Business Law Terms Part 1

a person in possession of an instrument

to take into police custody

charging a person with a crime and asking for that person's plea

the contract existing between the consignor and the carrier

The written request which initiates a civil law suit

the person hired to perform work and who is obligated both as to the work to be done and as the manner

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

a seller agrees to trasfer title to goods for a consideration at a future time

Request to a higher court to review a lower court's decision

the party making the assignment

newest form of business ownership in the U.S.; combines features of both the cormporation and the partnership

those contracts which must be in special form or produced in a certain way

a contract which consists of mutal promises to perfom some future acts

one in possession of commercial paper

a means of removing one's free will, obtaining consent by threat

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

movable tangible property

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

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

those rules of conduct commanding what is right and prohibiting what is wrong

a decision of a court of law

largest, most complete right in property

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

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

deed that transfers property to trustee for benefit of creditor

those goods selected which are not in existence at the time of the creation of the contract

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

a person who deals in goods of the kind or otherwise by occupation purports to have knowledge or skill in that business

the person who executes any draft

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

one who contracts to perform certain tasks for a set fee, but who is independent of the control of the contracting party

an offense which is injurious to society as a whole

one to whom goods are shipped by common carrier

one who is authorized to execute the principal's business of a particular kind, or all the principals business.

a breach of contract by a professional person

a relationship of trust and confidence, such as that which exists between partners in a partnership

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

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

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

a contract in which the terms of the contract are implied by acts or conduct of the parties

the goods specified by the buyer and seller

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

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

operates in the state that granted the charter

a person who becomes the holder of a negotiable instrument by endorsement which name him or her as the negotiable party

those contracts in which the terms have been fulfilled

writing conveying title to real property

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

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

a designation which applies to a corporation in which outstanding share of control are held by a limited number

offical document detailing a defendant's defense

One that is incorporated in a foreign country

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

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

the party whom the assignment is made

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

An agreement to an offer resulting in a contract

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

an agreement between two or more competent persons which is enforceable by law

those contracts in which the terms have not been completely executed or fulfilled by the parties

the amount of the damages stipulated in the contract to be paid in the event on party breaches contract

a body of law concerned with private or purely personal rights

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

power to act for someone else

warranties imposed by law, arising automatically because the sale has been made

estate of the duration of a person's life

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

a written order signed by one person requiring the person to whom adressed to pay a particular sum of money on demand

the intentional or reckless false statement of a material fact, upon which the injured party relied to form a contract.

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

commercial paper payable to bearer

recipent of proceeds of a life insurance policy: one who inherits property as specified in a will

an agreement made and exectuted in satisfaction of the rights one has from a previous contract

those individuals actively and openly engaged in the business and held to everyone as a partner

person who writes his or her name on the back of an instrument

those rules of conduct prescribed by governement and its agencies in regulating business

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

laws dealing with crimes and the punishment of wrongdoers

a more serious criminal offense that is punishable by death or by imprisonment in a penitentiary for more than one year

courts hearing cases appealed from a lower court

a sitiuation in which one of the parties to a contract fails or otherwise refuses to perform the obligations established

the person who executes a promissory note

the party who employs employees to do certain work

The party appointed by the principal to enter into a contract with a third party on behalf of the principal

the signature or statment of purpose by the owner on the back of a negotiable instrument, which indicates future control

termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law

one who ships goods by common carrier

an intended acceptance which changes or qualifies an original offer

customs which have become recognized by the courts as binding on the community

pretrial steps taken to learn the details of the case

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

the acknowledgement by a bank of a reciept of money with an agreement of repayment

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

the person against whom legal action is brought

the carrying out or execution of some task

that which the promisor demands and recieves as the price of a promise

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

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

adminstrative step taken after an arrested person is brought to police station

having no words other than the signature of the endorser