Quiz IX

order paper

A commercial paper made payable "to the order of" some named party.

misdemeanor

A criminal offense which is neither treason nor a felony.

judgement

A decision of a court.

The Robinson-Patman act

A federal act that prohibits a seller from charging different buyers different prices for the same goods.

injunction

A judicial order or decree forbidding the performance of a certain act.

pawn pledge

A mutual-benefits bailment includes the deposit of personal property as security for some debt or obligation. A automobile and livestock left as security would classify as ____________. Whereas, bonds and notes would classify as ___________.

minor

A person under full legal age.

merchant

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

nominal damages

A token award to symbolize vindication of the wrong done to the plaintiff.

gambling contract

A transaction wherein the parties stand to win or to lose based on pure chance.

assignment, assignor, assignee

An ___ means that one party conveys rights in a contract to another who is not a party to the original undertaking. Whereas, ___ is the party that making the assignment and ___ is the party to whom the contract right is assigned.

corporation

An artificial being, invisible, intangible and existing only in contemplation of law.

counteroffer

An intended acceptance which changes or qualifies the offer, and is a rejection of the original offer

crime

An offense which is injurious to society as a whole.

bailments

Defined as the transfer of possession, but not the title, of personal property by one party, usually the owner, to another party.

intangible personal property

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

negligence

Failure to exercise ordinary care.

malpractice

Failure to perform (Professionals) with ability and care normally exercised by people in the profession.

novation assignment delegation

In reading about third party contracts, there are contracts that benefit a third person when they make them. A third party can become INVOLVED in a contract in several common ways. List three of them for credit.

necessities

Items, required or proper and useful, for sustaining a human being at an appropriate living standard.

criminal law

Laws dealing with crimes and the punishment of wrongdoers

limited liability corporation

Newest form of business ownership recognized in the US; combines features of both the corporation and partnership.

independent contractor

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

nominal partner

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

misrepresentation

Stating an untrue fact.

novation

Termination of a contract and substitution of a new one with same terms but new party.

contracts not to compete contracts to restrain trade contracts to fix the resale price unfair competitive practices

The government policy welcomes fair competition among businesses. There is a fine line between reasonable and unreasonable restraint of trade. List two of the common acts regarding unreasonable restraint of trade:

maximum rate, legal rate

The highest rate that may be charged is ______ However, ____ is somewhat lower than the contract rate, applies to all situations in which interest may be charged but the parties were silent to the rate.

creditor beneficiary

The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise.

maker

The person who executes a promissory note.

delegation

Transfer of a contractual duty alone without a transfer of rights.

gambling contract with an unlicensed operator sunday contracts

Under illegal agreements, there are contracts that are declared illegal by statute. List three of the common types of contracts that are declared illegal by statue:

gambling contract with an unlicensed operator sunday contracts

Under termination of contracts, you read that there are five common methods by which contracts may be terminated (discharged). List three for credit:

Agreement to sell land Agreement to sell goods for $500 or more. Agreement that can't be performed within one year Agreement to be responsible for the debts or default of another Agreement of an executor or administrator to personally pay the debts of the estate Agreement containing a promise in consideration of marriage

Under written contracts we discussed Statute of Frauds. There were several types of agreements under Statute of Frauds that has to be in writing to be considered enforceable. List three of them:

nominal damages

_Small award for breach without harm

punitive damages

__ Punishment award, more common in tort law

compensatory damages

__Compensation for exact amount lost

incidental beneficiary

__Party who unintentionally benefits from performance of contract.

liquidated damages

__Sum fixed in contract when breach occurs must be reasonable and should only be provided when actual damages cannot be measured.

bailor bailee bailments

___ Thomas, co-worker at the funeral home, decided to take his children to the local bowling alley. The bowling alley offers to check shoes for its customers without charging for the service. _____ Sarah, your step sister, planned to attend a banquet hosted by your local funeral association. She asked to borrow your diamond necklace for the event and is robbed on the way to the dance, the loss falls on you, the owner of the necklace, as long as Sarah was not negligent ______ Jack asked James to store this motorcycle until he gives a new storage for it at no cost.

Contract to Sell Sale

___Contract by which title to goods will be transferred at the future time in consideration for a price whereas ___present transfer of title to goods made in consideration for a price.

creditor beneficiary

___Ms. Jones owes Mrs. Adams $1000. Ms. Jones contracts to sell a TV to Ms. Pope and the contract states that Ms. Pope shall pay the $1000 to Mrs. Adams

third party beneficiary

___Party whom contracting parties intend to directly benefit by a contract.

done beneficiary

____Mr. Mask sold an embalming machine to Mr. Benzy for $800 and the contract states that Mr. Benzy shall pay the money to Mr. Mask's neighbor, Sam

consignor

one who ships goods by a common carrier

consignee

one whom the goods are shipped to

bailor

the one who gives up possession (owner)

bailee

the person who accepts the possession of the property but not the title

bill of lading

the receipt and contract between the carrier and consignor

bailments

the transfer of possession, but not the title, of personal property by one party, usually the owner, to another party