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Business Law QIV

FInal

QuestionAnswer
anything which can be possessed, owned, used, or disposed property
nonmoveable property such as land and its fixtures real property
largest and most complete ownership in property is a fee simple
any property that can be moved from place to place personal property
personal property which is attached to land or buildings fixtures
personal property that can be seen and observed tangible
a stock certificate or goodwill is an example of _____ property intangible
the transfer of possession (but not ownership) of personal property to another for some purpose bailment
the one who bails property bailor
the person who receives bailed property for temporary care bailee
in a mutually beneficial bailment, what degree is required? reasonable and ordinary care
a carrier under special circumstances or arrangements such as livery private carrier
a carrier open to the public, responsible for all damage common carrier
when using common carrier, what level of care is required in transit extraordinary care
when using a common carrier, what level of care is required in both the original and receiving terminals? reasonable, ordinary care
in multiple ownership of personal property: one dies, the other owner gets the entire property joint tenancy
in multiple ownership of personal property: one dies, but his interest in the property passes down to his heirs tenancy in common
a writing signed by the owner to convey title to real property deed
according to the statute of frauds, does the sale of real property have to be in writing? yes
the seller in a transfer of real property grantor
the buyer in a transfer of real property grantee
a deed which conveys title of real property, but also makes certain warranties: good title, free and clear, free of encumbrances, grantor will defend the grantee against any claims/demands made on the property warranty deed
property in trust at the time of sale or transfer must issue a ____ deed trustee's deed
a deed which conveys interest in real property, without warranties quitclaim deed
a history of the title of the property with liens and taxes due abstract of title
t/f: anyone who is legally competent to contract can be an agent or a principal true
a special or general agent that has been appointed in writing (as proof of the agency relationship): aka a written power of attorney attorney in fact
authority which is expressly authorized, as in a contract expressed authority
authority which is usually done to perform duties customary/apparent authority
authority given to the agent to carry out the expressed authority implied authority
agents hired to do a specific task, does not have the broad scope of authority which belongs to a general agent special agent
a special agent that is hired to sell merchandise on the behalf of the principal, and receives a commission factor
a special agent who sells goods to a third party and guarantees payment (If the buyer doesn't pay you, I will) factor del credere
a special agent who brings buyers and sellers together to enter into a contract broker
agency created when an individual pretends to be an agent, and the supposed principal does not stop them agency by estoppel
best kind of deed you can get warranty deed
the principal has limited degree of control over this type of worker independent contractor
a business that is owned and operated by one individual sole proprietorship
a legal entity of two or more people who have combined their money, property, and skill to do a lawful business for profit partnership
a partnership in which all partners share equally in liability general partnership
a partnership allowed by some states in which one or more of the partners have limited their liability to the extent of their investment limited partnership
state by state statute which governs the owning and operating of partnerships uniform partnership act
a partnership engaged in the buying and selling of merchandise is considered a _____ partnership trading partnership
a partnership which provides services is considered a ____ partnership non-trading partnership
a partner with unlimited liability, shares equally in profits and management general partner
a partner who is known to the public, but has no voice in the management of the partnership silent partner
a partner who is unknown to the public, but may have some voice in the management of the partnership secret partner
a partner who is unknown to the public with no voice in the management of the partnership (two terms) dormant/nominal partner
two partnerships which join together to form another partnership for one specific task joint venture
the term for the salary a partner takes draw
not termination of a partnership, but the process of letting go (settling debts, etc) dissolution
an association of individuals united for some common purpose that is permitted by law to use a common name and is allowed to change its members without dissolution or termination corporation
those who organize a corporation, begin the process of incorporating a company promoters
statute adopted by most states which regulates the formation, operation, and dissolution of a corporation business corporation act
a corporation formed by a government body is considered a ____ corp. public
a corporation formed by private individuals for a non-governmental purpose, for profit or not-for-profit private
a company's contract with the state which states the terms of the corporation articles of incorporation
once the articles of incorporation are filed with the state, and sealed with the state seal, it becomes known as the corporate charter
when you prepare the articles of incorporation, it includes how much stock you will originally issue, this stock is called capital stock
stock which gives you a right to vote common stock
holder of this stock has certain privileges, ex: preferential treatment with regard to dividends, but cannot vote preferred stock
the assigned face value of the stock par value
once a corporation buys back the original stock it sold, it goes into the corporate treasury, known as treasury stock
sold stock in exchange for property rather than for money (property is worth less than the cash value) watered stock
profits of the corporation that are distributed to shareholders dividends
a minimum number of stockholders (in person or by proxy) to have a valid vote quorum
written authorization of a stockholder given to someone else to vote for them at stockholder meetings proxy
when a corporation enters into a written agreement, gives the person an option to invest in a certain amount of stock before it goes on the open market stock option
a corporation doing business only in the state of its incorporation domestic corporation
a corporation that does business in another state in which it is not incorporated foreign corporation
a corporation that was originated in and incorporated outside of the US alien corporation
if any agent goes beyond the scope of his authority and makes any decisions this is considered a ______ act ultra vires
a civil wrong against a person or their property other than a breach of contract for which the court will provide a remedy in the form of action or damages tort
in an intentional tort, must prove that the transgressor purposely performed the act, known as a _____ act volitional
one party's actions causes another's injury because they fail to act in a reasonably prudent manner negligent
most common tort filed against the funeral service industry mental anguish
the Mrs. Palsgraff case (in which the railroad company was sued for a falling scale on a railroad platform) is a good example of foreseeability
theory which says the plaintiff must show that there was an actual physical impact by the defendant upon the plaintiff, in order to recover damages for negligent mental anguish impact requirement
intentional invasion of real property without permission trespass
threatening to do harm to someone-intentional act which creates a reasonable apprehension in someone in receiving an imminent battery assault
harmful offensive touching of a person battery
controlling a person to a boundary area-intentional act which confines a person to a bounded area false imprisonment
written defamatory statements libel
oral or verbal defamatory statements slander
Created by: amyziolkowski