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Business Law Final

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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