Mors 200 Arts Final - Business Law Vocabulary Part 2

Those individuals actively and openly engaged in the business and held out to everyone as a partner.

The party making the assignment.

The party who hires people to do certain work.

An order by a depositor on the bank to pay a sum of money to a payee.

Those having title to one or more shares of stock in a corporation; combined, they represent ownership of the corporation.

Partner active in a business unknown to the public.

Court which conducts the original trial and renders its decision.

Customs which have become recognized by the courts as binding on the community.

All property which is not real property.

Person who pretends to be a partner or permits others to represent him or her as a partner.

A designation which applies to a corporation in which an outstanding share of stock and managerial control are held by a limited number of people (often members of the same family).

The authority of an agent, stated in the document of agreement creating the agency.

An agent's authority to do things not specifically authorized in order to carry out express authority.

The party to whom any negotiable instrument is made payable.

The person against whom legal action is brought.

An individual who takes no active part in the management of a partnership, buy has capital invested in the business.

Termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law.

Recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will.

Partners who have their liability for the firm's debts limited to the amount of their investment.

Any contract other than a formal contract, whether written, oral, or implied.

An indorsement which limits the liability of the indorser.

A private or civil wrong, other than by breach of contract, for which there may be action for damages.

A party who appoints a second party to serve as an agent.

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

A commercial paper made payable to bearer, i.e. the person having possession of such.

The goods specified by the buyer and seller.

A body of persons elected by the stockholders to define and establish corporate policy.

Goods which are not in existence at the time a contract is agreed to.

An indorsement which designates the particular person to whom payment is to be made.

The body of law concerned with private or purely personal rights.

A token award to symbolize vindication of the wrong done to the plaintiff; generally, the award is $1.00.

A relationship of trust and confidence, such as that which exists between partners in a partnership.

Laws dealing with crimes and the punishment of wrongdoers.

Designation that applied when a corporation operates in any state other than where it is chartered.

An agreement which at the current time is not enforceable by law.

Those contracts in which the terms have not been completely executed or fulfilled by the parties.

One to whom goods are shipped by common carrier.

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

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

A check drawn on a bank's own funds and signed by a responsible bank official.

An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment.

One authorized by the principal to execute specific act(s).

Persons who are afflicted with a serious mental disorder impairing their ability to function.

A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligations established in the contract.

A corporation formed to carry out government functions.

A contract remedy by which the court requires the breaching party to perform the contract.

The person to whom an offer is made.

A document of conveyance which provides written evidence of title to tangible personal property.

A person who becomes the holder of a negotiable instrument by indorsement which names him or her as the person to whom the instrument is negotiated.

Those rules of conduct prescribed by a government and its agencies in regulating business transactions.

A seller agrees to transfer title to goods to the buyer for a consideration (price) at a future time.

The contract existing between the cosignor (shipper) and the carrier.

The proposal to make a contract.

The act of transferring ownership of a negotiable instrument to another party.

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.

The party to whom the assignment is made.

Contracts in which the terms have ben fulfilled.

One in which terms of the contract are implied by acts or conduct of the parties.

Refusal to accept.

An agreement between two or more competent persons which is enforceable by law.

One who contracts to perform certain tasks for a set fee, but who is independent of the control of the contracting party as to a means by which the contract is executed, except for specifications established in the contract.

A commercial paper made payable to the order of some named party; the word order or its equivalent must be used.

The signature or statement of purpose by the owner on the back of negotiable instrument, which indicates the future control of the instrument.

Those goods which are, at the time of the contract, in existence and owned by the seller.

A person in possession of a negotiable instrument who accepts the negotiable instrument in good faith and for value.

Charging a person with a crime and asking for that person's plea.

A means of removing one's free will, obtaining consent by means of a threat to do harm to the person, his family, his property, or his earning power.

Power to act for someone else.

The repudiation of, or election to avoid, a voidable contract.

A business entity created by statutory law and owned by individuals known as stockholders.

Stock that entitles owner vote.

Stock with an assigned face value

Stock giving special advantage as to payment of dividends, upon liquidation or both.