Study sets matching "2 business law"

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Study sets matching "2 business law"

45 terms
Business Law 2.01
Acceptance
Benefits
Capacity
Consideration
Unqualified willingness by the offeree to go along with the o…
Something that a party was not previously entitled to recieve
Legal ability to enter into a contract
Exchange of benefits and detriments by the parties to an agre…
Acceptance
Unqualified willingness by the offeree to go along with the o…
Benefits
Something that a party was not previously entitled to recieve
Business Law 2.02
Accord and Satisfaction
Actual Damages
Anticipatory Breach
Assignee
Substitute one contract for another.
Damages DIRECTLY related to breach.
Notified that a party to the contract will not fulfill their…
Party to whom right is transferred.
Accord and Satisfaction
Substitute one contract for another.
Actual Damages
Damages DIRECTLY related to breach.
Business Law - Chapter 2
Sarbanes-Oxley
Morals
Ethics
Values
Federal statute that monitors financial dealings
Beliefs concerning what is right and wrong
Moral principles that govern a persons behavior
Standards of behavior that are worthwhile
Sarbanes-Oxley
Federal statute that monitors financial dealings
Morals
Beliefs concerning what is right and wrong
25 terms
Business Law 2.2
True
True
False
False
A meeting that is held whenever there are urgent issues that…
A meeting that is held once in a year is known as an annual g…
A period of 7 days' notice is required for all companies to h…
All notices for meetings are not required to state the items…
True
A meeting that is held whenever there are urgent issues that…
True
A meeting that is held once in a year is known as an annual g…
27 terms
Business Law 2.5
Share
Nominal Capital
Company
Company's Act 2012
A...............................is defined as a unit of capital
The amount of capital a company starts with
a legal entity which is separate and distinct from the members.
Company law is govern by
Share
A...............................is defined as a unit of capital
Nominal Capital
The amount of capital a company starts with
17 terms
Business Law Chapter 2
Declaration of Independence
Articles of Confederation
US Constitution
Bill of Rights
asserted the rights of the colonies desired
1. One house legislature with 2-7 representatives from each s…
7 articles that detail a workable structure for a federal gov…
First 10 Amendments, adopted to ensure that U.S. citizens wou…
Declaration of Independence
asserted the rights of the colonies desired
Articles of Confederation
1. One house legislature with 2-7 representatives from each s…
112 terms
Business Law Exam 2
A person can be charged with a TORT an…
A civil wrong for which the law provid…
Makes employer liable for torts (inten…
What 3 things could you use to claim F…
Automatic
Tort
Vicarious Liability
1. Lack of Probable Cause... 2. Done in a UNREASONABLE Time... 3. D…
A person can be charged with a TORT an…
Automatic
A civil wrong for which the law provid…
Tort
Business Law-Chapter 2
ADR means...?
The first 10 Amendments are known as...?
Plaintiff
Defendant
Alternate Dispute Resolution
The Bill of Rights
The party who claims to have suffered
The party who allegedly harmed the plaintiff
ADR means...?
Alternate Dispute Resolution
The first 10 Amendments are known as...?
The Bill of Rights
17 terms
Business Law Chapter 2
Declaration of Independence
Articles of Conferedation
U.S. Constitution
Bill of Rights
Document that asserted the rights of the and was adopted on J…
Document which united the 13 colonies with a common government.
Supreme Law of the Land
First 10 amendments of the Constitution
Declaration of Independence
Document that asserted the rights of the and was adopted on J…
Articles of Conferedation
Document which united the 13 colonies with a common government.
12 terms
Business Law-Chapter 2
Civil Disobedience
Consequence-Based Reasoning
Impartiality
Universalizing
Open, peaceful violation of a law to protest its alleged inju…
Form of ethical reasoning that evaluates the results of an ac…
Idea that the same ethical standards apply to everyone.
Mental test to identify illogical actions.
Civil Disobedience
Open, peaceful violation of a law to protest its alleged inju…
Consequence-Based Reasoning
Form of ethical reasoning that evaluates the results of an ac…
25 terms
Business Law 2.1
True
False
False
True
Statutory meetings are meetings held only by public companies.
Decisions passed by a company meeting are called directives.
Quorum refers to the minimum number of members required to re…
A proxy is a written document authorizing another to vote on…
True
Statutory meetings are meetings held only by public companies.
False
Decisions passed by a company meeting are called directives.
