Business Law – Funeral Service

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Acceptance
an agreement to an offer resulting in a contract
Accord and Satisfaction
an agreement made and executed in satisfaction of the rights one has from a previous contract
Agent
the party appointed by the principal to enter into a contract with a third party on behalf of the principal
Alien Corporation
one that is incorporated in a foreign country
Answer
official document detailing a defendant’s defense
Antitrust
laws which seek to promote competition among businesses
Appellate Court
court hearing cases appealed from lower courts
Arraignment
charging a person with a crime and asking for that person’s plea
Arrest
to take into police custody
Assignee
the party to whom the assignment is made
Assignment
a means whereby one party conveys rights to another person who is not a party to the original contract
Assignor
the party making the assignment of rights
Authority
power to act for someone else
Bailee
the party who acquires possession but not the title of personal property in a bailment
Bailment
the transfer of possession but not the title of personal property by one party to another, under agreement
Bailor
the party who gives up possession, but not title of property in a bailment
Bearer
a person in possession of an instrument
Bearer Paper
a commercial paper payable to bearer
Beneficiary
recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will
Bill of Lading
the contract existing between the consignor (shipper) and the carrier
Bill of Sale
a document of conveyance that provides written evidence of one’s title to tangible personal property
Blank Endorsement
having no words other than the signature of the endorser
Board of Directors
a body of persons elected by the stockholders to define and establish corporate policy
Booking
administrative step taken after an arrested person is brought to a police station
Breach of Contract
a situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract
Business Law
those rules of conduct prescribed by a government and its agencies, regulating business transactions
Capital Stock
declared value of outstanding stock
Cashier’s Check
a check drawn on a bank’s own funds and signed by a responsible bank official
Certificate of Deposit
the acknowledgment by a bank of a receipt of money with an agreement of repayment
Certified Check
a check for which the bank assures that the drawer has sufficient funds to make payment
Check
an order by a depositor on the bank to pay a sum of money to a payee
Civil Law
legal proceedings concerned with the rights of public citizens
Close Corporation
a designation which applies to a corporation in which outstanding shares of stock and control are held by a limited number of people (often members of the same family)
Commercial Paper
( aka ‘Negotiable Instrument’ ) 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
Common Law
customs that have become recognized by the courts as binding on the community
Common Stock
stock that entitles owner vote
Compensatory Damages
an award paid to the injured party to cover the exact amount of their loss, but no more
Complaint
( aka ‘petition’ ) a written request initiating a civil suit
Consideration
that which the promisor demands and receives as the price for a promise
Consignee
one to whom goods are shipped by common carrier
Consignor
one who ships goods by common carrier
Contract
an agreement between two or more competent persons which is enforceable by law
Contract to Sell
an agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration at a future time
Contractual Capability
the necessity that the parties desiring to enter into contracts meet all requirements
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
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
Crime
an offense which is injurious to society as a whole
Criminal Law
laws dealing with crimes and the punishment of wrongdoers
Defendant
the person against whom legal action is brought
Disaffirmance
the repudiation of, or election to avoid, a voidable contract
Discharge
termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law
Discovery
pretrial steps taken to learn the details of the case
Domestic corporation
operates in the state that granted the charter
Donee Beneficiary
a third party beneficiary to whom no legal duty is owed and for whom performance is a gift
Dormant partner
partner unknown to public with no part in management
Draft
a written order signed by one person requiring the person to whom it is addressed to pay a particular sum to the bearer, either on demand or at a certain time
Drawee
the person, company, or financial institution ordered to pay a draft
Drawer
the person who executes any draft
Duress
a means of removing one’s free will; obtaining consent by means of threat to do harm
Employee
the person hired to perform work and who is obligated both as to the work to be done and as to the manner in which it is to be done
Employer
the party who hires employees to do certain work
Endorsee
a person who becomes the holder of a negotiable instrument by endorsements which names him or her as the person to whom the instrument is negotiated
Endorsement
the signature or statement of purpose by the owner on the back of a negotiable instrument, which indicates the future control of the instrument
Endorser
person who writes his or her name on the back of the instrument
Executed Contracts
those contracts in which the parties have fulfilled the terms
Existing Goods
those goods which are, at the time of the contract, in existence and owned by the seller
Express Authority
the authority of an agent, stated in the document or agreement creating the agency
Express Contract
