What is factor del credero?
Factor who sells on credit and guarantees price will be paid
What is tangible property?
Personal property which can be seen and touched
What are compensatory damages?
Amount equal to the loss sustained
What is the most important field of business law?
uniform commercial code (UCC)
What is a contract to sell?
A contract that a seller agrees to transfer the title of goods to the buyer for a price to be determined at a later date.
What is statute of limitations?
time within which right to sue must be exercised or lost
What is indorsement?
Signature of holder on back of instrument with any directions or limitations
What is a broker?
Agent with job of bringing two contracting parties together
What are dividends?
Profits of a corporation allocated to stockholders
What is an injunction?
Court's permanent order forbidding an action
What is express authority?
Authority of agent stated in agreement creating agency
What is apparent authority?
Authority agent believed to have because of principal's behavior
What is endowment insurance?
A decreasing term insurance plus a savings account
What is a blank endorser?
Having no words other than the name of the endorser
What are the principle duties of an agent?
1. Loyality and good faith 2. Obedience 3.Reasonable skill and diligence 4. Accounting 5. Information
What is a post-dated check?
Check drawn before its date
What is a Real Estate Mortgage note?
Note secured by mortgage on real property
What is a silent partner?
Partner who takes no part in firm
What is ratification?
Approval of unauthorized act;adult indicating contract made while a minor is binding
What is a special agent?
Agent authorized to transact specific act or acts
What is a bank draft?
A check drawn on by one bank on another.
The grace period is what for insurance policies?
What is a tort?
Private wrong for which damages may be recovered
What is a promissory note?
Unconditional written promise to pay sum of money to another
What is a debenture?
Unsecured bond issued by a business
What is a bequest?
Personal property left to person by will; also called a legacy
What is risk?
danger of loss
What is an article of incorporation?
A document that states facts as perscribed by law for issuance of incorporation or a charterand asserting that the corporation has complied with legal requirements. Once approved, they determine the authority of the corporation
The most significant disadvantage of the sole proprietorshiop is what?
the libility of the owner for all the debts of the business
What is "Holder in Due Course"??
Person who acquires rights superior to original owner
What type contractor is controlled only by the specifics of the contract in force for each individual job he is working on.
An independent contractor
Example of a drawee with negotable instrument
What is an auction?
Oral sale of property to the highest bidder.
Who is an administratrix?
Person appointed by court to administer estate of intestate; also called personal representative or administrator
What is a Codicil?
Writing that modifies a will.
What is Title by Descent?
When property is passed to the state, if no survivor exists.
A voucher check requires what?
Requirement for an instrument to be negotiable.
Must be in writing and signed. Must be unconditional.
Who are the owners of a corporation?
A court may dissolve a partnership if what happens to one or more of the partners?
Insanity of a partner, incapacity, misconduct, futility
What is an underwriter
Company issueing the policy and assuming the risk
What is intangible personal property
Evidence of ownership of rights or value
Advantages of a Partnership
1. Capital and skill may be increased 2. Labor may be made more efficient 3. the ratio of expenses per dollar of business may be reduced 4. Management may be improved.
Disadvantages of a patnership
1. Unlimited personal liability of each partner for the debt 2. The relative instability of the business because of the danger of dissolution by reason of the death or withdrawal of one of the partners 3. The divided authority among the partners, which may lead to disharmony
What are future goods
Goods not both existing and identified
Negotiable instrument requirement
1. in writing and signed by the party executing it 2. must contain an order or promise to pay
of no legal effect (insane)
Enforcable agreement that may be set aside by one party(minor)
Contract enforcable by law