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Business Law Vocab
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Business Law Vocab
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1. A criminal offense that is punishable by confinement in prison or by death.

2. Land and those objects permanently attached to land. Rejection refusal to accept.

3. 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.

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

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

6. A criminal offense which is neither treason nor a felony.

7. Stock reacquired by a corporation.

8. An agreement which is not in the form required by law.

9. A contract that would be an enforceable agreement - but due to circumstances - may be set aside by one of the parties.

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

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

12. Improper influence that is asserted by one dominant person over another - without the threat or harm.

13. Failure to exercise ordinary care; omission to do something which a reasonable - prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do; the lack of due care (exercised by a w

14. One in possession of commercial paper.

15. Operates in the state that granted the charter.

16. An individual who takes no active part in the management of a business but has capital invested in the business.

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

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

19. A contract in which the parties express their intentions - either orally or in writing - at the time of the agreement.

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

21. The person who executes any draft.

22. The party who acquires possession but not the title of personal property in a bailment.

23. A person under full legal age; in most states (but not all) - the standard is under the age of eighteen.

24. Movable tangible personal property.

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

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