Business Law Midterm 3

Purchase by individuals of goods or services for personal use and not for resale or for business purposes

A statutorily defined period during which purchasers in door to door sales may change their minds and rescind a contract

Tangible, movable personal property that can be measured and weighed; also known as goods

Automatically renewing tenancy with no specific termination date

An individual carrying on business alone

The right of a person other than the owner to use a portion of private property

A legislated requirement for incorporating a company in some jurisdiction in Canada

A non-exclusive right to use property; revocable permission to use another's land

Ownership and responsibilities of a business shared by 2 or more people, with a view towards profit

Liability is restricted to capital contributed

Lease executed by lessee of land or premises to a third party for a shorted term than that which the lessee holds

Use of copyrighted material for the purpose of research or private study, criticism or review or news reporting

Highest interest in land, equivalent to ownership; an estate granting possession for an infinite time

First stage in the purchase of real property

Rules used to resolve questions as to which jurisdictions laws are applied to a particular issue

is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner

An agreement where title will transferred at some time in the future, typically once the property is full paid for

is a court order that provides the right to search premises and seize evidence without prior warning.

An obligation that the lesser or anyone claiming through the lesser will not interfere with the tenants use of the property

A business organization that is a separate legal entity from its sharesholders

The collaboration of several businesses to accomplish a major project

A right to actual possession, which can be acquired by non-contested use of the land

An interest in land which grants the tenant exclusive possession until a specific date

A promise to pay the amount stated

Sellers right to stop the shipment during transit in event of default

An interest in land ending at death

Gives inventors the right to profit from their intenvtion

An agreement that title will be transferred at some time in the future

Control over the use and reproduction of the expression of creative work

Land buildings attached to the land, and items called, fixtures, that is, items which are attached to the land or a building or to another fixture attached to the land

Court order prohibiting offending conduct

That preference often partains to payment of dividends

Registration system that guarantees title to real property

Ownership of land by two or more people with equal undivided interests in it

The owner giving up possession of property in a bailment

Goods being of such a nature that one part or quantity may be replaced by another equal part or quantity of similar quality

Confidential information that gives a business competitive advantage

Type of easement that allows the crossing of another land

A subsidiary contract creating an obligation to hold an offer open for acceptance until the expiration of a specified time

A business's reputation and ongoing relation with customers and product indentification

Personal property in form of ideas and creative work

Person acquiring possession of personal property in a bailment

Temporary possession by one person of chattels owned by another

the holding of an estate or property jointly by two or more parties, the share of each passing to the other or others on death.

A lawsuit where certain shareholders are given the right to launch a civil action against the directors on behalf of an injured company`

Seizure by landlord of any property left by tenant and holding of it until rent is paid or sale of it to pay rent owing

Freedom of goods from defects that, if known, would impact the price

Requirement by the landlord that the tenant who breached the lease vacate the property

A contract provision that allows a lender to require a borrower to repay all or part of an outstanding loan if certain requirements are not met.

technique for the resolution of disputes outside the courts

legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

is a term used predominantly in common law jurisdictions in the law of real property and personal property to refer to an innocent party who purchases property without notice of any other party's claim to the title of that property

is a risk management tool you can use to protect your financial interests on a job site

is a legally binding agreement between co-owners of a business that governs the situation if a co-owner dies or is otherwise forced to leave the business, or chooses to leave the business.

the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.

is a state or municipal-issued document that identifies the owner or owners of personal or real property

a mortgage on a movable item of property.

is essentially a right to sue

is a clause in a contract or agreement which has for its object to suspend, rescind or modify the principal obligation

Agreement where a buyer takes possession of an item, but its title and right of repossession remains with the seller until the buyer pays the full amont

is an event or state of affairs that is required before something else will occur. In contract law, a condition precedent is an event which must occur, unless its non-occurrence is excused, before performance under a contract becomes due, i.e., before any contractual duty exists.

is an event or state of affairs that brings an end to something else. A condition subsequent is often used in a legal context as a marker bringing an end to one's legal rights or duties.

PRIVILEGED COMMUNICATION SHARED WITH ONLY A FEW PEOPLE

is a group of laws and organizations designed to ensure the rights ofconsumers as well as fair trade, competition and accurate information in the marketplace.

is the transfer of legal title of property from one person to another, or the granting of anencumbrance such as a mortgage or a lien.

bailment of goods to be kept for the bailor, without reward, and to be returned when he shall require it

Is a type of sentence where no punishment is imposed. An absolute discharge is unconditiona

The distribution of current or accumulated earnings to the shareholders of a corporation

The complete and absolute ownership of land. Also the real estate so owned

The property (i.e. tenement) or piece of land that benefits from, or has the advantage of, an easement.

is the use of unlawful economic pressure to compel a party to a contract to agree to demands which they would not have otherwise

is any electronic means that indicates either that a person adopts the contents of an electronic message, or more broadly that the person who claims to have written a message is the one who wrote it

is basically a section in the contract that limits or excludes or appears to limit or exclude any form of liability for breach of contract

to act solely in another party's interests.

is an English adage with the premise that when something is unowned or abandoned, whoever finds it first can claim it

means any physical property that is permanently attached (fixed) to real property (usually land) Property not affixed to real property is considered chattel property

Standard clause found in construction and supply contracts, it exempts the contracting parties from fulfilling their contractual obligations for causes that could not be anticipated or beyond their control

is a legal process in which a lender attempts to recover the balance of a loan from a borrower, who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan.

