Business Law Flashcards
Administrative Agencies - correct anwerscommissions or boards that have the power to regulate
particular matters or implement laws
Antitrust Laws - correct anwerslaws designed to prevent an individual, corporation, or other
group from controlling too large a share of the market for a product
Balloon Payment - correct anwerspayment more than twice the normal installment payments
Bearer - correct anwerspayee of the instrument made payable to whomever is in possession
Acceleration Clause - correct anwersclause allowing entire principle to be due
Carrier - correct anwerstransporter of goods, people, or both
Certificate of Deposit - correct anwersan acknowledgement by a bank of a receipt of money
with an engagement to repay
Check - correct anwersa draft payable on demand and drawn on a bank
Common Law - correct anwerslaw based upon prior decisions of the judiciary
Compensatory Damages - correct anwersamount equal to the loss sustained
Cosignor - correct anwersis a person who is guarantor of the contract, especially a promissory
note
Damages - correct anwerssum of money a wrongdoer must pay to an injured party
Debt - correct anwersobligation to pay money
Default - correct anwersbreach of contractual obligation other than money
Duress - correct anwersobtaining consent to a contract by threatening to do harm to a person or
members of the person's family
Embezzlement - correct anwersfraudulent conversion of property lawfully possessed
Fiduciary - correct anwersa person who handles the money of another for the other person's
benefit
, Finance Charge - correct anwerstotal amount paid for credit
Injunction - correct anwersa permanent order forbidding activities detrimental to others
Law - correct anwersa rule of civil conduct, commanding what is right and prohibiting what is
wrong
Limited Warranty - correct anwerswritten warranty, no a full warranty
Liquidated Damages - correct anwerssum fixed by contract for breach where actual damages are
difficult to measure
Negotiable Instrument - correct anwersa writing drawn in special form, which can be
transferred as a substitute for money or an instrument of credit
Administrator - correct anwersperson appointed by court to administer estate of interstate;
personal representative
Offer, Acceptance - correct anwersmust be present to have a contract between two parties
Order Paper - correct anwerscommercial paper made payable to the order of the named person
Ordinances - correct anwerslaws created by cities
Personal Property - correct anwersmovable property; interest less than complete ownership in
land or rights to money
Plaintiff - correct anwersthe party who begins civil lawsuit
Presentment - correct anwersthe demand for acceptance or payment made upon the maker,
acceptor, drawee, or other payer
Stare Decicis - correct anwersthe doctrine which makes higher court decisions binding on lower
courts
Uniform Commercial Code - correct anwersA set of uniform laws, consistently adopted and
applied by most states that governs commercial transactions including commercial paper, bank
deposits, bills of lading, investment securities and more.
Usury Laws - correct anwerslaws fixing the maximum rate of interest that may be charged on
loans
ADA (Americans with Disabilities Act) - correct anwersprohibits employment discrimination
against qualified people with disabilities
Annuity Insurance - correct anwerscontract that pays monthly income to insured while alive
Common Stock - correct anwersstock that entitles owner to vote
Administrative Agencies - correct anwerscommissions or boards that have the power to regulate
particular matters or implement laws
Antitrust Laws - correct anwerslaws designed to prevent an individual, corporation, or other
group from controlling too large a share of the market for a product
Balloon Payment - correct anwerspayment more than twice the normal installment payments
Bearer - correct anwerspayee of the instrument made payable to whomever is in possession
Acceleration Clause - correct anwersclause allowing entire principle to be due
Carrier - correct anwerstransporter of goods, people, or both
Certificate of Deposit - correct anwersan acknowledgement by a bank of a receipt of money
with an engagement to repay
Check - correct anwersa draft payable on demand and drawn on a bank
Common Law - correct anwerslaw based upon prior decisions of the judiciary
Compensatory Damages - correct anwersamount equal to the loss sustained
Cosignor - correct anwersis a person who is guarantor of the contract, especially a promissory
note
Damages - correct anwerssum of money a wrongdoer must pay to an injured party
Debt - correct anwersobligation to pay money
Default - correct anwersbreach of contractual obligation other than money
Duress - correct anwersobtaining consent to a contract by threatening to do harm to a person or
members of the person's family
Embezzlement - correct anwersfraudulent conversion of property lawfully possessed
Fiduciary - correct anwersa person who handles the money of another for the other person's
benefit
, Finance Charge - correct anwerstotal amount paid for credit
Injunction - correct anwersa permanent order forbidding activities detrimental to others
Law - correct anwersa rule of civil conduct, commanding what is right and prohibiting what is
wrong
Limited Warranty - correct anwerswritten warranty, no a full warranty
Liquidated Damages - correct anwerssum fixed by contract for breach where actual damages are
difficult to measure
Negotiable Instrument - correct anwersa writing drawn in special form, which can be
transferred as a substitute for money or an instrument of credit
Administrator - correct anwersperson appointed by court to administer estate of interstate;
personal representative
Offer, Acceptance - correct anwersmust be present to have a contract between two parties
Order Paper - correct anwerscommercial paper made payable to the order of the named person
Ordinances - correct anwerslaws created by cities
Personal Property - correct anwersmovable property; interest less than complete ownership in
land or rights to money
Plaintiff - correct anwersthe party who begins civil lawsuit
Presentment - correct anwersthe demand for acceptance or payment made upon the maker,
acceptor, drawee, or other payer
Stare Decicis - correct anwersthe doctrine which makes higher court decisions binding on lower
courts
Uniform Commercial Code - correct anwersA set of uniform laws, consistently adopted and
applied by most states that governs commercial transactions including commercial paper, bank
deposits, bills of lading, investment securities and more.
Usury Laws - correct anwerslaws fixing the maximum rate of interest that may be charged on
loans
ADA (Americans with Disabilities Act) - correct anwersprohibits employment discrimination
against qualified people with disabilities
Annuity Insurance - correct anwerscontract that pays monthly income to insured while alive
Common Stock - correct anwersstock that entitles owner to vote
