Business Law Final Exam.txt

Statute that seeks to promote competition among businesses.

Common carriers of goods are insurers of the safety of the transported goods and are liable for loss or damage regardless of fault, unless the carrier can prove the loss arises from: 1.) Acts of God 2.) Acts of a public authority 3.) Inherent nature of the goods.4.) Acts of the shipper.5.) Acts of a public enemy.

Assent of the buyer to become the owner of specific goods.

Governmental board or commission whith authority to regulate matters or implement laws.

Agency arising when person leads another to believe third party is agent.

Person appointed to contract on behalf of another.

Paper so firmly attached to instrument as to be part of it.

Unauthorized change or completion of negotiable instrument to modify obligation of a party.

Conveyance of rights in a contract to a person not a party.

General agent appointed by written authorization.

Payee of instrument made payable to whomever is in possession.

Written eidence of title to tangible personal property.

Person in business to supply accomodations to permanent lodgers.

• Parties must have the ability to understand that a contract is being made, have the ability to understand its general nature, and have the legal competence
• to contract.Among those whom the law considers to be incompetent, at least to some degree, are minors, incompetent people, intoxicated people, and convicts.

Let the buyer beware.

Note secured by personal property.

Process by which emplyer and union negotiate and agre on terms of employment.

Stock that entitles owner to vote.

Contributory negligence that reduces but does not bar recovery.

Written request to a court to settle a dispute.

What promisor requires as the price for a promise.

Bailment imposed when a person controls lost property

Information or knowledge imputed by law.

Most common types of contracts:1.) Contracts limiting the freedom of marriage.2.) Contracts obstructing the administration of justice.3.) Contracts injuring the public service.

Unauthorized exercise of ownership rights.Not being the owner of the property, a bailee normally has no right to convert the property. However when the purpose of the bailment is to have the property sold and the proceeds remitted to teh bailor, the bailee has the power to sell all goods, the proceeds remitted to the bailor, the bailee has the power to sell all goods regardless of any restriction on the right to sell, unless the buyer knows of the restriction.

Offense against society.

Unsecured bond issued by a business.

Breach of contractual obligation other than money.

Transfer of duties.

Repudiation of a voidable contract.

Intentional discrimination against a particular individual.

Termination of corporation's operation except activities needed for liquidation.

A corporation my terminate its existence by paying all its debts, distributing all remaining assets to teh stockholders, and surrendering its articles of corporation. The corporation then ceases to exist and completes its disolution.

Obtaining consent by means of a threat.

Fraudulent conversion of property lawfully possessed.

Contract with the terms of the agreement specified in words.

A person in relationship of trust and confidence.

A merchant's signed, written offer to sell or purchase goods saying it will be held open.

Refraining from doing something.

Defrauded party intended to make a contract.

Goods of homogeneous nature sold by weight or measure.

Person who acquirs rights superior to original owner.

Goods picked to be delivered to the buyer.

Warranty imposed by law.

Evidences of ownership of rights or value.

Business relationship similar to partnership, except existing only for single transaction.

Two or more people bound jointly and individually.

Fact acknowledged in the course of legal proceeding.

Interest rate applied when no rate specified.

Sum fixed by contract for breach where actual damages are difficult to measure.

One corporation absorbed by another.

Small amount is awarded when there is technical breach but no injury.

Termination of a contract and sustitution of a new one with same terms but new party.

A proposal to make a contract.

Binding promoise to hold an offer open

Contract allowing deliver of shipped goods to bearer.

Complete, written contract may not be modified by oral testimony unless evidence of fraud, accident, or mistake exists.

Activity illegal illegal regardless of its effect.

Court decision that determines the decision in a subsquent, similar case.

Right to purchase new shares in proportion to shares owned.

Consideration in a sales contract.

Relationship between contracting parties.

Law specifying how actions are filed and what trial procedure to follow.

One organized to run a business and earn money.

Substitute for consideration when another acts in reliance on promisor's promise.

Document giving specified information about a corporation.

Person authorized to vote for another; written authorization to vote for another.

Attempt by competing sides to secure majority of stockholders' votes.

One formed for governmental function.

Indorsement that limits liability of indorser.

Implied in Law Contract, Impostion of rights and obligations by law without a contract.

Minumum number of shares required to be represented to transact corporate business.

Judicial correction of a contract.

Theory imposing liability on employers for torts of employees.

Completed sale with right to return goods.

Employer's right to use employee's invention without payment of royalty.

Partner who takes no part in firm.

Carrying out terms of contract.

Law requiring certain contracts to be in writing.

One who agrees to buy stock in proposed corporation.

Offer to perform in satisfaction of terms of contract.

Private wrong for which damages may be recovered.

Draft drawn by seller on purchaser of goods.

Stock reacquired by a corporation.

Contract exceeding corporation's powers.

Person in special relationship causing another's action contrary to free will.

Total Impression of product results in confusion as to its orgin.

Contract calling for an act in considerationfor a promise.

One benefitingunfairly at another's expense.

Business debts payable from personal assets.

Charging higher rate of interst than law allows.

Of no legal affect.

Device wherby stock is transferred to trustee to vote it.

Document of title issued by storage company for goods stored.

Sock paid for with property of inflated value.

Taking care of outstanding obligations and distributing remaining assets of partnership.

Order to produce record of a case.