Business Law - PT 1

the written request which initiates a civil lawsuit.

having no words other than the signature of the endorser

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

the individual who initiates a civil action

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

see pic

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

see pic

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

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

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

conducts the original trial & renders its decision

service contracts are the contracting of services rather than goods

formed when an act is done in consideration for a promise

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

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

see pic

the party to whom the assignment is made

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

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

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

see pic

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

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

the person who executes any draft

commercial paper payable to bearer

the terms have been fulfilled

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

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

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

see pic

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

the person who executes a promissory note

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

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

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

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

laws that seek to promote competition among businesses

formed to carry out government functions

see pic

ownership; evidence of ownership of property

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

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

see pic

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

one that is incorporated in a foreign country

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rescission means:

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

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

see pic

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

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

formed by individuals to carry out some non-governmental function

an agreement to an offer resulting in a contract

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

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

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

one whom goods are shipped by common carrier

courts hearing cases appealed from a lower court

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

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

the person against whom legal action is brought

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

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

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

operates in the state that granted the charter

designates the particular person to whom payment is to be made

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

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

the contract existing between the consignor & the carrier

goods specified by the buyer & seller

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

an agreement of no legal effect

party making the assignment

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

power to act for someone else

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

one who ships goods by common carrier

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

see pic

will be enforced by the court

one in possession of commercial paper

consists of mutual promises to perform some future acts

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

a negotiable instrument containing a promise to pay

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

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

see pic

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

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

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

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

limits the liability of the endorser

official document detailing a defendant's defense

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

a proposal to make a contract

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

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

a person in possession of an instrument