Last C. B.l. 1-50

Front 1

an agreement to an offer resulting in a contract

Back 1

acceptance

Front 2

an agreement made and executed in satisfaction of the rights one has from a previous contract

Back 2

accord and satisfaction

Front 3

official document detailing a defendant's defense

Back 3

answer

Front 4

the authority an agent is believed by third parties to have b/c of the the behavior of the principal

Back 4

apparent authority

Front 5

request to a higher court to review a lower court's decision

Back 5

appeal

Front 6

charging a person with a crime and asking for that person's plea

Back 6

arraignment

Front 7

to take into police custody

Back 7

arrest

Front 8

the party to whom the assignment is made

Back 8

assignee

Front 9

a means whereby one party in a contract conveys rights to another person, who is not a party to the original contract

Back 9

assignment

Front 10

a person in possession of an instrument

Back 10

bearer

Front 11

commercial paper payable to bearer

Back 11

bearer paper

Front 12

one who inherits property as specified in a will

Back 12

beneficiary

Front 13

the contract existing b/w a consignor and a carrier

Back 13

bill of lading

Front 14

document of conveyance which provides written evidence of one's title to tangible personal property

Back 14

bill of sale

Front 15

a check for which the bank assures that the drawer has sufficient funds to make payment

Back 15

certified check

Front 16

a designation which applies to a corporation in which outstanding share of stock and managerial control are held by a limited number of people.

Back 16

close (closely held) corporation

Front 17

an award paid to the injured party to cover the exact amount of their loss, but no more.

Back 17

compensatory damages

Front 18

that which the promisor demands and receives as the price for the promise

Back 18

consideration

Front 19

a seller agrees to transfer title to goods for a consideration (price) at a future time

Back 19

contract to sell

Front 20

the necessity that the parties desiring to enter into contracts meet all requirements

Back 20

contractual capacity

Front 21

a person who is not a party to a contract to whom the promisor of a contract owes an obligation or duty

Back 21

creditor beneficiary

Front 22

writing conveying title to real property

Back 22

deed

Front 23

deed that transfers property to trustee for benefit of creditor

Back 23

deed of trust

Front 24

the repudiation, or election to avoid, a voidable contract

Back 24

disaffirmance

Front 25

pretrial steps taken to learn the details of the case

Back 25

discovery

Front 26

operates in the state that granted the charter

Back 26

domestic corporation

Front 27

a third party beneficiary to whom no legal duty is owed and performance is a gift

Back 27

donee beneficiary

Front 28

a written order signed by one person requiring the person to whom addressed to pay a particular sum of money, to order or to bearer, on demand or at a certain time

Back 28

draft

Front 29

the person, company or financial institution ordered to pay a draft

Back 29

drawee

Front 30

the person who executes any draft

Back 30

drawer

Front 31

a contract in which the parties express their intentions, either orally or in writing, at the time of the agreement

Back 31

express contract

Front 32

the actual and definite statement of a seller, either orally or in writing, at the time of the sale

Back 32

express warranties

Front 33

largest, most complete right in property

Back 33

fee simple estate

Front 34

the intentional or reckless false statement of a material fact, upon which the injured party relied, which induced the injured party to enter into a contract, to his or her detriment.

Back 34

fraud

Front 35

one who is authorized to execute the principal's business of a particular kind, or all the principals business at a particular place, if not all of one kind

Back 35

general agent

Front 36

movable tangible personal property

Back 36

goods

Front 37

one in possession of commercial paper

Back 37

holder

Front 38

warranties imposed by law, arising automatically b/c the sale has been made

Back 38

implied warranties

Front 39

a person who becomes the holder of a negotiable instrument by endorsement which names him/her as the person to whom the instrument is negotiated

Back 39

endorsee

Front 40

person who writes his/her name on the back of an instrument

Back 40

endorser

Front 41

evidences of ownership of personal property such as stock of corporations, checks, and copyrights

Back 41

intangible personal property

Front 42

a decision of a court of law

Back 42

judgement

Front 43

newest form of business ownership recognized in the U.S.; combines features of both the corporation and partnership

Back 43

LLC

Front 44

the amount of the damages stipulated in a contract to be paid in the event one party breaches the contract

Back 44

liquidated damages

Front 45

person who executes a promissory note

Back 45

maker

Front 46

a person who deals in goods of the kind or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction

Back 46

merchant

Front 47

stating an untrue fact

Back 47

misrepresentation

Front 48

items, required or proper and useful, for sustaining a human being at an appropriate living standard (food, clothing, shelter)

Back 48

necessaries

Front 49

failure to exercise ordinary care

Back 49

negligence

Front 50

a writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit

Back 50

negotiable instrument (commercial paper)