Business Law - PT 1

the person who executes any draft

formed by individuals to carry out some non-governmental function

official document detailing a defendant's defense

the person against whom legal action is brought

rescission means:

one who ships goods by common carrier

a negotiable instrument containing a promise to pay

laws that seek to promote competition among businesses

the person who writes their name on the back of an instrument

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commercial paper payable to bearer

the person, company, or financial institution ordered to pay a draft

that which the promisor demands & receives as the price for a promise

see pic

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a person in possession of an instrument

the terms of the contract are implied by acts or conduct of the parties

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an agreement which at the current time is not enforceable by law

the written request which initiates a civil lawsuit.

the parties express their intentions, either orally or in writing, at the time of the agreement

guarantees made by a seller that a good/service will conform to a certain standard or will operate in a certain manner

recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will

contract to sell: a seller agrees to transfer title to goods for a consideration (price) at a future time

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the terms have been fulfilled

conducts the original trial & renders its decision

the party who gives up possession, but not title, of personal property in a bailment

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an award paid to the injured party to cover the exact amount of their loss, but no more

a proposal to make a contract

the transfer of possession, not title, of personal property by 1 party to another, under agreement

an agreement to an offer resulting in a contract

the actual & definite statement of a seller, either orally or in writing, at the time of sale

future goods are not in existence at the time which the contract is created

a third party beneficiary to whom no legal duty is owed and performance is a gift

common law: customs that have become recognized by the courts as binding on the community

an individual that takes no active part in the management of a partnership, but has capital invested in the business

ownership; evidence of ownership of property

will be enforced by the court

an intended acceptance that changes or qualifies an original offer & in effect, rejects that offer & becomes a new offer

formed to carry out government functions

a document of conveyance that provides written evidence of one's title to tangible personal property

consists of mutual promises to perform some future acts

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imposed by law, arising automatically bc the sale has been made

the acknowledgment by a bank of a receipt of money w/ an agreement of repayment

pre-trial steps taken to learn the details of the case.

the contract existing between the consignor & the carrier

goods specified by the buyer & seller

an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff

those having title to 1 or more shares of stock in a corporation; combined they represent ownership of the corporation

the party to whom the assignment is made

must be in special form or produced in a certain way, such as under seal

the authority an agent is believed by third parties to have because of the behavior of the principal.

those goods which are, at the time of contract, in existence & owned by the seller

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the party appointed by the principle to enter into a contract w/ a 3rd party on behalf of the principle

the party who acquires possession, but not the title, of personal property by 1 party to another, under agreement

an order by a depositor on the bank to pay a sum of money to a payee

power to act for someone else

actively & openly engaged in the business & held to everyone as a partner

one that is incorporated in a foreign country

a business entity created by statutory law and owned by individuals known as stockholders

courts hearing cases appealed from a lower court

a body of persons elected by the stockholders to define & establish corporate policy

see pic

having no words other than the signature of the endorser

one in possession of commercial paper

a party who appoints a 2nd party to serve as an agent

have their liability for the firm's debts limited to the amount of their investment

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charging a person w/ a crime & asking for that person's plea

the improper influence that is asserted by one dominant person over another, w/o the threat of harm

a deed that transfers property to a trustee for benefit of the creditor

designation that applies when a corporation operates in any state other than where it is chartered

the repudiation of, or election to avoid, a voidable contract

an agreement made & executed in satisfaction of the rights 1 has from a previous contract

limits the liability of the endorser

the person who executes a promissory note

party making the assignment

the individual who initiates a civil action

check drawn on a bank's own funds & signed by a responsible bank official

formed when an act is done in consideration for a promise

a check that the bank assures that the drawer has sufficient funds to make payment

would be enforceable, but due to circumstances may be set aside by one of the parties

the terms have not been completely executed or fulfilled by the parties

operates in the state that granted the charter

designates the particular person to whom payment is to be made

a person who is not a party to a contract to whom the promisor of a contract owers an obligation or duty

request to a higher court to review a lower court’s decision

commercial paper made payable to the order of some named party; the word order or its equivalent must be used

service contracts are the contracting of services rather than goods

one whom goods are shipped by common carrier

prevents the use of the instrument for anything except the stated use

the necessity that the parties desiring to enter into contracts meet all requirements

an agreement of no legal effect

a means whereby 1 party in a contract conveys rights to another person, who is not a party to the original contract

any contract other than a formal contract, whether written, oral, or implied

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