Business Law Test Two

Front 1

Duty

Back 1

An action agreed upon and stated in a contract

Front 2

Breach of Duty

Back 2

Failure to complete tasks as stated in a contract

Front 3

Material Fact

Back 3

A statement of fact that would influence an individual's decision to buy or sell

Front 4

False Imprisionment

Back 4

The intentional tort of retaining someone against that person's will.

Front 5

Assumtion of the risk

Back 5

Defense in negligence cases that prevents an injured party from recovering if it can be established that the injured party realized the risk and engaged in the conduct anyway

Front 6

License renewal fee

Back 6

Fee...

Front 7

UCITA

Back 7

Uniform Computer Information transaction act...Uniform law that governs the sale of software, databases, and other products used on computers

Front 8

Comparative Negligence

Back 8

In negligence, a defense that allocates responsibility for an accident between the plaintiff and defendant when both were negligent and determines liability accordingly.

Front 9

Absolute Privilege

Back 9

A defense to deformation, a protection given to legislators and courtrrom participants for statements made relating to proceedings; encourages people to come forward and speak without fear of liability

Front 10

Scienter

Back 10

Mental Intent; under 10b of the securities and exchange act of1934, a requirement of intent to defraud as opoosed to a standard of negligence.

Front 11

Misrepresentation

Back 11

In contract formation, misstatements of material facts

Front 12

undue influence

Back 12

Contract defense based on one party taking advatage of a relationship of trust and confiedence

Front 13

Condition precedent

Back 13

In contracts, an eventof action that must take place before a contract is required to be performed.

Front 14

E-SIGN

Back 14

Electronic signitures in global and national commerce act, a federal law that recognizes digital signitures as authentic for purposes of contract formation. E-Sign puts electronic signitures in equal footing with paper contracts

Front 15

Merchant's firm offer

Back 15

Under 2-205 of the UCC, an offer required to be held open if made in writing by a merchant, even though no consideration is given

Front 16

HIPPA Law

Back 16

Health insurance portability and accountability ac of 1996, federal law that provides protections and procedures of patience privacy

Front 17

CISG

Back 17

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Front 18

Public Figure (Malice)

Back 18

If you intentionally put yourself into the public's eye, then you must prove malice - that anything said against you was said knowingly false

Front 19

Defamation

Back 19

Tort of making untrue statements about another that cause damage to his repuation or character

Front 20

Express Warrany

Back 20

Espressed promise by the seller as to the quality, abilities, of performance of a product

Front 21

Contributory Negligence

Back 21

Negligence defense that results when the injured party acted in a negligent way and contributed to her own injuries

Front 22

Qualified Privilege

Back 22

A defense to defamation available to the media that permits retraction and no liability so long as the information is not printed or given with malice or with reckless disregard for whether it is true

Front 23

Intentional Tort

Back 23

Civil wrongs against individuals that are committed with a requisite state of mind and intent to harm; includes defamation, false imprisionment, battery, assualt, and intentional infliction of emotional distress

Front 24

Negligence

Back 24

tort of accidental wrong committed by oversight or failure to take precaustions or corrective action

Front 25

libel

Back 25

Written defamation

Front 26

slander

Back 26

Oral defamation

Front 27

Statute of Frauds

Back 27

1. sale of real property
2. contracts that cannot be formed in one year
3. contracts to pay the debt of another

Front 28

Article 2a of the UCC

Back 28

LEases - the lease of goods

Front 29

Force majeure

Back 29

clause in contract that excuses performance in the case of war, embargo, or any other unforeseeable event

Front 30

Void Contract

Back 30

In contracts, a contract that neither side in required to perform...ex. an illegal contract

Front 31

Voidable contract

Back 31

A contract one side can choose not to perform, ex. a minor can choose not to perform his contract

Front 32

Shopkeeper's privilege

Back 32

Allows a shopkeeper to detain a suspected shoplifter for a reasonable period of time while the matter is investigated

Front 33

Compesatory damages

Back 33

Contract - USed to put the nonbreaching party back in the same place prior to the breach

Front 34

incidental damages

Back 34

Accidental damages caused due to a breach

Front 35

consequential damages

Back 35

the damages that result of the breach.

Front 36

liquidated damages

Back 36

Pre-agreed upon damages

Front 37

Duress

Back 37

In contract law, a defense that permits nonperformance of a contract if the party can show that physical of mental force was used.

Front 38

Novation

Back 38

Process of reworking a contract to substutute parties or terms, so that the old contract is abandoned and the new contract becomes the only valid one

Front 39

Third PArty beneificiary

Back 39

A person not invlolved in the creation of a contrac that will benifit from it

Front 40

Accord and satisfation

Back 40

an agreement to pay acertain amount, the payment which constitues fill payment of that debt

Front 41

Fiduciary

Back 41

position of trust and confidence

Front 42

Capacity

Back 42

Legal term for the ability to enter legally into a contract

Front 43

Mailbox rule

Back 43

timing rule in contract acceptances that provides that acceptance in effective upon mailing of properly done

Front 44

OPtion COntract

Back 44

A contract for time on an offer, an agreement to hold an offer open for a period of time in exchange for consideration

Front 45

Puffing

Back 45

offering opinion about the qualty of goods and products, not a basis for misrepresentation.