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BBUS 3930 Commercial Law

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Commercial Law Flashcards

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  • 11 terms

    Term:

    Give the six elements of a contract

    Definition:

    Intent / Offer / Acceptance / Consideration / Capacity / Legality

    • Contracts
    • 11 terms
    • Vocabulary for Contracts. Find, create, and access Business Law, Contract Law, restraint of trade, tentative promise, flashcards with Course Hero.
  • 17 terms

    Term:

    Rule 1

    Definition:

    Unconditional contract for specific goods in a deliverable state: property passes to the buyer at the time the contract is made

    • Sale of Goods and Consumer Protection
    • 17 terms
    • Vocabulary for Sale of Goods and Consumer Protection. Find, create, and access Sales, Contract Law, Commercial Law flashcards with Course Hero.
  • 20 terms

    Term:

    when the debtor formally offers payment to the creditor in the exact amount due, at the required time, and in the proper place

    Definition:

    Tender of Payment

    • Performance and Breach of Contract
    • 20 terms
    • Vocabulary for Performance and Breach of Contract. Find, create, and access Business Law, Contract Law, $300,000, $40,000, $260,000 flashcards with Course Hero.
  • 19 terms

    Term:

    Describe a tort

    Definition:

    A civil wrong (other than breach of contract) which causes harm to a person or to their property

    • Tort Law
    • 19 terms
    • Vocabulary for Tort Law. Find, create, and access Business Law, assault, reasonable person test, lawful b/c crime flashcards with Course Hero.
  • 18 terms

    Term:

    Describe "Law"

    Definition:

    A law is a rule which governs or regulates the conduct of persons and businesses

    • The Law and the Legal System
    • 18 terms
    • Vocabulary for The Law and the Legal System. Find, create, and access Law, Business Law, Common Law, Court of Chancery flashcards with Course Hero.
  • 18 terms

    Term:

    What three types of contracts MUST be in writing?

    Definition:

    interest in land, guarantees, and agreements to 'Assume Liability' in tort law

    • The Enforceability of a Contractual Right
    • 18 terms
    • Vocabulary for The Enforceability of a Contractual Right. Find, create, and access Business Law, Contract Law, Parol evidence rule flashcards with Course Hero.
  • 12 terms

    Term:

    one owner who owns all business assets, is entitled to all profits and is responsible for all debts

    Definition:

    Sole Proprietor

    • Sole Proprietorship, Agency and Partnerships
    • 12 terms
    • Vocabulary for Sole Proprietorship, Agency and Partnerships. Find, create, and access Business Law, Commercial Law, Corporation flashcards with Course Hero.
  • 10 terms

    Term:

    What are general act corporations?

    Definition:

    the powers of a natural person, although the incorporators may specify restrictions on the company in terms of the scope of business activities the directors can engage in

    • Corporations
    • 10 terms
    • Vocabulary for Corporations. Find, create, and access Business, Commercial Law, Corporation, general act corporations flashcards with Course Hero.

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