Business Law – Funeral Service – Flashcards

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Acceptance
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an agreement to an offer resulting in a contract
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Accord and Satisfaction
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an agreement made and executed in satisfaction of the rights one has from a previous contract
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Agent
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the party appointed by the principal to enter into a contract with a third party on behalf of the principal
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Alien Corporation
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one that is incorporated in a foreign country
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Answer
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official document detailing a defendant's defense
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Antitrust
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laws which seek to promote competition among businesses
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Appellate Court
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court hearing cases appealed from lower courts
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Arraignment
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charging a person with a crime and asking for that person's plea
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Arrest
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to take into police custody
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Assignee
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the party to whom the assignment is made
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Assignment
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a means whereby one party conveys rights to another person who is not a party to the original contract
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Assignor
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the party making the assignment of rights
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Authority
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power to act for someone else
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Bailee
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the party who acquires possession but not the title of personal property in a bailment
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Bailment
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the transfer of possession but not the title of personal property by one party to another, under agreement
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Bailor
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the party who gives up possession, but not title of property in a bailment
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Bearer
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a person in possession of an instrument
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Bearer Paper
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a commercial paper payable to bearer
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Beneficiary
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recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will
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Bill of Lading
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the contract existing between the consignor (shipper) and the carrier
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Bill of Sale
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a document of conveyance that provides written evidence of one's title to tangible personal property
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Blank Endorsement
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having no words other than the signature of the endorser
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Board of Directors
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a body of persons elected by the stockholders to define and establish corporate policy
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Booking
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administrative step taken after an arrested person is brought to a police station
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Breach of Contract
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a situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract
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Business Law
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those rules of conduct prescribed by a government and its agencies, regulating business transactions
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Capital Stock
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declared value of outstanding stock
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Cashier's Check
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a check drawn on a bank's own funds and signed by a responsible bank official
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Certificate of Deposit
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the acknowledgment by a bank of a receipt of money with an agreement of repayment
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Certified Check
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a check for which the bank assures that the drawer has sufficient funds to make payment
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Check
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an order by a depositor on the bank to pay a sum of money to a payee
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Civil Law
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legal proceedings concerned with the rights of public citizens
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Close Corporation
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a designation which applies to a corporation in which outstanding shares of stock and control are held by a limited number of people (often members of the same family)
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Commercial Paper
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( aka 'Negotiable Instrument' ) a writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit
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Common Law
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customs that have become recognized by the courts as binding on the community
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Common Stock
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stock that entitles owner vote
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Compensatory Damages
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an award paid to the injured party to cover the exact amount of their loss, but no more
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Complaint
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( aka 'petition' ) a written request initiating a civil suit
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Consideration
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that which the promisor demands and receives as the price for a promise
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Consignee
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one to whom goods are shipped by common carrier
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Consignor
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one who ships goods by common carrier
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Contract
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an agreement between two or more competent persons which is enforceable by law
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Contract to Sell
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an agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration at a future time
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Contractual Capability
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the necessity that the parties desiring to enter into contracts meet all requirements
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Corporation
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an artificial being, invisible, intangible and existing only in contemplation of law
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Counteroffer
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an intended acceptance which changes or qualifies the offer, and is a rejection of the original offer
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Creditor Beneficiary
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the person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise
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Crime
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an offense which is injurious to society as a whole
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Criminal Law
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laws dealing with crimes and the punishment of wrongdoers
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Defendant
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the person against whom legal action is brought
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Disaffirmance
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the repudiation of, or election to avoid, a voidable contract
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Discharge
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termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law
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Discovery
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pretrial steps taken to learn the details of the case
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Domestic corporation
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operates in the state that granted the charter
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Donee Beneficiary
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a third party beneficiary to whom no legal duty is owed and for whom performance is a gift
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Dormant partner
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partner unknown to public with no part in management
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Draft
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a written order signed by one person requiring the person to whom it is addressed to pay a particular sum to the bearer, either on demand or at a certain time
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Drawee
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the person, company, or financial institution ordered to pay a draft
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Drawer
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the person who executes any draft
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Duress
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a means of removing one's free will; obtaining consent by means of threat to do harm
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Employee
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the person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done
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Employer
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the party who hires employees to do certain work
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Endorsee
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a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated
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Endorsement
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the signature or statement of purpose by the owner on the back of a negotiable instrument, which indicates the future control of the instrument
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Endorser
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person who writes his or her name on the back of the instrument
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Executed Contracts
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those contracts in which the parties have fulfilled the terms
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Existing Goods
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those goods which are, at the time of the contract, in existence and owned by the seller
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Express Authority
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the authority of an agent, stated in the document or agreement creating the agency
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Express Contract
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a contract in which the parties express their intentions, either orally or in writing, at the time of the agreement
