Flashcard Set Preview
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| 1 |
Implied warranty of fitness for a particular purpose
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an implied warranty that applies when a buyer relies on the seller's expertise in selecting...
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Implied warranty of title
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An implied promise in a contract for the sale of goods that the seller has legal ownership...
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FOB (free on board) place of shipment
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shipping condition under which the seller delivers the goods to the carrier at the seller's...
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FOB (free on board) place of destination
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A shipping condition under which the ownership passes from the seller to the buyer when the...
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FAS (free alongside) vessel
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A shipping condition under which ownership passes from the seller to the buyer when the seller...
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FOB (free on board) vessel
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A shipping condition under which goods are loaded on board the vessel at the seller's risk...
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CIF (cost-insurance-freight)
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A shipping condition under which the seller is obligated to pay for the insurance and freight...
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CAF (cost and freight)
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A shipping condition under which the seller is obligated to pay for the freight charges but...
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COD (cash on delivery)
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A shipping condition under which the buyer pays when the goods are delivered and has no right...
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| 10 |
draft or check
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a type of commercial paper containing an unconditional order by the drawer (person making out...
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| 11 |
certificate of deposit (CD)
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a type of commercial paper issued by a financial institution acknowledging receipt of money...
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Promissory note
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a type of commercial paper containing a written promise to pay money on demand or at a definite...
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Trade acceptance
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a type of commercial paper that is a 2 party draft, used when a seller wants cash immediately...
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Primary Liability
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the absolute obligation to pay a negotiable instrument according to its terms
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secondary liability
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the obligation to pay a negotiable instrument only if someone else refuses to pay or to accept...
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| 16 |
special endorsement
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a signature or the equivalent of a signature that specifies the person whom a negotiable instrument...
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| 17 |
blank or general endorsement
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a signature or the equivalent of a signature on a negotiable instrument that names no specific...
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restrictive or collective endorsement
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a signature or the equivalent of a signature that includes language placing additional limits...
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qualified endorsement
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a signature or the equivalent of a signature that passes title to a negotiable instrument but...
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unqualified endorsement
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a signature to the equivalent that places no limits on the endorser's liability on the paper
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| 21 |
holder in due course
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the person to whom a negotiable instrument has been issued or endorsed and who posses it for...
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| 22 |
personal defense
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A claim to an instrument by any person and any defense that would be effective in a simple...
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real defense
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A defense of an obligor of a negotiable instrument that may be asserted even against a holder...
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| 24 |
certified check
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A check guaranteed by a bank to be covered by sufficient funds on deposit
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| 25 |
cashier's check
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A check drawn by a bank on its own funds
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| 26 |
security interest
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A interest in property that exists by contract as security for payment or performance of an...
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secured transaction
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A business arrangement in which a buyer or borrower gives collateral to the seller or lender...
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secured party
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The seller or lender in a secured transaction who has a security interest in property or goods...
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collateral
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The goods covered by a security interest in a secured transaction
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pledge
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A security device by which a borrower guarantees payment by delivering collateral to the lender...
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surety
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The party in a secured transaction who agrees to be responsible for the performance of another...
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principal (in a surety)
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The party in a surety relationship whose performance is required and is guaranteed by the surety
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obligee
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The party in a surety to whom the surety and principal are liable
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| 34 |
limited warranty
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a warranty that limits the consumer's rights in some respect
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full warranty
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A warranty the promises to remedy a product defect within a reasonable time and without charge...
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| 36 |
electronic funds transfer system (EFT)
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A system that moves funds from one institution to another by means of electronic signals rather...
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Bankruptcy law
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A body of federal laws that allows debtors who are unable to pay their creditors to divide...
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chapter 7
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The last resort chapter of the federal bankruptcy act under which the bankrupt organization's...
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chapter 11
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The general reorganization chapter of the federal bankruptcy act under which a bankrupt partnership...
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| 40 |
chapter 12
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A chapter of the federal bankruptcy act giving farm operations, other than large corporate...
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chapter 13
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A chapter of the federal bankruptcy act giving small business operators or wage earners the...
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| 42 |
liquidation
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A bankruptcy proceeding in which a bankrupt organization does not have enough assets to pay...
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| 43 |
To be negotiable an insment must meet the following four requirments
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1. it must be signed by the maker or the drawer2. It must contain an unconditional promise...
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| 44 |
A holder in due course posses a negotiable instrument and must have taken the instrument under...
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1. for value2. in good faith3. without notice that it is overdue or has been dishonored or...
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| 45 |
True or FalseA perfected security interest is superior to a later perfected security interest...
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True
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| 46 |
The 3 methods of perfecting a security interest
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1. filing a financing statement2. Transferring actual possession3. Perfecting by attachment
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| 47 |
Fair trade laws include the following1.
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The federal trade commission Act (FTC Act)State unfair trade practices actsstate and federal...
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The FTC ACt prevents...
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unfair competition and unfair or deceptive acts or practices affecting interstate commerce
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