dividend before any common shareholders receive their dividends

answer

Preferred stock

question

process by which a corporation's life is ended

answer

Liquidation

question

individuals elected by the shareholders to be responsible for the overall direction of a corporation

answer

Directors

question

rule that protects management and other parties involved in a corporation form being held personally liable for honest errors in judgment made in the course of business

answer

Business judgement rule

question

two or more corporations combine to form a new one

answer

Consolidation

question

combination of corporations in which one absorbs another

answer

Merger

question

rules and regulations for the internal management of corporate affairs

answer

Bylaws

question

long-term notes a corporation issues

answer

Bonds

question

unsecured bonds

answer

Debentures

question

power to vote shares for shareholders

answer

Proxy

question

enables shareholders to protect their proportionate voting power and interest in past and future profits

answer

Preemptive right

question

taxation of a corporation as an entity based on its earnings and then of the shareholders on corporate dividends

answer

Double taxation

question

form of business organization governed by subchapter S of the Internal Revenue Code, under which earnings are treated the same as a gain or loss from a partnership and only taxed at the individual owner's level

answer

S corporation

question

form of business organization offering limited liability, taxation as a partnership, and few of the restriction for use encountered in the S corporation or limited partnership Articles of organization

answer

Limited liability corporation (LLC)

question

owners of an LLC

answer

Members

question

form of business organization easily converted to a partnership that avoids double taxation and affords partial limited liability protection

answer

Limited liability partnership (LLP)

question

trading and other commercial intercourse between or among the states

answer

Interstate commerce

question

commerce conducted wholly within one state

answer

Intrastate commerce

question

notification of parties of the charges and of the upcoming hearing/trial

answer

Due process

question

a governmental publication containing agency regulations and presidential proclamations and orders

answer

Federal Register

question

unconditional written orders or promises to pay money collectively defined

answer

Commercial paper

question

an unconditional written order by one person that directs another person to pay money to a third

answer

Draft/bill of exchange

question

person who executes or draws the draft and order payment to be made

answer

Drawer

question

party ordered to pay the draft

answer

Drawee

question

party to whom commercial paper is made payable

answer

Payee

question

draft on which payment is due immediately when presented to the drawee

answer

Sight draft

question

if a draft is payable on a set date, at the end of a specified period after sight, or at the end of a specified period after the date of the draft

answer

Time draft

question

drawee's promise to pay the draft when due

answer

Acceptance

question

type of draft by which a bank depositor orders the bank to pay money, usually to a third party

answer

Check

question

bank agrees to pay a check when due

answer

Honor

question

bank's refusal to pay a check when due

answer

Dishonor

question

when the drawer directs the bank to not pay a check when the check has been lost or stolen

answer

Stop-payment order

question

unconditional written promise by a person or persons to pay money according to the payee's order or to pay money to the bearer of the instrument

answer

Promissory note

question

person who executes a promissory note

answer

Maker

question

paper when personal property is offered as security and so indicated on the face of the note

answer

Collateral note

question

instrument bearing a bank's written acknowledgement of the receipt of money, together with an unconditional promise to repay it at a definite time in the future

answer

Certificate of deposit

question

personal check that has been accepted by a bank before payment

answer

Certified check

question

a check that a bank draws on itself

answer

Cashier's check

question

a draft drawn by a bank on funds that it has on deposit at another bank

answer

Teller's check

question

a draft issued by a post office, bank, express company, or telegraph company for use in purchasing or transferring funds for the purchaser

answer

Money order

question

a draft drawn by a well- known financial institution on itself or its agent

answer

Traveler's check

question

written unconditional promise or order for a sum certain payable on demand or at a definite time

answer

Negotiable

question

another term for commercial paper

answer

Negotiable instruments

question

proper transfer of a negotiable instrument so that the person receiving the instrument has the power to collect on it by overcoming defenses of the person who must pay it off

answer

Negotiation

question

dated earlier than the date of issuance

answer

Antedated

question

dated later than the date of issuance

answer

Postdated

question

any official currency or coin acceptable as a medium of exchange in nation at the time the commercial paper is written

