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40 Cards in this Set
- Front
- Back
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the act of transferring ownership of a negotiable instrument to another party |
negotiation |
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A token award to symbolize vindication of the wrong done to the plaintiff, generally the award is $1.00 |
Nominal damages |
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the substitution of a new party for one of the original parties to a contract, such that the prior contract terminates and a new one substitutes it. |
novation |
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a proposal to make a contract |
offer |
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commercial paper made payable to the order of some named party; the word "order" or its equivalent must be used. |
order paper |
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law enacted by a municipality |
ordinance |
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the party to whom any negotiable instrument is made payable |
payee |
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all property which isn't real property |
personal property |
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the consideration stipulated by contract, generally expressed in money or moneyworth |
price |
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party who appoints a second party to serve as an agent |
principal |
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a corporation formed by individuals to carry out some non-governmental function |
private corporation |
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an equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment |
promissory estoppel |
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a negotiable instrument containing a promise to pay |
promissory note |
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award paid to the plaintiff in order to punish the defendant |
punitive damages |
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an endorsement which limits the liability of the endorser |
qualified endorsement |
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confirming an act which was executed w/o authority or an act which was voidable |
ratification |
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land and those objects permanently attached to land |
real property |
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cancelling, annulling, avoiding |
rescission |
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refusal to accept |
rejection |
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an endorsement which prevents the use of the instrument for anything except the stated use |
restrictive endorsement |
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the annulment or cancellation of an instrument, act, or promise by one doing or making the offer. |
revocation |
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the contracting of services rather than goods |
service contracts |
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those having title to one or more shares of stock in a corporation; combined, they represent ownership of the corporation |
shareholders (stockholders) |
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an individual who takes no active part in the management of a partnership, but has capital invested in the business. |
Silent partner |
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any contract other than a formal contract, whether written, oral, or implied |
simple contract |
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a business owned by one person who is subject to claims of creditors |
sole proprietorship |
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one authorized by the principal to execute specific act(s) |
special agent |
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an endorsement which designates the particular person to whom payment is to be made |
special endorsement |
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a contract remedy by which the court requires the breaching party to perform the contract |
specific performance |
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originally enacted by English Parliament, and now enacted in some form in all the American states, listing certain types of contracts which could only be enforced if in written form |
statute of frauds |
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a law that restricts the period of time within which an action may be brought to court |
statute of limitations |
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laws which are enacted by legislative bodies |
statutes |
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a creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status |
Subchapter S. Corporation |
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person not party to a contract, but whom parties intended to benefit |
third party beneficiary |
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ownership; evidence of ownership of property |
title |
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improper influence that is asserted by one dominant person over another, without the threat of harm |
undue influence |
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an agreement which at the current time is not enforceable by law |
unenforceable contract |
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recognized as the most important statute in business law, it includes provisions which regulate certain sales of goods and negotiable instruments |
UCC |
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a contract which would be an enforceable agreement, but due to circumstances may be set aside by one of the parties |
voidable |
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guarantees made by a seller that an article, good, or service will conform to a certain standard or will operate in a certain manner. |
warranties |
