Bsen 395 Vocab U Of C

Front 1

Acceptance

Back 1

statement or act given in response to and in accordance with an offer.

Front 2

Act of God

Back 2

an unanticipated event that prevents the performance of a contract or causes damage to property.

Front 3

Administrative Tribunals

Back 3

agencies created by legislation to regulate activities or do specific things

Front 4

4 ways to get agency

Back 4

agency by:

conduct- inferred from the actions of the principal

estoppel- a representation by words or conduct that a person is an agent cannot be later denied if a third party relies on that representation.

express agreement- expressed, oral/written

operation of law- out of necessity when the principal cannot act.

Front 5

apparent authority

Back 5

ability of agent to bind a principal where the principal has not notified third parties.

Front 6

anticipatory breach

Back 6

an advance determination that a party will not perform their part of a contract when the time for performance arrives.

Front 7

assault

Back 7

threat of violence or injury to a person.

Front 8

assignment

Back 8

the transfer or a debtors property to an official receiver under a voluntary assignment in bankruptcy.

Front 9

attorney

Back 9

lawyer

Front 10

bankruptcy

Back 10

a condition that arises when a person commits an act of bankruptcy under the bankruptcy and insolvency act.

Front 11

battery

Back 11

unlawful touching or stiking of another person

Front 12

breach of contract

Back 12

the failure to perform a contract in accordance with its terms

Front 13

types of contractual breaches (4)

Back 13

fundamental breach-

express repudiation

breach of waruntee

implied repudiation

Front 14

common law

Back 14

the law as found in the recorded judgements of the courts

Front 15

consensus ad idem

Back 15

agreeement as to the subject or object of the contract

Front 16

consideration

Back 16

something that has value in the eyes of the law, and which a promisor receives in return for the promise.

Front 17

defamation

Back 17

false statements that injure a person's reputation

Front 18

dissolution

Back 18

the termination of the partnership relationship

Front 19

due diligence

Back 19

the obligation on the directors of a corporation to ensure that effective systems are in place to comply with legislation, and to monitor the systems to ensure compliance.

Front 20

dumping

Back 20

the selling abroad of goods at prices lower than the price of goods sold domestically in the country of origin.

Front 21

duress

Back 21

the threat of injury or imprisonment for the purpose of requiring another to enter a contract or carry out some act.

Front 22

duty of care

Back 22

the duty not to injure another person.

Front 23

duty of fair representation

Back 23

duty of a union to represent its members in a fair and impartial manner.

Front 24

duty to accomodate

Back 24

obligation on an employer to adjust work for an employee with a recognized disability

Front 25

easement

Back 25

a right to use the property of another, usually for a particular purpose.

Front 26

encroachment

Back 26

a possessory right to the property of another that may be acquired by the passage of time.

Front 27

escheat

Back 27

the reversion of land to the crown when a person possessed of the fee dies intestate and without heirs

Front 28

estoppel

Back 28

a rule whereby a person may not deny the truth of a statement of fact made when another person has relied upon that statement.

Front 29

exculpatory clause

Back 29

a clause in a contract that limits or exempts a party for any liability for damage to the goods.

Front 30

expropriation

Back 30

the forceful taking of land by a government or government agency for public purposes

Front 31

fee simple

Back 31

an estate in land that represents the greatest interest in land that a person may possess, and may be passed by will or conveyed to another.

Front 32

fixture

Back 32

a chattel that is constructively or permanently attached to the land

Front 33

force majeure

Back 33

a major, unforeseen or unanticipated event that prevents the performance of the contract.

Front 34

Four-fold test

Back 34

Test for employment based upon

1) Ownership in tools

2) Control

3) Chance of Profit

4) Risk of loss

Front 35

Fraudulent Misreprestation

Back 35

A false statement of fact made by a person who knows, or should know, that it is false, and made with the intention of deceiving another.

Front 36

Frustrated Contract

Back 36

A contract under which performance by a party is rendered impossible due to an unexpected or unforeseen change in circumstances

Front 37

fundamental breach

Back 37

A breach of the contract that foes to the root of the agreement

Front 38

General Damages

Back 38

Restitution for losses naturally expected from a breach of contract

Front 39

indemnity

Back 39

the concept that distinguishes a contract of insurance from a wager

Front 40

infant

Back 40

a person who has not reached the age of majority

Front 41

injunction

Back 41

orders the person named within it to refrain from doing certain acts

Front 42

insolvency

Back 42

the inability of a person or corporation to pay their debts as they fall due.

Front 43

joint tenancy

Back 43

the joint holding of equal interests in land with the right of the surviving tenant to the interest of a deceased joint tenant.

Front 44

just cause

Back 44

the onus on the employer to establish grounds for termination of an employee without notice.

Front 45

life estate

Back 45

An estate in land in which the right to possession is based upon a persons lifetime.

Front 46

Non est factum

Back 46

a defence that may allow illiterate or infirm persons to avoid liability on a written agreement if they can establish that they were not aware of the true nature of the document and were not careless in execution.

Front 47

nuissance

Back 47

interference with the enjoyment of real property or material interference with a persons physical comfort

Front 48

power of attorney

Back 48

a legal document usually signed under seal in which a person appoints another to act as their attorney to carry out the contractual or legal acts specified on the document

Front 49

Principal

Back 49

person on whose behalf an agent acts

Front 50

privity

Back 50

a person cannot incur liability under a contract to which he or she is not a party.

Front 51

trust

Back 51

an agreement or arrangement whereby a party (Called a trustee) holds property for the benefit of another (called a beneficiary)

Front 52

ultra vires

Back 52

an act that is beyond the legal authority of power of a legislature or corporate body.

Front 53

waiver

Back 53

express or implied renunciation of a right or claim.

Front 54

Rectification

Back 54

The correction of a mistake in an agreement that would have rendered the agreement impossible to perform.

Front 55

quantum meruit

Back 55

"as much as he has earned" a remedy that permits a person to recover a reasonable price for service and or materials requested, where no price is established when the request is made.

Front 56

ratification

Back 56

the adoption of a contract or act of another by a party who was not originally bound.

Front 57

repudiation

Back 57

refusal to perform agreement/promise/contract

Front 58

restitutio in integrum

Back 58

to restore a party to an original position

Front 59

Statute law

Back 59

law passed by a properly constituted legilslative party

Front 60

statutory assignment

Back 60

an assignment of rights that an assignee may enforce if certain conditions are met by the assignment.

Front 61

Tender

Back 61

Act of performing a contract or the offer of payment of money due under a contract.

Front 62

Release

Back 62

A promise not to sue or press a claim, or discharge a person from any future responsibility to act.

Front 63

Novation

Back 63

Substitution of parties to an agreement or the replacement of one agreement by another agreement.