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Express Warranty
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the actual and definite statement of a seller, either verbally or in writing, guaranteeing a standard or level of performance
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Felony
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a criminal offense that is punishable by confinement in prison or by death
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Fiduciary
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a relationship of trust and confidence, such as that which exists between partners in a partnership
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Foreign Corporation
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designation that applies when a corporation operates in any state other than where it is chartered
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Formal Contract
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those contracts that must be in special form or produced in a certain way, such as under a seal
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Fraud
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the intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter into a contract to his or her detriment
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Future Goods
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those goods which are not in existence at teh time a contract is agreed to
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General Agent
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one who is authorized to execute the principal's business of a particular kind, or all the principal's business at a particular place, if not all of one kind
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General Partner
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an individual actively and openly engaged in the business and held out to everyone as a partner
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Goods
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movable tangible personal property
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Holder
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one in possession of commercial paper
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Identified Goods
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the goods specified by the buyer and seller
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Implied Authority
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an agent's authority to do things not specifically authorized in order to carry out express authority
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Implied Contract
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one in which terms of the contract are implied by acts or conduct of the parties
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Implied Warranties
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a warranty imposed by law, arising automatically because the sale has been made
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Independent Contractor
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one who contracts to perform certain tasks for a set fee, but who is independent of the control of the contracting party as a means by which the contract is executed
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Injunction
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a judicial order or decree forbidding the performance of a certain act
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Intangible Personal Property
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evidences of ownership of personal property such as stock of corporations, checks and copyrights
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Judgment
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a decision of a court
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Law (Blackstone)
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those rules of vicil conduct commanding what is right and prohibiting what is wrong
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LLC
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newest form of business ownership recognized in the US; combines features of both the corporation and partnership
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Limited Partner
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partner whose liability for the firm's debts is limited to the amount of his/her investment
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Liquidated Damages
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a provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract
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Maker
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the person who executes a promissory note
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Malpractice
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a breach of contract by a professional
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Merchant
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a person who deals in goods of the kind, or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction
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Misdemeanor
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a criminal offense which is neither treason nor a felony
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Misrepresentation
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stating an untrue fact
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Necessaries
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items, required or proper and useful, for sustaining a human being at an appropriate living standard
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Negligence
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failure to exercise ordinary care
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Negotiable Instrument
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( aka 'Commercial Paper' ) a writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit
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Negotiation
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the act of transferring ownership of a negotiable instrument to another party
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Nominal Damages
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a token award to symbolize vindication of the wrong done to the plaintiff; generally, the award is $1.00
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Nominal Partner
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person who pretends to be a partner or permits others to represent him or her as a partner
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Novation
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the change of one of the parties to a contract at the mutual agreement of the original parties
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Order Paper
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a commercial paper made payable "to the order of"; the word "order" must be used
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Ordinances
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laws enacted by local municipalities
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Partnership
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the voluntary association of two of more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit
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Par-value Stock
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stock with an assigned face value
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Payee
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the party to whom any negotiable instrument is made payable
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Personal Property
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all property which is not real property
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Preferred Stock
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stock giving special advantage as to payment of dividends, upon liquidation or both
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Principal
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a party who appoints a second party to serve as an agent
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Promissory Estoppel
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an equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment
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Promotor
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one who takes initial steps to form corporation
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Punitive Damages
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an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff
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Qualified Endorsement
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an endorsement which prevents the use of the instrument for anything except the stated use
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Real Property
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land and those objects permanently attached to land
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Rejection
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refusal to accept
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Rescission
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canceling, annulling, avoiding
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Sherman Antitrust Act
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legislation intended to promote competition among business by prohibiting restraint of trade
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Simple Contract
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any contract other than a formal contract, whether written, oral or implied
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Special Agent
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one authorized by the principal to execute specific acts
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Special Performance
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a contract remedy by which the court requires the breaching party to perform the contract
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Stare Decisis
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the principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future
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Statutes
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laws which are enacted by legislative bodies
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Subchapter S Corporation
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a creation of the tax codes; shareholders elect to be taxes as a partnership without losing corporation status
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Third Party Beneficiary
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person not party to a contract, but whom parties intended to benefit
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Tort
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a private or civil wrong, either intentional or caused by negligence, for which there may be action for damages
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Undue Influence
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improper influence that is asserted by one dominant person over another, without the threat or harm
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Unenforceable Contract
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an agreement which is not in the form required by law
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Unilateral Contract
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a one-sided contract/agreement formed when an act is done in consideration for a promise
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Usurious
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exceeding the maximum rate or interest which may be charged on loans
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Valid Contract
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a contract which willbe enforced by the court
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Void Contract
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an agreement of no legal effect
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Voidable Contract
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a contract that would be an enforceable agreement, but due to circumstances, may be set aside by one of the parties
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Warranties
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guarantees made by a seller that an article, good or service will conform to a certain standard or will operate in a certain manner
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