Caib 3 Definitions

Front 1

Civil Law

Back 1

The body of law concerned with civil or private rights and remedies

Hint 1

Body of law

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Tort

Back 2

a private or civil wrong or injury other than breach of contract for which the courts will provide a remedy in the form of an award to damages

Hint 2

Award to damages

Front 3

Damages

Back 3

Compensation in money for loss or damage suffered

Hint 3

Money

Front 4

Rule of Precedent

Back 4

In common law current Court decisions must follow those made in cases having similar circumstances

Hint 4

Follow the past decisions

Front 5

Statute Law

Back 5

Written law enacted by provincial or federal legislation. It supersedes the common law

Hint 5

Written

Front 6

Breach of Contract

Back 6

The failure without legal excuse to perform any promise which forms the whole or part of the contract

Hint 6

Failure to finish

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Compensatory Damages

Back 7

damages intended to compensate the injured party for the bodily injury or property damage sustained

Front 8

General Damages

Back 8

damages which cannot be exactly determined in monetary term of reflect an amount that the court believes necessary to compensate the aggrieved party

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Special Damages

Back 9

Damages which can be measured as to the amounts and often referred to as out-of-pocket expenses

Front 10

Punitive Damages

Back 10

Damages which are intended to punish the defendant for their behavior. Or make an example of them.

Front 11

Nominal Damages

Back 11

Damages which may be awarded when there is no substantial loss or injury to be compensated. Validity of the plaintiffs claim when a question of principal is at stake.

Front 12

Doctrine of Negligence

Back 12

The duty of all persons to exercise due care in their conduct towards others

Front 13

Negligence

Back 13

Failure to do something which a reasonable man would do or the doing of something which a reasonable and prudent man would not do

Front 14

Strict Liability

Back 14

Based on the assumption that certain activities are so hazardous that the person conducting the activity shall be presumed to be legally liable

Front 15

Occupier

Back 15

The person who has immediate supervision and control of the premises, the power to admit and exclude the entry of others.

Front 16

Nuisance

Back 16

everything that endangers life or health gives offence to senses violates the laws of decencies or obstruct reasonable and comfortable use of the property

Front 17

Trespass

Back 17

Unlawful interference with one's personal property or rights

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Easement

Back 18

The right of persons to use land belonging to others

Front 19

False Imprisonment

Back 19

Holding someone without lawful justification against their will

Front 20

False Arrest

Back 20

Includes false imprisonment but also includes the intent that they be turned over to the police for prosecution

Front 21

Malicious Prosecution

Back 21

Occurs when:

1. the complainant was arrested and later released

2. evidence provided revealed that the person making the complaint did not have an honest belief that a crime had been committed but was guided by other improper motives such as a desire to harass or humiliate the victim

Front 22

Defamation

Back 22

A statement that causes unjustified injury to the reputation of another person and which results in the person to lose esteem, confidence, respect and goodwill of a considerable part of the community

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Slander

Back 23

Spoken defamation

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Libel

Back 24

Written defamation

Front 25

Aggregate Limit

Back 25

The most the policy will pay during the policy for all claims for which insurance is provided

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Bill of Lading

Back 26

Document issued by the carrier responsible for transporting or forwarding the goods

Front 27

Agreed Value

Back 27

The fair value of the shipment agreed to in advance by the insured and insurer

Front 28

Freight

Back 28

The money payable for either the hire of a vessel or convenience of cargo from one port to another

Front 29

Actual Total Loss

Back 29

The subject of property is totally lost or so badly damaged that it has no value left

Front 30

Constructive Total Loss

Back 30

When the cost of salvaging the cargo is too high relative to the value saved

Front 31

Particular Average

Back 31

A partial lost to a specific shipment other than a general average

Front 32

General Average

Back 32

Payment for marine losses voluntarily and cured for the safety of the entire venture

Front 33

Surety

Back 33

State of being sure certain and secure

Front 34

Suretyship

Back 34

The guarantee of performance made by one person or entity for another

Front 35

Surety Bond

Back 35

An undertaking by one party (the surety) to become accountable to another party (the obligee) for the performance of an obligation by a third party (the principal) to ensure the faithful performance of an obligation.

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Obligee

Back 36

The party to whom the bond is given

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Principal

Back 37

The person primarily liable

Front 38

Penalty

Back 38

The amount of credit given to the principal by The surety or the amount which the surety is prepared to pay in the event the principal defaults

Front 39

Statutory Bond

Back 39

Required by a municipal ordinance or federal or provincial regulation or statute

Front 40

Non-Statutory Bond

Back 40

Not required by law but flows from the contract between parties

Front 41

Contract Bond

Back 41

Guarantees the fulfillment of certain obligations

Front 42

Consent of Surety

Back 42

a letter assuring the owner that if the principal is the successful bidder The surety will issue such other bonds as are specified to ensure the performance of the contract

Front 43

Working Capital

Back 43

The amount of funds available to pay continuing business operation expenses

Front 44

Net Worth

Back 44

The amount of money remaining after all assets have been liquidated and all liabilities settled

Front 45

Licence

Back 45

Issued by a regulatory body in order to set rules and regulations to safeguard the public

Front 46

Permit

Back 46

Usually required as a prerequisite to perform special functions incidental to the operation of the business

Front 47

Risk Management

Back 47

The process of making and carrying out decisions that will minimize the adverse effects of an accidental loss

Front 48

Loss Exposure

Back 48

The chance of a financial loss as a result of a particular parallel striking a thing of value

Front 49

Tangible Property

Back 49

Property that is real can be touched and has form and substance

Front 50

Going Concern Value

Back 50

The difference in the value of property which must be sold after a loss and its value had the business continued

Front 51

Intangible Property

Back 51

Property with no physical substance and consists of legal rights rather than things

Front 52

Expediting Costs

Back 52

The extra cost and cured in hastening the recovery of a business after a loss

Front 53

Risk Control

Back 53

The steps taken to reduce the frequency and severity of losses as much as possible

Front 54

Risk Financing

Back 54

Concerned with paying those losses that inevitably occur

Front 55

Segregation

Back 55

Arranging an organization's activities and resources so that no single event can cause simultaneous losses to all of them

Front 56

Seperation

Back 56

Dividing an organization single asset or operation into two or more separate units

Front 57

Duplication

Back 57

A complete reproduction of an organization's own "standby" asset or facility to be kept in reserve

Front 58

Retention

Back 58

Includes all means of generating funds from within the business to pay for losses

Front 59

Contractual Transfer

Back 59

All means of generating funds from outside the business to pay for losses