Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Test 2 BUS 263
| Term | Definition |
|---|---|
| Whistle blower | An employee who discloses to the government, media, or upper management that the company is involved in wrongful illegal activities |
| White-Collar Crime | A term used to describe various crimes that typically do not involve force or violence committed by and against businesses. |
| Treason | The levying of war against the United States or the giving of aid and comfort to the nation's enemies |
| Felony | A crime punishable by death or imprisonment in a federal or state prison for a term exceeding one year. |
| Misdemeanor | A less serious crime that is generally punishable by a fine and/or prison of not more than one year |
| Burglary | The illegal entering of another person's premises for the purpose of committing a crime. |
| Forgery | The false making or alteration of writing with the intent of defraud. |
| Extortion | The act of taking or demanding money or other property from someone by using force, threats of force, or economic harm |
| RICO | (Racketeer Influenced and Corrupt Organization) One of the most successful laws used to combat white-collar crime. RICO prohibits an organization's employees from engaging in a pattern of racketeering activity. |
| Crime | An offense against the public at large punishable by the official governing body of a nation or state |
| Ponzi Scheme | A type of security fraud in which large gains are promised to investors, but in reality, newer investments are used to provide a return on older investmensts |
| Tort | A private wrong that injures another person's physical well-being, property, or reputation. |
| Defamation | The harming of a person's reputation and good name by the communication of a false statement |
| Nuisance | An unlawful interference with the enjoyment of life or property |
| Conversion | The wrongful exercise of dominion and control over another's personal property. |
| Negligence | The failure to exercise necessary care to protest others from unreasonable risk of harm. |
| Strict Liability | The doctrine under which persons may be liable for injuries to others whether or not they have been negligent or committed an intentional tort. This establishes liability without the necessity of proving fault |
| Express Warranty | An explicit, specifically stated promise |
| Implied Warranty | A guarantee suggested or inferred from known facts and circumstances. |
| Personal Property | Property other than land, such as automobiles, clothing and computers |
| Real Property | Often called real estate, is land and items permanently attached to the land, such as buildings or tress |
| Express Authority | An agent's authority thar the principal voluntarily and specifically sets forth as oral or written instructions in an agency agreement |
| Implied Authority | The authority an agent reasonably assumes he or she has that reaes to the express authority granted by the principal |
| Apparent Authority | The authority that a third-party mat reasonably assume an agent possesses, despite the fact that the agent does not actually possess such authority |
| Sole Proprietorship | A business owned and operated by one person |
| Partnership | A business owned and operated by two or more persons |
| Corporation | A business formed as a separate legal entity |
| Periodic Tenancy | A possession intent in which the lease continues for the successive periods for the same length, renewable |
| Tenancy for Years | The most common type of possession interest in which the lease is for a specific period of time |
| Tenancy at Will | A possession interest in which no specific time of lease is agreed upon, indefinitely until notified |
| Tenancy at Sufferance | A tenancy that exists only when a tenant wrongfully extends his or her tenancy beyond the term agreed upon, wrongfully extends their stay |
| FOB shipping point | Title to goods passes from the seller to the buyer when the carrier receives the shipment, and it is understood that the buyer will pay the transportation charges |
| FOB destination | Title passes from the seller to the buyer when the goods are delivered to the buyer |
| Executor | A personal representative named in a will to handle matters involving the estate of a deceased person. |
| Arson | The willful or malicious act of causing the burning of another's property |
| Advantages of sole proprietorship | - The owner pays income taxes on earned profits at his or her personal rate |
| Disadvantages of sole proprietorship | - Unlimited liability, owner is personally liable for all the legal debts and obligations of the business. - Difficulty owner faces in raising money to finance the operations of the business |
| Advantages of partnership | - Easy to form - Each partner has the right to share in their profits of the business - All assets are owned jointly - Personal income tax rate |
| Disadvantages of partnership | - Each partner has unlimited liability for all legal obligations and debts of the business - Both can be sued |
| Limited Partnership | A business in which there are one or more general partners and one or more limited partners |
| Advantages of limited partnership | - limited liability |
| Disadvantages of limited partnership | - Partners are not able to participate in overall management of the business |
| Limited Liability Partnership | (LLP) A type of partnership commonly used by professionals who are in business together |
| Advantages of LLP | - Personal assets aren't up for grabs - Members allowed to manage - Tax at personal tax rate |
| Disadvantages of LLP | - Not as easy to raise money to maintain |
| Administrator | A personal representative named by the court to perform as the executor would in instances in which the deceased person has not left a will |
| Advantages of Corporations | - Limited liability to shareholders for claims against the business |
| Disadvantages of Corporations | - Required to pay separate income taxes at a special corporate rate - Double taxation - Expenses forming and maintaining |
| Bailments for the sole benefit of the bailee | Only the bailee receives any benefit, when one borrows an article, such as a calculator, from a friend (extraordinary) |
| Bailments for the sole benefit of the bailor | When the bailor entrusts an article to the bailee for storage or safekeeping without charge, a favor. When one agrees to store a friend's car in their garage while friend is out of town |
| Mutal Benefit Bailments | A bailment in which both the bailee and the bailor derive some benefit and as a result each has rights and duties, leaves car with a attendant in a parking garage |
| Constructive Bailment | When goods, such as an umbrella, are thrust upon you by a person who unintentionally leaves property behind your home. |
| Bailor | The party in a bailment who retains ownership and transfers possession of the goods |
| Bailee | The party in a bailment who receives the goods |
Created by:
kaileygrace