Business Law Terms - PT 2

conforming an act which was executed without authority or an act which was voidable.

federal legislation intended to promote competition among businesses by prohibiting restraint of trade.

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a relationship of trust & confidence

the amount of the damages stipulated in a contract to be paid in the event one party breaches the contract.

the person to whom an offer is made

the authority of an agent stated in the document or agreement creating the agency.

one authorized by the principal to execute specific act(s)

person not party to a contract, but whom parties intended to benefit.

the act of transferring ownership of a negotiable instrument to another party

the carrying out or completion of some task

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for duration of a person's life

a law that restricts the period of time within which an action may be brought to court.

a token award to symbolize vindication of the wrong done to the plaintiff, generally, the award is $1.00

an agent’s authority to do things not specifically authorized in order to carry out express authority

a contract remedy by which the court requires the breaching party to perform the contract.

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a permanent judicial order or decree forbidding the performance of a certain act

the annulment or cancellation of an instrument, act, or promise by the one doing or making the offer

evidences of ownership of personal property, such as stock of corporations, checks, and copyrights.

largest, most complete right in property

- the party to whom any negotiable instrument is made payable.

- the party who initiates, or makes an offer.

exceeding the maximum rate of interest which may be charged on loans