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Acceleration Clause

clause allowing entire principle to be due

Administrator

person appointed by court to administer estate of interstate; personal representative

Administration Agencies

commissions or boards that have the power to regulate particular matters or implement laws

APR

dollar amount charged for the loan expressed as a percentage of the amount borrowed

Agreement

results whenever two or more persons' mind meet on any subject, no matter how trivial

Antitrust Laws

laws designed to prevent an individual, corporation, or other group from controlling too large a share of the market for a product

Balloon Payment

payment more than twice the normal installment payments

Bearer

payee of the instrument made payable to whomever is in possession

Bill of Rights

first 10 amendments to the U.S. constitution

Carrier

transporter of goods, people, or both

Certificate of Deposit

an acknowledgement by a bank of a receipt of money with an engagement to repay

Check

a draft payable on demand and drawn on a bank

Common Law

custom which has come to be recognized by the courts as binding on the community

Compensatory Damages

amount equal to the loss sustained

Cosignor

is a person who is guarantor of the contract, especially a promissory note

Damages

sum of money a wrongdoer must pay to an injured party

Debt

obligation to pay money

Default

breach of contractual obligation other than money

Duress

obtaining consent to a contract by threatening to do harm to a person or members of the person's family

Embezzlement

fraudulent conversion of property lawfully possessed

Fiduciary

a person who handles the money of another for the other person's benefit

Finance Charge

total amount paid for credit

FOB

a designated point which the seller bears risk and expense

Implied Warranty

when the warranty is not expressed but becomes part of the sales contract

Injunction

a permanent order forbidding activities detrimental to others

Law

a rule of civil conduct, commanding what is right and prohibiting what is wrong

Limited Warranty

written warranty, no a full warranty

Liquidated Damages

sum fixed by contract for breach where actual damages are difficult to measure

Negotiable Instrument

a writing drawn in special form, which can be transferred as a substitute for money or an instrument of credit

Nonresellable Goods

specially made goods, not easily resellable

Offer, Acceptance

must be present to have a contract between two parties

Order Paper

commercial paper made payable to the order of the named person

Ordinances

laws created by cities

Parol Evidence Rule

complete, written contract may not be modified by oral testimony unless evidence of fraud, accident, or mistake

Part Payment

Ruth paid $400 on a $600 note held by Martin. Ruth failed to make a payment on the note. What defense will Ruth raise if sued for $600 by Martin?

Personal Property

movable property; interest less than complete ownership in land or rights to money

Plaintiff

the party who begins civil lawsuit

Presentment

the demand for acceptance or payment made upon the maker, acceptor, drawee, or other payer

Stare Decicis

the doctrine which makes higher court decisions binding on lower courts Statute of Frauds

Theft

taking another's property without consent and with the intention of depriving the owner of it

Theft

When a note is taken from the maker without permission, the defense of ______ might be raised

Uniform Commercial Code

regulates sales and leases of goods

United States Supreme Court

the final arbiter in disputes about whether a state or federal law violates the U.S. Constitution

Usury Laws

laws fixing the maximum rate of interest that may be charged on loans

ADA

prohibits employment discrimination against qualified people with disabilities

Annuity Insurance

contract that pays monthly income to insured while alive

Apparent Authority

authority agent believed to have because of principal's behavior

Common Stock

stock that entitles owner to vote

Agency

contract under which one party is authorized to contract for another

Agent

person appointed to contact on behalf of another

Articles of Partnership

written partnership agreement

Beneficiary

person who receives proceeds of life insurance

Broker

agent with job of brining two contracting parties together

Collective Bargaining

process by which employer and union negotiate and agree on terms of employment

Collision Policy

covers all damage to the car caused by a collision or upset

Contributory Negligence Rule

rule that states that an employer can escape liability for breach of duty if it can be established that the employee's own negligence contributed to the accident

Disparate Treatment

intentional discrimination against a particular individual

Employment at Will

employment terminable by employer or employee for any reason

Family Medical Leave Act

allows the employees the right to take leaves when family circumstances or illnesses require it

Fixture

personal property attached to real estate

Foreclosure

sale of mortgaged property to pay debt

General Agent

agent authorized to carry out particular kind of business at a place

Holographic Will

will written out by a testator

Hostile Work Environment

alteration of terms or conditions of employment by harassment

Landlord

owner of leased property

Lien

encumbrance or claim against property

Limited Liability

capital contribution is maximum loss or the maximum amount an investor can lose equals that person's actual investment in the business

Limited Partnership

partnership with partner whose liability is limited to capital contribution

Negative Covenant

agreement by grantee not to do an act

Not for profit corporation

one formed by private individuals for charitable, education, religious, social, or fraternal purpose

Partnership

association of two or more people to carry on business for profit

Polygraph Testing

lie detector

Public Corporation

one formed for governmental function

Respondent Superior

theory imposing liability on employers for torts of employees

Revocation

in terms of a will: a testor may revoke his will at any time
in terms of an agency: principle may revoke agent's authority at any time

Secured Credit Sale

sale in which seller retains right to repossess goods upon default

Sole Proprietorship

business owned and carried by one person

Special Agent

agent authorized to transact specific act or acts

Term Insurance

contract whereby insurer assumes risk of death of insured for specified time

Treasury Stock

stock reacquired by a corporation

Unlimited Liability

business debts payable from person's assets

Will

document providing disposition of property after death

Statute of Frauds

a statutory requirement that in order to be enforceable certain contracts must be in writing

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