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Chapter 17 Andreson's Business
Andreson's Business Law
11
Business
Undergraduate 3
04/30/2009

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Term
statue of frauds
Definition
statute that, in order to prevent fraud through the use of perjured testimony, requires that certain kinds of transactions be evidenced in writing in order to be binding or enforceable
Term
suretyship
Definition
undertaking to pay the debt or be liable for the default of another
Term
personal representative
Definition
administrator or executor who represents decedents under UPC.
Term
executor, executrix
Definition
person (man, woman) named in a will to administer the estate of the decedent
Term
administrator, administratrix
Definition
person (man, woman) appointed to wind up and settle the state of a person who has died without a will.
Term
decedent
Definition
person whose estate is being administered
Term
parol evidence rule
Definition
rule that prohibits the introduction into evidence of orale or written statements made prior to or contemporaneously with the execution of a complete written contract, deed, or instrument, in the absence of clear proof of fraud, accident, or mistake causing the omission of the statement in question
Term
ambiguous
Definition
having more than one reasonable interpretation
Term
incorporation by reference
Definition
contract consisting of both the original or skeleton document and the detailed statement that his incorporated in it.
Term
good faith
Definition
absence of knowledge of any defects or problems
Term
usage of trade
Definition
language and customs of an industry
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