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
Business Law QIV
FInal
| Question | Answer |
|---|---|
| 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
Popular Law sets