Test 2 BUS 263 Word Scramble

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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