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Business Law Ch 11
Business Law with UCC Applications Ch 11
| Question | Answer |
|---|---|
| Acknowledgment | The official recognition by a notary public that another's signature was made by that party's free will. It is accomplished when the notary has signed the document and added the official seal to it. |
| Premarriage Agreement | Involves two people who are planning marriage and who agree to change the property rights they possess by law in a marriage. Such promises are enforceable only if they are in writing and agreed upon prior to the marriage. (Also known as Prenuptial.) |
| Best Evidence Rule | The legal rule that holds that the courts generally accept into evidence only the original of a writing, not a copy. |
| Cyber-Signature | An electronic sound or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign a record. |
| Collateral Contract | A promise made by one party to pay another person's debts, if that person fails to pay the debt, falls within the statute and must be in writing to be enforceable. |
| Condition Precedent | In contract law, an act or promise that must take place or be fulfilled before the other party is obligated to perform his or her part of the agreement. |
| Consigner | One who entrusts goods under a consignment contract to a consignee for the purpose of selling them. |
| Digital Signature | An encoded message that appears at the end of a contract created online. |
| Equal Dignities Rule | The legal rule that provides that when a party appoints an agent to negotiate an agreement that must be in writing, the appointment of the agent must also be in writing. |
| Equitable Estoppel (Also known as Part Performance) | An exception to the rule that contracts for the sale of land must be in writing. It applies when a person relies on an owner's oral promise to sell real estate and then makes improvements on the property or changes his or her position in an important way. |
| Part Performance (Also known as Equitable Estoppel) | An exception to the rule that contracts for the sale of land must be in writing. It applies when a person relies on an owner's oral promise to sell real estate and then makes improvements on the property or changes his or her position in an important way. |
| Guarantor | The promisor. |
| Guaranty Contract | A promise made by one party to pay another person's debts, if that person fails to pay the debt with the statute and must be in writing to be enforceable. |
| Guaranty of Payment | A promise to pay another's bills or to settle wrongful acts if that party does not settle them personally. |
| Leading Objective Test | If the promise to pay another party's debt is actually made to obtain a gain for the guarantor, there is no need for a writing to enforce the promise. (Also known as Main Purpose Test and Primary Objective Test.) |
| Main Purpose Test | If the promise to pay another party's debt is actually made to obtain a gain for the guarantor, there is no need for a writing to enforce the promise. (Also known as Leading Objective Test and Primary Objective Test.) |
| Primary Objective Test | A rule that states a writing is not needed for enforcement if promise to pay another party's debt is made to obtain a gain for the guarantor. (Also known as Main Purpose Test and Leading Objective Test.) |
| Memorandum | A written agreement containing the terms of an agreement, an identification of the subject matter of the agreement, the consideration promised, the names and identities of the parties to the agreement, and the signature of the party. |
| Obligee | In contract law, the party to whom another party owes an obligation. |
| Obligor | In contract law, the party who is obligated to deliver on a promise to undertake some act. |
| Parol Evidence Rule | The rule that states that evidence of a oral statements made before signing a written agreement is usually not admissible in court to change or to contradict the terms of a written agreement. |
| Prenuptial Agreement | An agreement between two people who are planning marriage and who agree to change the property rights they possess by law in a marriage. (Also known as Premarriage Agreement.) |
| Standard Construction Rule | A theory of legal interpretation under which the court will determine the principal objective of the parties in the making of the contract. |
| Statute of Frauds | A law requiring certain contracts to be in writing to be enforceable. |
| Uniform Facsimile Signatures of Public Officials Act | A law that allows use of facsimile signatures of public officials when certain requirements are followed. |
Created by:
dengler
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