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51 Cards in this Set

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Antenuptial agreement
contract entered into prior to marrige determining parties' rights on dissolution of the marriage, must be in writting
Condition
Fact or even, the happening or non-happening of which creates or extinguishes an absolute duty to preform
Condition concutrrent
promise to preform and preformance occure simultaneously
Condition precedent
fact or event that must occure before an absolute duty to preform is created
condition subsequent
fact or event that must occur before an absolute duty to preform; no breach of contract
covenant
an absolute, unconditional promise to preform
Express condition
condition created by words of the party
Gaurantee
promise to answer for the debts of another; must be in writting
Implied-in-fact condition
condition created by the reasonable expectations of the parties
Implied-in-law
condition imposed by law in the interest of fairness
Palimony
payment made to a person under certian circumstances pursuant to break-up of nonmarital relationship
Parol evidence rule
oral testimony may not be used to vary the terms of a contract writting
Prenuptial agreement
same as antenuptial agreement
Promissory note
written promise to pay money in repayment of a loan
Rules of construction
court guidelines used to interpret contractual provision
Staute of frauds
law requiring certian types of contracts to be in writting to be enfourcable
Time of the essence clause
contractual clause that makes a covenant of a timing element
Uniform Commercial Code
statutory enactment that covers the sale of goods valued at over $500, among other things
Attachment
time at which security interest becomes an inchoate right
Battle of the forms
difference in forms used by merchants for sales agreements
CIF
cost of insurance and freight paid for by seller, even though risk of lost has passed to the buyer
COD
cost on delivery; conditional contract in which the risk of loss passes to buyer only after goods have been delivered and paid for
Collateral
property pledged to secure a security interest
Consignment contract
conditional contract in which risk of loss remains with the seller until buyer resells the goods
cover
remedy whereby buyer can purchase goods in substitution for breached contract
Ex ship
destination contract in which risk of loss passes to buyer when goods are off-loaded from the mode of transport
FAS
free alongside; a shipping contract in which risk of loss passes to buyer when goods are placed alongside vessel used for transportation
Financing statement
Document filed in government office to protect a security interest
floating lien
security interest in after-acquired property
FOB (carrier)
shipment contract in which risk of loss passes when goods are loaded onto third-party carrier
FOB (place of shippment)
free on board; shipment contract in which risk of loss pass when goods are given to third-party carrier
Implied warrenty
guarantee created by opperation of law
Mechanic's lien
security intrest given under common law to persons who repair property
Merchant
person who regularly trades in goods or who holds himself out as having knowlage peculiar to a specific good
No arrival, no sale
destination contract in which risk of loss passes to buyer wehn goods are tendered to the buyer
perfect tender
buyers right to complete preformance
perfection
method or creating and preotecting a security interest under artical IX of the UCC
Purchase money security interest
security interest created in the creditor whose money is used to buy the collateral
Replevin
equitable remedy in which buyer reclaims property
Revoction
to recall an offer
Sale on approval
conditional contract in which risk of loss passes to the buyer when the buyer receives approved goods
Sale or return
conditional contract in which risk of loss passes when buyer receives goods, buyer bears the cost of returning the goods of which he does not approve
Secured transaction
any transaction, regardless of form, that creates a security interest in personal property or fixtures
Security agreement
document signed by debtor and creditor, that names the colleteral, and creates a security interest in said colleteral
security interest
right acquired by a creditor to attach collateral in case of defualt by the debtor
Shipment contract
agreement whereby risk passes from seller to buyer when goods are transported by a third person
Strict liability
no standard of care; automatic liability if properly used goods do not meet the warrenty
Warranty
guarantee made by manufacturer or seller with respect to quality, quanity, and types of goods being sold
Warrenty of fitness for a particular use
guarantee that goods can be used for a specific purpose
warranty of merchantability
guarantee that goods can be used in their current condition
Warrenty of title
guarentee that seller has a title sufficient to transfer goods to buyer