a contract in which the parties express their intentions, either orally or in writing, at the time of the agreement
Express Warranty
the actual and definite statement of a seller, either verbally or in writing, guaranteeing a standard or level of performance
Felony
a criminal offense that is punishable by confinement in prison or by death
Fiduciary
a relationship of trust and confidence, such as that which exists between partners in a partnership
Foreign Corporation
designation that applies when a corporation operates in any state other than where it is chartered
Formal Contract
those contracts that must be in special form or produced in a certain way, such as under a seal
Fraud
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
Future Goods
those goods which are not in existence at teh time a contract is agreed to
General 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
General Partner
an individual actively and openly engaged in the business and held out to everyone as a partner
Goods
movable tangible personal property
Holder
one in possession of commercial paper
Identified Goods
the goods specified by the buyer and seller
Implied Authority
an agent’s authority to do things not specifically authorized in order to carry out express authority
Implied Contract
one in which terms of the contract are implied by acts or conduct of the parties
Implied Warranties
a warranty imposed by law, arising automatically because the sale has been made
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
Injunction
a judicial order or decree forbidding the performance of a certain act
Intangible Personal Property
evidences of ownership of personal property such as stock of corporations, checks and copyrights
Judgment
a decision of a court
Law (Blackstone)
those rules of vicil conduct commanding what is right and prohibiting what is wrong
LLC
newest form of business ownership recognized in the US; combines features of both the corporation and partnership
Limited Partner
partner whose liability for the firm’s debts is limited to the amount of his/her investment
Liquidated Damages
a provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract
Maker
the person who executes a promissory note
Malpractice
a breach of contract by a professional
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
Misdemeanor
a criminal offense which is neither treason nor a felony
Misrepresentation
stating an untrue fact
Necessaries
items, required or proper and useful, for sustaining a human being at an appropriate living standard
Negligence
failure to exercise ordinary care
Negotiable Instrument
( aka ‘Commercial Paper’ ) 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
Negotiation
the act of transferring ownership of a negotiable instrument to another party
Nominal Damages
a token award to symbolize vindication of the wrong done to the plaintiff; generally, the award is $1.00
Nominal Partner
person who pretends to be a partner or permits others to represent him or her as a partner
Novation
the change of one of the parties to a contract at the mutual agreement of the original parties
Order Paper
a commercial paper made payable “to the order of”; the word “order” must be used
Ordinances
laws enacted by local municipalities
Partnership
the voluntary association of two of more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit
Par-value Stock
stock with an assigned face value
Payee
the party to whom any negotiable instrument is made payable
Personal Property
all property which is not real property
Preferred Stock
stock giving special advantage as to payment of dividends, upon liquidation or both
Principal
a party who appoints a second party to serve as an agent
Promissory Estoppel
an equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment
Promotor
one who takes initial steps to form corporation
Punitive Damages
an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff
Qualified Endorsement
an endorsement which prevents the use of the instrument for anything except the stated use
Real Property
land and those objects permanently attached to land
Rejection
refusal to accept
Rescission
canceling, annulling, avoiding
Sherman Antitrust Act
legislation intended to promote competition among business by prohibiting restraint of trade
Simple Contract
any contract other than a formal contract, whether written, oral or implied
Special Agent
one authorized by the principal to execute specific acts
Special Performance
a contract remedy by which the court requires the breaching party to perform the contract
Stare Decisis
the principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future
Statutes
laws which are enacted by legislative bodies
Subchapter S Corporation
a creation of the tax codes; shareholders elect to be taxes as a partnership without losing corporation status
Third Party Beneficiary
person not party to a contract, but whom parties intended to benefit
Tort
a private or civil wrong, either intentional or caused by negligence, for which there may be action for damages
Undue Influence
improper influence that is asserted by one dominant person over another, without the threat or harm
Unenforceable Contract
an agreement which is not in the form required by law
Unilateral Contract
a one-sided contract/agreement formed when an act is done in consideration for a promise
Usurious
exceeding the maximum rate or interest which may be charged on loans
Valid Contract
a contract which willbe enforced by the court
Void Contract
an agreement of no legal effect
Voidable Contract
a contract that would be an enforceable agreement, but due to circumstances, may be set aside by one of the parties
Warranties
guarantees made by a seller that an article, good or service will conform to a certain standard or will operate in a certain manner
Categories: Business Law