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legal final Qs
Terms in this set (43)
what is ethics
philosophical basis of morality and justice or fairness of an action
what is duty based ethics
religion poses a duty for you to act ethically, but don't need religious duties- you could have philosophical
greatest good for greatest number of people
easiest and least costly form of business
a franchise agreement that probes violation of this
what does uniform commercial code govern?
sale of goods and nothing else
in a partnership, the partnership owns 2 apartments buildings. A manages apartment A and B manages apartment B. can they use the property they own for any purpose?
creatures of state government
governs all organizations even sole proprietor
physical manifestation of ownership but not direct ownership
money the corporation pays out in dividends. Must be insulated from rest of cash
law of US treaty
contract with another state that must be ratifies by the US government
due difference that 1 nation state gives to another (ex: ship someone for murder back to their original state)
only on imports in US
restrictions on imports may include this
2002 reaction by congress to what ENRON was doing. Very difficult statute to get around
opposite of utilitarianism
legal duty and ethical duty are what?
Frank starts a new business and assumes all financial responsibility. what is frank?
Frank sells his company to Evalyn. What did he sell?
the sake of franchises is...
David buys a franchise from an excellent lemonade company. excellent tells you the form and standards of operation. Can they actually tell you how to run the stand?
must be sole proprietor or can tell them to use class A lemons from acme lemon co. and the franchisor can only suggest pricing
act of state doctrine
prevents american corporations from suing an international corporation
Matt is a citizen of UK and Norma is a citizen of US. they form a contract and Norma sucks at her job. Matt sues and asks US to enforce the code. under _________ Mathew can collect
dave starts up an internet service and lisa's office space is owned by Frank- pays $250 and the term is 2 years. Dave hires Jenny with terms. are dave and frank partners?
No, not splitting profits
mike and nick do business as a a realtor firm. acting on a deal with a small corporation, mike fails. what duty has mike breached?
duty of loyalty
Harry, Irving and jack are partners at a computer firm. Harry signed a contract with a retail company. the new contract is bound by who?
All of them
any partnership obligation
acme is a limited partnership. they lose limited liability if..
breaches fiduciary duty
if a limited partnership is dissolved who gets paid first?
acme corporation has members. acme is legal
entity apart from owners
Japan bank is a foreign entity with respect to a LLC. Japan can
become a domestic LLC
acme LLC is formed in NJ and NY. where is acme a citizen of?
both NJ and NY
in order to form an LLC you must
fire articles of organization
acme LLC has a dispute among its members. nothing covers the dispute. it is governed by
partnership laws because it is an LLC
LLC managers are David, Edward and frank. after david's relationship to LLC ends edward and frank discontinued the business. this outcome is most likely
acme corp. and beta co form a business company. shareholders have personal liability in this business because it is a
consumers in Mt. Aire form a business organization with out profit. this is a
Chris and Dave form acme. acme has a board of directors and 52 shareholders. who governs acme?
board of directors
Rich and Steve are directors of acme. to notify meetings to the board is the right to..
with respect to directors, a quarm is what
minimum number of people to vote
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