25 terms
Business Law 2.3
False
False
False
False
A company can only be formed by two or more parties.
Private companies limit their membership to 50 people.
Private companies can invite the public to subscribe for shar…
A private company requires a quorum of three members at the g…
False
A company can only be formed by two or more parties.
False
Private companies limit their membership to 50 people.
7 terms
Business Law 2.6
False
False
False
True
Winding up refers to the legal process in which a Company's l…
A Statutory meeting is a meeting that must be held by all Com…
Meetings that are held by Companies whenever there are urgent…
A meeting that is held once in the lifetime of the Company is…
False
Winding up refers to the legal process in which a Company's l…
False
A Statutory meeting is a meeting that must be held by all Com…
25 terms
Business law 2.9
False
False
False
False
A company can be formed by two or more persons.
private companies limit their membership up to 50 people.
private companies can invite the public to subscribe for shar…
a private company requires a quorum of three members at the g…
False
A company can be formed by two or more persons.
False
private companies limit their membership up to 50 people.
5 terms
Business Law 2.16
True
False
True
True
The issue of the certificate of incorporation is conclusive e…
where the registrar declines to register a company without a…
The memorandum and articles constitute a contract between the…
The Companies Act defines a member as a person who has signed…
True
The issue of the certificate of incorporation is conclusive e…
False
where the registrar declines to register a company without a…
25 terms
Business Law 2.4
False
False
False
False
The case of Macaura V Northern Assurance Ltd (1925) illustrat…
A statutory declaration of compliance is conclusive evidence…
A memorandum of association, being a very important document…
Personal property of members in a limited liability company c…
False
The case of Macaura V Northern Assurance Ltd (1925) illustrat…
False
A statutory declaration of compliance is conclusive evidence…
22 terms
Business Law 2.8
False
True
False
False
The case of Lee vs Lee (1961) AC is a case that illustrates t…
The case of Macaura Vs North Assurance co Ltd (1925) is a cas…
A person suing a company must include the names of the compan…
A company will come to an end if all its members die in an ac…
False
The case of Lee vs Lee (1961) AC is a case that illustrates t…
True
The case of Macaura Vs North Assurance co Ltd (1925) is a cas…
29 terms
Business Law 2.10
True
False
False
False
A company is a separate legal person from the members
The minimum number of members in a private company is 7
A promoter must always be remunerated for his services
Pre-incorporation contracts are binding on the company
True
A company is a separate legal person from the members
False
The minimum number of members in a private company is 7
40 terms
Business law 2.12
True
False
True
False
Company limited by guarantee is not allowed to distribute its…
Limited liability company limits the liability of its members…
If one company has a major shareholding in another, they may…
A is the holding company of B this means that A is a subsidia…
True
Company limited by guarantee is not allowed to distribute its…
False
Limited liability company limits the liability of its members…
42 terms
business law 2.01
Acceptance
Benefits
Bilateral
counteroffer
Unqualified willingness by the offeree to go along with the o…
Something that a party was not previously entitled to receive
contains two promises
Any changes in the terms of the offer
Acceptance
Unqualified willingness by the offeree to go along with the o…
Benefits
Something that a party was not previously entitled to receive
12 terms
CHS Business Law Ch. 2
ethics
impartiality
business ethics
consequence-based reasoning
Determining what is right or wrong action in a reasoned, impa…
Making decisions that treat everyone the same
Ethical principles used in making business decisions
Ethics that evaluates the results of an action
ethics
Determining what is right or wrong action in a reasoned, impa…
impartiality
Making decisions that treat everyone the same
31 terms
Business Law Ch. 2
alternative dispute resolution
American Arbitration Association
arbitration
arbitration clause
the resolution of disputes in ways other than those involved…
the major organization offering arbitration services in the U…
the settling of a dispute by submitting it to a disinterested…
A clause in a contract that provides that in the event of a d…
alternative dispute resolution
the resolution of disputes in ways other than those involved…
American Arbitration Association
the major organization offering arbitration services in the U…
79 terms
Business Law - Exam 2
Intentional torts
Intent required for intentional torts
Unintentional torts
Strict liability
requires intent by defendant. The intent is to do the act whi…
Requires the defendant to intend to do the act that caused th…
Strictly fault-based - no intent required. Defendant's failur…
Liability without fault. If the defendant commits a certain a…
Intentional torts
requires intent by defendant. The intent is to do the act whi…
Intent required for intentional torts
Requires the defendant to intend to do the act that caused th…
Test #2 Business Law
Objective Theory of Contracts
Common Law = Case Law is for which typ…
Statutory Law - UCC is for which type…
Gift = Gratuity
A theory under which the intent to form a contract will be ju…
for contracts involving: services, real estate, employment, a…
for contracts involving the sale of goods.
