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A person in relationship of trust & confidence
Fiduciary
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Laws enacted by legislative bodies
Statue
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A contract exceeding a corporation's
Contract
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A check drawn by a bank on it's own
Cashier's check
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An advantage to a corporation is
- pooling of capital
- limited liability
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A type of stock with an assigned face value is called
par-value stock
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A court's temporary order forbidding an action
restraining order
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A person whose action causes injury
tortfeasor
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Chief officer in an inferior court
judge, justice of the peace, majistrate
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A partner who takes no active part in the management of the business, but who possibly may be known as a partner is a
limited partnership
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A draft drawn or payable outside the United States
Foreign Draft
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A corporation formed by private individuals for charitable, educational, religious, social, or a fraternal purpose is a
not-for-profit
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A written instrument indicating the appointment of an agent is known as a
power of attorney
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Fraudulent conversion of property lawfully possessed
embezzlement
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The termination of a contract & substitution of a new one with the same terms but a new part
Novation
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Assent to an offer resulting in a contract
Acceptance
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A paper so firmly attached to an instrument as to become part of it
allonge
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The largest class of federal courts consists of
Federal District Courts
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The right to sue the federal goverment is derived from the
Federal Claims Act
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A process may be referred to as a
summons
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A person authroized to vote for another person is known as a
proxy
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A contract consisting of a mutual exchange of promises
bi-latteral
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A corporation formed to carry out some govermental function is known as a
public corporation
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Examples of a necessary?
food, clothes, shelter
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Negotiable instruments may be
transferable
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A person to whom the promisee owes an obligation that will be discharged to the extent that the promisor performs the promise
Creditor Beneficary
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A draft payable upon presentation by the holder
check
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A sealed written contract obligation with essentials of note:
bond
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Court of record in which a case is first tried
Court of Original Jursiditction
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A corporation formed to do some non-govermental function is a
private corporation
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A person who unintentionally benefits from performance of the contract
Incidental Benificary
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A partnership is a business where debts are payable from personal assets which means that it has
unlimited liability
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Whatever the promisor demands and receives as the price for a promise
consideration
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An offeree's response that rejects the offer by varying its term
counter offer
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A bailment in which the bailee does not receive any compensation is
- bailment for the sole benefit of the bailor
- gratitous bailment
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An unconditional written promise to pay a sum of money to another
promisory note
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State laws to prevent the sale of worthless stock are called
blue sky laws
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A corporation chartered in another state is a
foriegn corporation
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Two or more people bound jointly & individually by contract
joint & several
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A corporation organized to run a business & earn money is a
profit corporation
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The conveyance of the rights of a contract to a person not a member of the original undertaking
assignment
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A contract under seal is
formal contract
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Contract with the terms of the agreement specified in words
express contract
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Defenses that cannot be raised against a holder in due course
limited defense
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Ownership of corporate stock is represented by a
stock certificate
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Factors del credere are
commission merchants
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A document giving specific information about a corporation is a
prospectus/articles of incorporation
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Inducing another to contract as a result of an intentionally or recklessly false statement of a material fact
fraud
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A unilateral act of a holder giving up rights in the instrument or against a part to it
renunciation
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Corporations must have a meeting of the stockholders at least one time
Annually
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Mutual mistakes as to the existence of the subject matter renders a contract
void
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Sum fixed by the contract for breach when the actual damages are difficult to measure
liquidated
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Check drawn by one bank on another
bank draft
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An indorsement consisting of the signature of the indorser:
blank endorsement
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An active partner who attempts to conceal the fact from the public is known as a
secret partner
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A writing drawn in special form that can be transferred as a substitute for money or as a instrument of credit is called:
negotiable instrument
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Taking & carrying away of property without the consent of the person in possession of the property
larceny
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A type of stock entitling the owners to vote is
common stock
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Written order by one person directing another to pay a sum of money to a third person
draft
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The party who appoints an agent is the
principal
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One benefiting unfairly at another's expense
unjust enrichment
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An indorsement with the wording "without recourse" is called a
qualified endorsement
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A third-party beneficiary for whom performance is a gift
Donee Beneficary
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Contract obligating or entitling two or more people together to performance
joint contact
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Govermental boards or commissions with the authority to regulate or implement laws are called
administrative agency
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Party to whom an instrument is payable
payee
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person ordered to pay a draft
drawee
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An example of this type of indorsement whould be "For Deposit Only"
Restrictive Endorsement
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The transfer of duties alone without the transfer of rights
delegation
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A stock without face value is called
no-par-value
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Those defenses that are thought to be so important that they are preserved even against a holder in due course are
universal
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Exectuive officer in a state court of record
Sheriff
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Generally a minor is fully liable for his/her
torts
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Indicating one's willingness to be bound by promises made during minority
ratification
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A type of stock with some type of special advantage is called
prefered stock
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An acknowledgment by a bank of receipt of money with the engagement to repay it
certificate of deposit
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Imposition of rights are obligations by law without a contract
quasi contract
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Two corporations that combine so that one survives & the other ceases to exist is called a
merger
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Offer to perform in satisfaction of the terms of a contract
tender of performance
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Law requiring certain contracts to be in writing
statue of fraud
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Stock reacquired by a corporation
treasury stock
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Taking of another's property without consent
theft
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A partnership devoted to professional services
non-trading partnership
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A substitute for consideration when another party acts in reliance on a promisor's promise
promissory estoppel
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One actively & openly engaged in a parternship is a
general partnership/trading partnership
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Obtaining conent to a contract by means of a threat to the other person or their family members some harm
duress
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Taking unpurchased goods from a store
shoplifting
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A bond payable to a specific person, whose name is recorded by the issuer
registered bond
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Mistake by one party to a contract
Unilateral contract
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An officer, director, or owner of more than 10% of any class of securities of a corporation is known as a
insider
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An association of people created by law into an entry is the definition of
corporation
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A newspaper advertisement can be an offer if it shows
intent
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Conduct refraining or promising to refrain from doing something
forebearance
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To set a contract aside
resind
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The holder who takes a negotiable instrument in good faith & for value
holder in due course
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The most common method of creating an agency is by
appointment
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The contracts of a person who has been declared insane by the courts are
void
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When all of multiple creditors settle in full for a fraction of the amount owed
composition of creditors
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A person in a special relationship causing another's action contary to free will
undee influence
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the simplest & most common form of business is called a
sole propiertorship
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