Business Law P.1

20 terms by Tthomsen 

Ready to study?
Start with Flashcards

Create a new folder

Advertisement Upgrade to remove ads

Carlton files a petition in bankruptcy. One of the goals of bankruptcy law with respect to a debtor is to

provide a fresh start, free from creditors claims

Mabel files a petition in bankruptcy. The initial proceeding on this petition will be in

federal bankruptcy court

Elmo files a petition in bankruptcy. If the court concludes taht there are grounds for a finding of "substantial abuse," the court will most likely

dismiss Elmo's petition

Eve sells her motorcycle to her bro Floyd for $1,000. 12 days later, even files for bankruptcy under ch. 7...
- Floyd dies while riding the cycle. Eve is Floyd's only heir. With respect to the bankruptcy estat, the inheritance is

part of the estate if floyd died within 180 days after Eve's filing

Eve sells her motorcycle to her bro Floyd for $1,000. 12 days later, even files for bankruptcy under ch. 7...
- Regarding the sale of the cycle, the trustee may

cancel it as a fraudulent transfer

Rely Credit Company loans Standard Manufacturing Company $50,000 and takes a security interest in the equipment that Standard buys with the money and receives on July 1. Standard files for bankruptcy on July 12.
- If Rely does not perfect its security interest before standard files for bankruptcy, then Rely will be an unsecured creitor and the trustee of Standard's estate can

invalidate Rely's interest under any circumstance

Rely Credit Company loans Standard Manufacturing Company $50,000 and takes a security interest in the equipment that Standard buys with the money and receives on July 1. Standard files for bankruptcy on July 12.
- If Rely perfects its security interest before Standard files for bankruptcy, then Rely will be a secured creditor and the trustee of Standard's estate can

not invalidate Rely's interest

Fix-it Auto Repair receives a discharge in bankruptcy, even though some creditors hold judgments on overdue debts against it and other filed actions to collect on overdue debts before the bankruptcy. Fix-It's discharge will

stop actions and void judgments regarding overdue debts

The Occupational Safety and Health AGency issues regulations to which Precision Machine Company and other businesses are subject. This describes a relationship between

a government and its governed

Delicious Coffee Company HIRES Elton to sell Delicious's products in a certain area. Delicious agreets to pay Elton a salary, plus commission, for a trial period. They also agree that Elton can sell using any methods and during any hours that seem appropriate. The key factor in whether Elton is Delicious's employee is during any hours that seem appropriate. The key factor in whether Elton is Delicious's employee is

the control Delicious has over the details of the work

Sela agrees to act on Thom's behalf, subject to Thom's control, and Thom trusts Sela to so act. They set out the terms in a written document, which they both sign. This is

an agency by agreement

Miklos grants an ordinary power of attorney to Nathanlie to handle a list of financial transactions of Miklos's behalf. This power will terminate on

Miklos's death or incapacity

Based on Nan's conduct, Odel reasonably believes that Poppy has the authority to act on Nan's behalf even though Poppy does not have actual authority to do so. In this circumstance, Poppy has

apparent authority

Supplies Company requires its customers to pay be check. Tylo, a supplies driver, tells customers on her route that they can pay her with cash. Supplies learns of these actions and takes no action to stop it. Tylo steals some of the cash. Supplies may suffer the loss under the doctrine of

apparent authority

Trey, an agent for Uno Music Co, executes and unauthorized contract with Variety Recording Inc, that is highly advantageous to Uno. Variety withdraws from the deal before Uno ratifies that contract. The contract is

VOID

Ruby indicates that she is acting as an agent on behalf of an unidentified client when she enters into a contract with Saldana.
- Liability to Saldana for nonperformance of the contract may be imposed on

Ruby and the unidentified client

Emma, Frick, Glenda, and Huey are employees of differnt sized employers in different industries. A minimum wage must be paid to employees in

covered industries only

Rich workds as a forklift operator for Storage Warehouse company. Assuming taht Rich meets others requirement, the max # of hous he can work w/0 overtime is

40 hours

Dag is an employee of EAgle Minin Co. Under federal labor law, Dag and other employees have the right to

bargain collectively with EAgle through their representatives

Industrial Solvents, Inc., and its employees are subject to federal labor law, which is concerned with the rights of

the employees and the employer

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set