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Business Law Ch 29

Business Law with UCC Applications Ch 29

QuestionAnswer
Bailee The person to whom personal property is transferred under a contract of bailment.
Bailment The transfer of possession and control of personal property to another with the intent that the same property will be returned later.
Bailor The person who transfers personal property under a contract of bailment.
Carrier A business that undertakes to transport persons, goods, or both.
Common Carrier A company that transports goods or persons for compensation and offers its facilities to the general public without discrimination.
Consignee One whom goods are entrusted under a consignment contract for the purpose of selling them.
Consignment Contract A type of mutual benefit bailment in which the consignor entrusts goods to the consignee for the purpose of selling them.
Consignor One who entrusts goods under a consignment contract to a consignee for the purpose of selling them.
Gratuitous Bailment A bailment for the sole benefit of either the bailor or the bailee, in which the other party receives no consideration for benefits bestowed.
Gross Negligence Very great negligence.
Innkeeper An operator of a hotel, motel, or inn that holds itself out to the public as being ready to accommodate travelers, strangers, and transient guests.
Mutuum (MYOO-choo-um) A loan of goods with the intention that the goods may be used and later replaced with an equal amount of different goods.
Ordinary Negligence Failure to use that amount of care that a reasonable person would use under the same circumstance.
Passenger A person who enters the premises of a carrier with the intention of buying a ticket for a trip. One continues to be a passenger as long as the trip continues.
Radical Profiling The act of targeting a person for criminal investigation primarily because of racial or ethnic characteristics.
Slight Negligence The failure to use that degree if care that persons of extraordinary prudence and foresight are accustomed to use.
Transient A person who accepts the service of a hotel or other public accommodation without any obligation to remain a specified length of time.
Warehouse A building or structure in which any goods, but particularly wares or merchandise, are stored.
Warehouser A person engaged in the business of storing goods for hire.
Warehouser's Lien The right of a warehouser to retain possession of goods stored in the warehouse until the satisfaction of the charges imposed on them.
Escheat To revert to the state; to become property of.
Chattels Property that had substance and that can be touched.
Chose in Action Evidence of the right to property, but not the property itself.
Community Property Property that is acquired by the personal effects of either spouse during marriage and which, by law, belongs to both spouses equally.
Contenancy The quality or state of more than one owner of a single property.
Donee One to whom a gift is given
Donor One who gives a gift.
Gift in causa mortis (in-KAWS-ah-MORE-tes) A gift given during one's lifetime in contemplation of death form a known cause.
Gift inter vivos (IN-ter-VY-vose) A gift between the living. For example an exchange to valid, the donor must intend to make a gift, the gift must be delivered to the donee, and the donee must accept it.
Joint Tenants Two or more persons who own property where the right of any deceased owner is automatically transferred to other surviving owners. (Also known as Joint Tenants with the Right of Survivorship)
Joint Tenants with the Right of Survivorship Two or more persons who own property where the right of any deceased owner is automatically transferred to other surviving owners. (Also known as Joint Tenants.)
Personal Property Everything that can be owned other than real estate.
Salvage A reward given to persons who voluntarily assist a sinking ship to recover its cargo from peril or loss.
Salvor A person who salvages. The law of salvage gives the salvor the right to compensation for assisting a foundering vessel.
Severalty The quality or state of sole ownership of a single property.
Tenants in Common Owners of an undivided interest in property, with each owner's rights going to his or her heirs upon death rather than to the surviving cotenants.
Abandoned Property Property that has been discarded by the owner without the intent to reclaim ownership of it. Courts require clear and convincing evidence of both the desertion by the owner and the owner's intent never to return.
Created by: dengler
 

 



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