The illegal transfer of property to another party in order to defer, hinder or defraud creditors, or to put such property out of the reach of a creditor.

refers to giving a creditor an undue advantage over other creditors

any breach to a contract that is so fundamental. Anyfundamental breach permits a party to terminate the performance of a contract. This also entitles a party to sue for damages.

all chattels personal, other than things in action and money, and includes emblements, industrial growing crops, and things attached to or forming part of the land that are agreed to be severed before sale or under the contract of sale.

a type of bailment in which the bailee receives no compensation. Forexample, borrowing a friend's car. A gratuitous bailee is liable for loss of the property only if the loss is caused by the bailee's gross negligence.

is a person who guarantees to pay for someone else's debt if he or she should default on a loan obligation.

in the context of contractlaw refers to a requirement in some contracts under which an owner engaging a contractor must hold a particular percentage of payment for a stipulated length of time in order to ensure all parties working on a contract are paid.

are words or provisions that a court assumes were intended to be included in a contract.

an obligation to protect against or keep free from loss, to repay for what has been lost or damaged, to compensate for a loss."

is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, with the payer named on the document.

the substitution of a new contract in place of an old one.

Making some false representation likely to induce a person to believe that the goods or services are those of another

having completed all necessary legal steps to achieve a result, such as perfected title to property

is “anything besides land that may be subject to ownership”

The Personal Property Security Act ("PPSA") is the name given to each of the statutes passed by all common law provinces, as well as the territories, of Canada

is a creditor receiving a preferential right to payment upon the debtor's bankruptcy under applicable insolvency laws.

The role that the passage of time plays in the making and ending of certain rights

the right to be first or ahead of the rights or claims of others

refers to the laws that deal with the regulation of personal information about individuals, which can be collected by governments and other public as well as private organizations and its storage and use.

A doctrine of contract law that prevents any person from seeking the enforcement of a contract, or suing on its terms, unless they are a party to that contract.

An offer for consideration or acceptance.

A legal principle under which a person should not be obliged to pay, nor should another be allowed to receive, more than the value of the goods or services exchanged;

has been defined as the unmaking of a contract between parties. Rescission is the unwinding of a transaction

The contractual, lease relationship between a lessor of residential premises (landlord) and his lessee (tenant)

is any type of agreement that requires the buyer to either take or abstain from a specific action. In real estate transactions, restrictive covenants are binding legal obligations written into the deed of a property by the seller.

is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party.

A contract of sale is a legal contract an exchange of goods, services or property to be exchanged from seller to buyer for an agreed upon value in money paid or the promise to pay same. It is a specific type of legal contract.

Any creditor or lender that takes collateral for the extension of credit, loan or bond issuance. In the arena of personal finance, the most well-known secured creditors are mortgage lenders whose loans are secured either by a first or second lien on a property.

The land which suffers or has the burden of an easement.

An equitable court-ordered remedy that mandates precise fulfillment of a legal or contractual obligation, when pecuniary damages would be inappropriate or inadequate, such as in the sale of a rare article or a unique piece of real estate.

substantial performance is an alternative principle to the perfect tender rule. It allows a court to imply a term that allows a partial or substantially similar performance to stand in for theperformance specified in the contract.

A person who is not a party to a lawsuit, agreement, or other transaction but who is usually somehow implicated in it

a symbol, word, or words legally registered or established by use as representing a company or product.

a person taking administrative responsibility for the financial affairs of a bankrupt and the distribution of assets to creditors

An individual or institution that lends money without obtaining specified assets as collateral

not valid or legally binding.

Reasons that can make a contract voidable include failure by one or both parties to disclose a material fact

coins or banknotes that must be accepted if offered in payment of a debt.

a letter issued by a banker to a person to whom credit is given authorizing drafts on the issuing bank or on a bank in the person's country up to a certain sum and guaranteeing to accept the drafts provided the drafts are appropriately made.

The combination or fusion of one thing or right into another thing or right of greater or larger importance so that the lesser thing or right loses its individuality and becomes identified with the greater whole.

A grant of a security interest in real property to secure a loan, often for the purchase of the property

The official power to make legal decisions and judgments.

an authoritative warning or order.

is the professional service of creating products and systems that optimize function, value and appearance for the mutual benefit of user and manufacturer.

inability to pay one's debts.