Business Law Terms Part 2

land and those objects permanently attached to land

the party to whom any negotiable instrument is made payable

laws which are enacted by legislative bodies

a contract formed when an act is done in consideration for a promise

ownership; evidence of ownership of property

a notice given to a defendant, attaching the complaint and stating a time frame in which an answer must be filed

the party who intiates, or makes an offer

commercial paper made payable to the order of some named party

canceling, annuling, avoiding

refusal to accept

an endorsement which designates the particular person to whom payment is to be made

the consideration stipulated by contract

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

an agreement of no legal effect

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

all property which is not real property

the transfer of title to goods from the seller to the buyer for a consideration called price

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

a proposal to make a contract

a written request initiating a civil suit

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

a corporation formed by individuals to carry our some non-governmental function

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

the contracting of services rather than goods

law enacted by a municipality

a negotiable instrument containing a promise to pay

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

a party who appoints a second party to serve as an agent

a creation of the tax codes; shareholders elect to be taxed as partners

the person to whom the offer is made

stating an untrue fact

the principal that the decision of a higher court should serve as a guide or precedent for future cases

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

items, required or proper and useful, for sustaining a human being at an appropriate living standard

a writing drawn in a special form which can be transferred from person to person as a substitute for money or credit

recognized as the most important statute in business law; regulates the sale of certian goods and negotiable instruments

a business owned by one person who is subject to claims of creditors

a less serious criminal offense, generally punishable by fine and/or imprisonment of less than a year

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

a contract which would be an enforceable agreement, but due to circumstances may be set aside by one of the parties

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

an endorsement which limits the liability of the endorser

court which conducts the original trial and renders its decision

a corporation formed to carry out government functions

the voluntary association of two or more people who have combined their resources to carry on as co-owners

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

the substitution of a new party for one of the original parties to a contract, such that the prior contract terminates

improper influence that is asserted by one dominant person over another without the threat of harm

the individual who intiates a civil action

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

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

a token award to symbolize vindication of the wrong done to the plaintiff, generally an award of $1

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

Those persons under legal age

equitable doctorine preventing the promisor from revoking the promise when the promisee justifiably acts on the promise

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

guaruntees made by a seller that an article, good or service will conform to a certain standard

a private or civil wrong, other than by breach of contract, for which there may be actions for damages

a statute originating in England Parliment listing certain types of contracts which could only be enforced if in writing

a contract which will be enforced by the court

failure to exercise ordinary care; omission to do something a reasonable person would do under normal circumstances