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38 Cards in this Set
- Front
- Back
Fixture |
Anypersonal property affixedto real property in such a way as to become part of the real property. |
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Money |
Currency, coins, bank notes, and sometimestraveler's checks, credit card slips,and money orders held for sale to the public |
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Securities |
Written instruments representing either money or other property, , such as stocksand bonds |
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Auto |
Asdefined in commercialgeneral liability and auto forms,a land motor vehicle, trailer,or semitrailer designedfor travel on public roads, including attached machinery or equipment; or any other landvehicle that is subject to a compulsory or financial responsibility law or other motor vehicle insurance law in the state where it is licensed orprincipally garaged. |
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Mobile equipment |
Various types of vehiclesdesigned for use principally off public roads, such as bulldozers and cranes |
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Recreational vehicle |
A vehicleused for sportsand recreational activities, such as a dune buggy, all-terrain vehicle, or dirt bike |
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Peril |
The cause of a loss. |
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Mortgagee |
A lender in a mortgage arrangement, such as a bank or another financing institution |
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Mortgagor |
Theperson or organization that borrows money from a mortgagee to finance the purchase of real property. |
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Bailee |
The party temporarily possessing thepersonal property in a bailment. |
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Legal liability |
Thelegally enforceable obligation of a person or an organization to pay a sumof money (called damages) to another person or organization. |
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Constitutional law |
The Constitution itself and all the decisionsof the Supreme Court thatinvolve the Constitution |
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Statute |
A written law passed by a legislative body, the federalor state level |
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Statutory law |
The formal laws, orstatutes, enacted by federal,state, or local legislative bodies |
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Common law(case law) |
Laws that developout of court decisions in particular cases and establish precedents for future cases. |
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Criminal law |
The branch of the law thatimposes penalties for wrongs against society. |
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Civil law |
Aclassification of law that appliesto legal matters not governed bycriminal law and that protectsrights and providesremedies for breaches of duties owed to others. |
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Tort |
A wrongful act or an omission, other thana crime or a breach of contract, that invades a legallyprotected right |
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Tort law |
The branch of civil law thatdeals with civil wrongs other than breaches of contractts |
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Negligence |
Thefailure to exercisethe degree of care that a reasonableperson in a similarsituation wouldexercise to avoid harming others. |
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Proximate cause |
A cause that, in a natural and continuous sequence unbroken by any new and independent cause, produces an event and withoutwhich the event would not have happened |
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Tortfeasor |
A person or organization that has committed a tort. |
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Vicarious liability |
Alegal responsibility that occurs when one partyis held liable forthe actions of a subordinate or associate becauseof the relationship between the two parties. |
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Intentional tort |
A tort committed by a person who foresees (or should be able to foresee) that his or her act will harm another person. |
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Assault |
Thethreat of force against another person that creates a well-founded fear of imminent harmful or offensive contact. |
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Battery |
Intentional harmful or offensivephysical contact with another person without legal justification |
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Defamation |
A false written or oral statement that harms another's reputation |
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Slander |
A defamatory statementexpressed by speech. |
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Libel |
A defamatory statementexpressed in a writing. |
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False arrest |
The seizure or forciblerestraint of a person withoutlegal authority. |
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Invasion of privacy |
An encroachment on another person's right to be left alone. |
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Strictliability (absolute liability) |
Liability imposed by a court or by astatute in the absence of fault when harm results from activities or conditions that are extremely dangerous, unnatural, ultra hazardous, extraordinary, abnormal, or inappropriate. |
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Hold-harmless agreement (or indemnity agreement) |
A contractual provision that obligates one of the parties to assumethe legal liability of another party. |
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Warranty |
A written or oralstatement in a contract that certainfacts are true. |
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Statutory liability |
Legal liability imposed by a specific statuteor law. |
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Personnel loss exposure |
A condition that presentsthe possibility of loss caused by a person'sdeath, disability, retirement, or resignation that deprivesan organiza tion of the person'sspecial skill or knowledge that the organizationcannot readily replace. |
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Key employee |
Anemployee whose loss toa firm through death or disability before retirement would have economic effectson the company. |
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Disability |
Theinability (because of impairment) ofa person to meet his or her personal, social,or occupational demands; other activities of dailyliving; or statutory or other legal requirements. |