business Law final

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memaryme12
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30318
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business Law final
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2010-08-18 14:11:01
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Business Law Final
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Business Law Final
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  1. A person in relationship of trust & confidence
    Fiduciary
  2. Laws enacted by legislative bodies
    Statue
  3. A contract exceeding a corporation's
    Contract
  4. A check drawn by a bank on it's own
    Cashier's check
  5. An advantage to a corporation is
    • pooling of capital
    • limited liability
  6. A type of stock with an assigned face value is called
    par-value stock
  7. A court's temporary order forbidding an action
    restraining order
  8. A person whose action causes injury
    tortfeasor
  9. Chief officer in an inferior court
    judge, justice of the peace, majistrate
  10. A partner who takes no active part in the management of the business, but who possibly may be known as a partner is a
    limited partnership
  11. A draft drawn or payable outside the United States
    Foreign Draft
  12. A corporation formed by private individuals for charitable, educational, religious, social, or a fraternal purpose is a
    not-for-profit
  13. A written instrument indicating the appointment of an agent is known as a
    power of attorney
  14. Fraudulent conversion of property lawfully possessed
    embezzlement
  15. The termination of a contract & substitution of a new one with the same terms but a new part
    Novation
  16. Assent to an offer resulting in a contract
    Acceptance
  17. A paper so firmly attached to an instrument as to become part of it
    allonge
  18. The largest class of federal courts consists of
    Federal District Courts
  19. The right to sue the federal goverment is derived from the
    Federal Claims Act
  20. A process may be referred to as a
    summons
  21. A person authroized to vote for another person is known as a
    proxy
  22. A contract consisting of a mutual exchange of promises
    bi-latteral
  23. A corporation formed to carry out some govermental function is known as a
    public corporation
  24. Examples of a necessary?
    food, clothes, shelter
  25. Negotiable instruments may be
    transferable
  26. A person to whom the promisee owes an obligation that will be discharged to the extent that the promisor performs the promise
    Creditor Beneficary
  27. A draft payable upon presentation by the holder
    check
  28. A sealed written contract obligation with essentials of note:
    bond
  29. Court of record in which a case is first tried
    Court of Original Jursiditction
  30. A corporation formed to do some non-govermental function is a
    private corporation
  31. A person who unintentionally benefits from performance of the contract
    Incidental Benificary
  32. A partnership is a business where debts are payable from personal assets which means that it has
    unlimited liability
  33. Whatever the promisor demands and receives as the price for a promise
    consideration
  34. An offeree's response that rejects the offer by varying its term
    counter offer
  35. A bailment in which the bailee does not receive any compensation is
    • bailment for the sole benefit of the bailor
    • gratitous bailment
  36. An unconditional written promise to pay a sum of money to another
    promisory note
  37. State laws to prevent the sale of worthless stock are called
    blue sky laws
  38. A corporation chartered in another state is a
    foriegn corporation
  39. Two or more people bound jointly & individually by contract
    joint & several
  40. A corporation organized to run a business & earn money is a
    profit corporation
  41. The conveyance of the rights of a contract to a person not a member of the original undertaking
    assignment
  42. A contract under seal is
    formal contract
  43. Contract with the terms of the agreement specified in words
    express contract
  44. Defenses that cannot be raised against a holder in due course
    limited defense
  45. Ownership of corporate stock is represented by a
    stock certificate
  46. Factors del credere are
    commission merchants
  47. A document giving specific information about a corporation is a
    prospectus/articles of incorporation
  48. Inducing another to contract as a result of an intentionally or recklessly false statement of a material fact
    fraud
  49. A unilateral act of a holder giving up rights in the instrument or against a part to it
    renunciation
  50. Corporations must have a meeting of the stockholders at least one time
    Annually
  51. Mutual mistakes as to the existence of the subject matter renders a contract
    void
  52. Sum fixed by the contract for breach when the actual damages are difficult to measure
    liquidated
  53. Check drawn by one bank on another
    bank draft
  54. An indorsement consisting of the signature of the indorser:
    blank endorsement
  55. An active partner who attempts to conceal the fact from the public is known as a
    secret partner
  56. A writing drawn in special form that can be transferred as a substitute for money or as a instrument of credit is called:
    negotiable instrument
  57. Taking & carrying away of property without the consent of the person in possession of the property
    larceny
  58. A type of stock entitling the owners to vote is
    common stock
  59. Written order by one person directing another to pay a sum of money to a third person
    draft
  60. The party who appoints an agent is the
    principal
  61. One benefiting unfairly at another's expense
    unjust enrichment
  62. An indorsement with the wording "without recourse" is called a
    qualified endorsement
  63. A third-party beneficiary for whom performance is a gift
    Donee Beneficary
  64. Contract obligating or entitling two or more people together to performance
    joint contact
  65. Govermental boards or commissions with the authority to regulate or implement laws are called
    administrative agency
  66. Party to whom an instrument is payable
    payee
  67. person ordered to pay a draft
    drawee
  68. An example of this type of indorsement whould be "For Deposit Only"
    Restrictive Endorsement
  69. The transfer of duties alone without the transfer of rights
    delegation
  70. A stock without face value is called
    no-par-value
  71. Those defenses that are thought to be so important that they are preserved even against a holder in due course are
    universal
  72. Exectuive officer in a state court of record
    Sheriff
  73. Generally a minor is fully liable for his/her
    torts
  74. Indicating one's willingness to be bound by promises made during minority
    ratification
  75. A type of stock with some type of special advantage is called
    prefered stock
  76. An acknowledgment by a bank of receipt of money with the engagement to repay it
    certificate of deposit
  77. Imposition of rights are obligations by law without a contract
    quasi contract
  78. Two corporations that combine so that one survives & the other ceases to exist is called a
    merger
  79. Offer to perform in satisfaction of the terms of a contract
    tender of performance
  80. Law requiring certain contracts to be in writing
    statue of fraud
  81. Stock reacquired by a corporation
    treasury stock
  82. Taking of another's property without consent
    theft
  83. A partnership devoted to professional services
    non-trading partnership
  84. A substitute for consideration when another party acts in reliance on a promisor's promise
    promissory estoppel
  85. One actively & openly engaged in a parternship is a
    general partnership/trading partnership
  86. Obtaining conent to a contract by means of a threat to the other person or their family members some harm
    duress
  87. Taking unpurchased goods from a store
    shoplifting
  88. A bond payable to a specific person, whose name is recorded by the issuer
    registered bond
  89. Mistake by one party to a contract
    Unilateral contract
  90. An officer, director, or owner of more than 10% of any class of securities of a corporation is known as a
    insider
  91. An association of people created by law into an entry is the definition of
    corporation
  92. A newspaper advertisement can be an offer if it shows
    intent
  93. Conduct refraining or promising to refrain from doing something
    forebearance
  94. To set a contract aside
    resind
  95. The holder who takes a negotiable instrument in good faith & for value
    holder in due course
  96. The most common method of creating an agency is by
    appointment
  97. The contracts of a person who has been declared insane by the courts are
    void
  98. When all of multiple creditors settle in full for a fraction of the amount owed
    composition of creditors
  99. A person in a special relationship causing another's action contary to free will
    undee influence
  100. the simplest & most common form of business is called a
    sole propiertorship

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