Business Law Wk. 3

Property

Anything that may be owned

Personal Property

Moveable; interests less than complete ownership in land or rights to money

Purchase

Ownership by payment

Intestate

One who dies without a will

Gift

transfer without consideration

Accession

acquiring property by the addition of personal property of another

Confusion

inseparable mixing of goods of different owners

Creation

bringing property into being

Intellectual Property

Property produced by human innovation and creativity

Patent

absolute title to invention for 14-20 yrs

Copyright

exclusive rights given to author of songs, books, compositions

Trade Secret

Secret, economically valuable information

Abandoned

Discard with no intention to reclaim

Lost Property

property unintentionally left, with no intention to discard

Bailment

transfer of possession of personal property from owner on condition that property will be returned

Bailor

Person who give-up possession of bailed property

Bailee

non-owner in possession of bailed property

Constructive Bailment

bailment imposed when a person controls lost property

Pawn

tangible personal property left as security for a debt

Pledge

intangible property serving as security for a debt

Conversion

obtaining possession of property and exercising ownership rights without permission

Carrier

transporter of goods, people, or both

Private Carrier

transports under special arrangements for a fee

Common Carrier

one that undertakes to transport without discrimination for all who apply for service

Cosignor

one who ships by common carrier

Consignee

one to whom goods are shipped

Bill of Lading

receipt and contract between cosigner and a carrier

Straight Bill of Lading

contract requiring delivery of shipped goods to consignee only

Order

contract allowing delivery of shipped goods to bearer

Baggage

articles necessary for personal convenience while traveling

Hotelkeeper

one engaged in the business of offering lodging to travelers

Boardinghouse keepers

persons in business to supply accommodations to permanent lodgers

Guest

transient received by hotel for accomodations

Goods

movable personal property

Movable personal property

all physical items except real estate

Sale

transfer of title to goods for a price

Contract to Sell

agreement to transfer title to goods for a price

Price

consideration in a sales contract

Existing Goods

goods that are in being and owned by the seller

Identified Goods

good picked to be delivered to the buyer

Future Goods

Goods not both existing and identified

Bill of Sale

Written evidence of title to tangible personal property

Receipt

taking possession of goods

Judicial Admission

fact acknowledged in the course of legal proceeding

Nonresellable Goods

Specially made goods no easily resellable

Auction

sale of property to the highest bidder

Bidder

person who makes the offer at an auction

Without Reserve

auction goods may not be withdrawn after bidding starts

With Reserve

Auction good may be withdrawn after bidding starts

Warehouse Receipt

document of title issued by storage company for goods stored

Shipment Contract

seller liable until goods delivered to carrier

Destination Contract

seller liable until goods delivered to destination

Free on Board (FOB)

designated point to which seller bears risk and expense

Incoterms

international commercial terms

Fungible goods

goods of a homogeneous nature sold by weight or measure

Sale on Approval

sale that is not completed until buyer approves goods

Sale or Return

completed sale with right to return goods

Commercial Unit

quantity regarded as separate unit

Consignment

transfer of possession of goods for purpose of sale

Document of Title

document that shows ownership

Warranty

1. assurance article conforms to a standard

2. statement of insured that relates to the risk and appears in insurance contract

Express Warranty

statement of guarantee made by a seller

Implied Warranty

warranty imposed by law

Full Warranty

warranty with unlimited duration of implied warranties

Limited Warranty

written warranty, not a full warranty

Constructive Notice

information or knowledge imputed by law

Sample

portion of whole mass of transaction

Model

replica of an article

Merchant

person who deals in goods of the kind or by occupation and thus is considered to have particular knowledge or skill regarding goods involved

Caveat Emptor

let the buyer beware

Privity of Contract

relationship between contracting parties

Unit Pricing

price stated per unit of measurement

Ballon Payment

payment more than twice the normal one

Finance Charge

total amount paid for credit

Annual Percentage Rate (APR)

amount charged for loan as percentage of loan

Injunctive Powers

power to issue cease-and-desist orders