answer

Money

question

clause making the entire balance of a debt due and payable upon a certain event

answer

Acceleration clause

question

commercial paper payable on sight or when presented

answer

Payable on demand

question

commercial paper legally collectible by the party in possession

answer

Bearer paper

question

commercial paper made payable to the order of a specified payee

answer

Order paper

question

signature on the reverse side of commercial paper

answer

Indorsement

question

owner of commercial paper who signs it on the reversed side

answer

Indorser

question

party to whom commercial paper is indorsed

answer

Indorsee

question

party in possession of commercial paper payable to his or her order or to bearer

answer

Holder

question

indorsement making the paper payable to the order of the designated party

answer

Special indorsement

question

indorsement limiting or eliminating signature-based liability for the indorser

answer

Qualified indorsement

question

indorsement without wording limiting or eliminating liability for the indorser

answer

Unqualified indorsement

question

places a limitation on the use of a check or other negotiable financial instrument

answer

Restrictive indorsement

question

party lending his or her credit standing to insure the payment of an instrument

answer

Accommodation party

question

party that takes commercial paper in good faith without knowledge of any defect or overdue status and gives value for it

answer

Holder in due course (HDC)

question

party that takes commercial paper after an HDC and thereby acquires the same rights in them

answer

Holder through a holder in due course (HHDC)

question

defenses good against all obligees except HDCs and HHDCs

answer

Limited defenses

question

defenses good against all obligees

answer

Universal defenses

question

any act that shows an intent to end the obligation of payment of commercial paper

answer

Cancellation

question

party's unauthorized change to or completion of a negotiable instrument intended to change the obligation of a party

answer

Alteration

question

transaction in which a party buys goods or services for personal or household use

answer

Consumer transaction

question

debit or credit to an account initiated by the use of a terminal, computer, telephone, or magnetic tape

answer

Electronic fund transfer (EFT)

question

person or business that owes money, goods, or services to another

answer

Debtor

question

that which is owed to a debtor

answer

Debt

question

party to whom a debt is owed

answer

Creditor

question

legal method or device creating a security interest in personal property or fixtures in order to protect creditors

answer

Secured transaction

question

interest in or claim against specified property of the debtor created for the purpose of assuring payment of the debt

answer

Security interest

question

property subject to the security interest of the creditor

answer

Collateral

question

right of a secured party to take back collateral to use in satisfaction of the debt

answer

Right of repossession

question

person who has a security interest in collateral owned by the debtor-buyer

answer

Secured party

question

secured transaction in which the creditor has possession of the collateral

answer

Pledge

question

contract that creates or provides for a security interest

answer

Security agreement

question

exists when the security interest is superior to all other claims in the collateral

answer

Perfected security interest

question

brief, written notice of the existence of a security interest in the identified property

answer

Financing statement

question

legal presumption that everyone has knowledge of facts on public file

answer

Constructive notice

question

filing by a creditor releasing a security interest in collateral

answer

Termination statement

question

to pay the balance due and the expenses of the creditor in exchange for receiving the collateral

answer

Redeem

question

debtor in a pledge who voluntarily gives up possession of the property

answer

Pledgor

question

creditor in a pledge who takes possession of property given up by pledgor

answer

Pledgee

question

legal right in another's property as security for the performance of an obligation such as the repayment of a loan

answer

Lien

question

pledge of tangible personal property

answer

Pawn

question

lien against realty available to one who has supplied labor or material to improve it

answer

Mechanic's lien

question

being primarily liable for a debt created in favor of the principal debtor

answer

Suretyship

question

person who owes the debt or obligation

answer

Principal debtor

question

third party agreeing to being primarily liable for debt in case of default by the principal debtor

answer

Surety

question

cosurety who pays the full debt is entitled to judgment against the other cosureties for their proportionate share of the debt

answer

Right of contribution

question

party agreeing to be secondarily liable in case of default by the principal debtor

answer

Guarantor

question

debt in which the creditor lacks a secured interest in collateral

answer

Unsecured debt

question

court-ordered procedure by which a portion of a delinquent debtor's wages are paid to satisfy the debt

answer

Garnishment

question

total added cost when one pays in installments for goods or services

answer

Finance charge

question

evaluation of a party's ability to pay debts

answer

Credit rating

question

commercial paper payable on or before an identified calendar date

answer

Payable at a definite time

FBLA Business Law 2018 – Flashcards

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