Business Law Exam 3

  1. Abandon
    Discard with no intention to reclaim.
  2. Acession
    Acquiring property by adding property of another or one's own
  3. Acceptance
    Assent of buyer to become owner of goods; assent to an offer resulting in a contract; drawee's signed agreement to pay a draft
  4. Auction with Reserve
    Auction goods may be withdrawn after bidding starts
  5. Auction
    Oral sale of property to the highest bidder
  6. Bailor
    Person who gives up possession of bailed property
  7. Bailee
    Person in possession of bailed property
  8. Bidder
    Person who makes offer at auction
  9. Bill of Landing
    Receipt and contract between cosigner and carrier
  10. Bill of Sale
    Written evidence of title to tangible personal property.
  11. Carrier
    Transporter of goods, people, or both
  12. Common Carrier
    One that undertakes to transport without discrimination to all who apply for service
  13. Private Carrier
    Carrier that transports under special arrangements for a fee
  14. Caveat Emptor
    Let the buyer beware
  15. Confusion
    Inseparable mixing of goods of different owners.
  16. Consignment
    Transfer of possession of goods for purpose of sale
  17. Cosigner
    One who ships by common carrier
  18. Cosignee
    One to whom goods are shipped
  19. Constructive Bailment
    Bailment imposed when a person controls lost property
  20. Conversion
    Obtaining possession of property and converting it to own use
  21. Creation
    Bringing property into being
  22. Define Act of God and Give an Example
    Define: The carrier is not liable for unusual occurrences such as: floods, snowstorms, tornadoes..etc. (Rainstorms are NOT considered an Act of God)
  23. Define Act of Shipper and Give an Example
    Acts of the shipper that can cause loss include misdirection of the merchandise failure to indicate fragile contents and improper packing.
  24. Define Acts of Public Authority and Give Examples
    An act of a public authority occurs if public officials seize illicit goods, or if health officials seize goods that are a menace to health. The carrier is not liable for such loss.
  25. Define Acts of Public Enemy and Give Examples
    Organized warfare or border excursions of foreign bandits constitute acts of public enemy. Mobs, strikers and rioters are NOT classified as public enemies.
  26. Define Inherent Nature of Goods and Give Examples
    The carrier is NOT liable for damage due to the inherent nature of goods, such as: decay of vegetables, death of livestock (natural or fault of another animal), and fermentation or evaporation of liquids.
  27. Existing Goods
    Goods that are in being and owned by the seller.
  28. Identified Goods
    Goods picked to be delivered to the buyer
  29. Future Goods
    Goods not both existing and identified
  30. Fungible Goods
    Goods of a homogeneous nature sold by weight or measure
  31. Fair Credit Reporting Act
    Requires creditors to notify a potential recipient of credit whenever any adverse action or denial of credit was based on a credit report.
  32. Gift
    Transfer of ownership without consideration
  33. Injunctive Powers
    Power to issue cease-and-desist orders
  34. Intangible Personal Property
    Evidence of ownership of rights or values
  35. Judicial Admission
    Fact acknowledged in course of legal proceeding
  36. Magnuson-Moss Warranty Act
    The Magnuson-Moss Warranty and Federal Trade Commission Improvements Act requires that written warranties for consumer goods meet certain requirements.
  37. Pawn
    Tangible personal property left as security for a debt
  38. Pledge
    Intangible property serving as security for a debt
  39. Price
    Consideration in a sales contract
  40. Property
    Anything that may be owned
  41. Receipt
    Taking possession of goods
  42. Sale
    Transfer of title to goods for a price
  43. Straight Bill of Landing
    The cosignee alone is designated as the one to whom the goods are to be delivered
  44. Tangible Personal Property
    Personal property that can be seen, touched, and possessed
  45. Truth in Lending Act (TILA)
    Requires lenders to make certain disclosures to borrowers before extending credit. These disclosures include finance charge, the annual percentage rate, and the number, amount, and due dates of all payments, including all balloon payments( payments that are more than twice the normal amount.)
  46. Warehouse Receipts
    Document of title issued by storage company for goods stored
  47. Bailment for the Sole Benefit of the Bailor (Type of Bailment)
    If one holds another's personal property for the benefit of the owner, a bailment for the sole benefit of the bailor exists.
  48. Bailments for the Sole Benefit of the Bailee (Type of Bailment)
    If the bailee holds and uses another's personal property, and the owner of the property receives no benefit or compensation, a bailment for the sole benefit of the bailee exists.
  49. Mutual - Benefit Bailments (Type of Bailment)
    Most bailments exist for the mutual benefit of both the bailor an the bailee. Ex: TV left to be repaired; laundry and dry cleaning contracts...etc.
  50. Warranty
    Assurance article conforms to a standard
  51. Express Warranty (Type of Warranty)
    Statement of guarantee by seller
  52. Implied Warranty (Type of Warranty)
    Warranty imposed by law
  53. Full Warranty (Type of Warranty)
    Warranty with unlimited duration of implied warranties
  54. Limited Warranty (Type of Warranty)
    Written warranty, not a full warranty
Card Set
Business Law Exam 3
Business Law, Exam 3, Vocabulary