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FBLA Business Law
Terms in this set (22)
The contracting party who makes a promise is called the:
Laura is at an auction. People who attend an auction are:
the offer ors
A corporation that has been properly and legally organized is referred to as:
a de jure corporation
The U.S. Post Office delivered a household appliance to you. The package was addressed to you. However, you never ordered it! Legally, what do you do?
You may keep the item and treat it as a gift.
What legal document sets forth the rules that govern the corporation's daily internal actuates
From a legal standpoint, what is the biggest advantage to the corporate form of ownership for a shareholder?
Shareholders have limited liability for the company's debts.
What are the two basic types of commercial paper or negotiable instruments?
notes and drafts
Which is NOT a requirement of a negotiable instrument?
that the instrument be payable at a definite time
Janice is driving her father's care. The brakes to the car fail and she is involved in a serious accident. A product liability lawsuit is filed against the manufacturer. What is true?
she has the legal right to sue the company even though she was not in privity of contract with the seller or the manufacturer.
A contract stated in either oral or written words is known as a(n)
A corporation that does NOT exist in law but does exist in fact is called a(n):
When one party ceases to be associated with the partnership, the partnership undergoes a:
A unit of ownership of a corporation is a(n):
Someone who is injured from a product's unsafe or defective condition may recover damages under:
product liability law
A corporation incorporated in one state but doing business in another is called a:
A partnership with at least one general partner and one limited partner is a:
Which statement is FALSE concerning silence as a method of acceptance?
If the offer states that silence means acceptance, then the offer must respond or there will be a valid contract.
Consideration is NOT needed for:
In most states a minor is a person under the age of:
Pat signs an instrument that states it is being executed "In accord with a contract of the sale of four thousand barrels of oil dated April 15." This instrument is:
Beta Distribution Company grants its agent Cathy and exclusive territory in chick to sell Beta products. Beta cannot compete with CAthy in the territory under the principal's duty of:
Barb, a doctor, hires Mike, an account, to glance Barb's accounts. Barb is dissatisfied with the work and sues Mike alleging negligence. Mike may successfully defend against the suit by proving that"
was not injured in any way
This set is often in folders with...
FBLA Business Law
Business Law FBLA
FBLA Business Law 2015
FBLA Business Law -2
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