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20 terms

Business Law P.1

STUDY
PLAY
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