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Social Science
Law
Civil Law
REC 375 3) Exam 1
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Gravity
Legal Entity
Terms in this set (30)
Forms of Legal Entities
-Private for profit agencies
-Nonprofit/private membership agencies
-Public agencies
Private for profit: Legal entity
-sole proprietor
-partnership (general, limited, or joint venture)
-corporation (regular or s corporation)
Private for profit: Source of authority
Statues and regulations of states in which doing business
Nonprofit/private membership: Legal entity
-corporation
Nonprofit/private membership: Source of authority
Statues and regulations of state in which incorporated
Public: Legal entity
-Federal departments
-State departments
-"Arm of the state" (counties, townships, school districts)
-Municipalities
-Special Districts
Public: Source of authority for federal departments
US Constitution- property, general welfare, and commerce clauses; Congressional authorization, implemented by the executive branch
Public: Source of authority for state departments
US Constitution residual powers granted to the state under 10th Amendment referred to as 'police power' regulating health, safety, general welfare, morals; Legislative authorizations, implemented by the executive branch
Public: Source of authority for "arm of the state"
State authorization with enabling regulations
Public: Source of authority for municipalities
State enabling legislation or home rule
Public: Source of authority for special districts
State enabling legislation
Contracts
an agreement or promise made between 2 or more parties that the courts will enforce. May be established in writing or verbally, however most contracts are established orally.
Components of an enforceable contract
Must be legally valid and consist an offer, consideration, and acceptance
Property
Includes money, tangible items, and intangible rights that have a value or are a source of income. Consists of Real property and Personal property
Real Property
Land and all things that are permanently attached to land. Also referred to as real estate.
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