Not legally enforceable because is one-sided
Objective Theory of Contracts
A theory under which the intent to form a contract will be ju…
Common Law = Case Law is for which typ…
for contracts involving: services, real estate, employment, a…
business law 1-2
constitutional law
constitution
levels of government
the laws at each level
when constitutions are adopted or amended, or when courts int…
a document that sets forth the framework of a government and…
1. federal... 2. state... 3. local
1. constitutions... 2. administrative regulations... 3. statutes... 4.…
constitutional law
when constitutions are adopted or amended, or when courts int…
constitution
a document that sets forth the framework of a government and…
72 terms
Business Law 2 Pretest
A state long arm statute allows a cour…
Generally, a state court's power is li…
Cases involving diversity of citizensh…
The amount in controversy in a diversi…
True
False
False
False
A state long arm statute allows a cour…
True
Generally, a state court's power is li…
False
101 terms
Business Law Exam #2
Tort
Strict Liability
Negligence
Proximate Cause
A civil wrong, other than a breach of contract, for which the…
Any good sold that has a defect that causes injury leads to t…
The failure to do something that a reasonable person, guided…
Limits liability to consequences that bear a reasonable relat…
Tort
A civil wrong, other than a breach of contract, for which the…
Strict Liability
Any good sold that has a defect that causes injury leads to t…
23 terms
Business Law 2.02
Wrongful Alteration
Tender of Performance
Substantial Performance
Statute of Limitations
Any altering or changing of a contract will discharge parties…
Offer to Perform
Slightly less than full performance
Individual states have a time limit on lawsuits to be filed.
Wrongful Alteration
Any altering or changing of a contract will discharge parties…
Tender of Performance
Offer to Perform
Chapter 2 - Business Law
Jurisdiction
Original Jurisdiction
Appellate Jurisdiction
Limited Jurisdiction
The power and authority given to a court to hear a case and t…
Authority of a court to try a case the first time it is heard
Any party to a suit decided in a federal district court may a…
Local courts that handle minor matters such as misdemeanors a…
Jurisdiction
The power and authority given to a court to hear a case and t…
Original Jurisdiction
Authority of a court to try a case the first time it is heard
60 terms
FBLA Business Law -2
Principal
E-contract
Buyers select and agree to buy the goo…
The principal & 3rd party
Person who authorizes another in an agency relationship
Any contract formed electronically such as over the internet
When payment for goods take place at a later date, the transf…
Any agreement reached by the representative in an agency rela…
Principal
Person who authorizes another in an agency relationship
E-contract
Any contract formed electronically such as over the internet
Business Law 2
e. none of the other choices are correct
d. Supreme Court
e. all of the other choices are correct
b
The U.S. Supreme Court:... a. was created by Congress... b. hears a…
The highest court in the United States is the:... a. federal dis…
Many states provide small claims courts. These courts:... a. hav…
State court systems:... a. all have intermediate appeals and sup…
e. none of the other choices are correct
The U.S. Supreme Court:... a. was created by Congress... b. hears a…
d. Supreme Court
The highest court in the United States is the:... a. federal dis…
94 terms
Business Law Exam 2
Contract
Four requirements for a Valid Contract…
Four requirements for a Valid contract…
Two Defenses to a contract
legally enforceable promise or set of promises
A) Mutual Manifestation of Assent: Consists of the offer and…
C) Capacity: Rule of Law- Minors, mentally incompetent person…
1) Lack of reality of consent (assent): Where assent to a con…
Contract
legally enforceable promise or set of promises
Four requirements for a Valid Contract…
A) Mutual Manifestation of Assent: Consists of the offer and…
21 terms
Business Law: Chapter 2
judicial review
jurisdiction
in personam jurisdiction
in rem jurisdiction
enables judicial branch to keep other two branches in check
power to speak the law
over any person that resides in a certain geographic area
over property located within its boundaries
judicial review
enables judicial branch to keep other two branches in check
jurisdiction
power to speak the law
78 terms
Business Law Test #2
Enforceable Contract
E-Commerce
E-Contract
Uniform Computer Information Transacti…
A contract in which if one party fails to perform as promised…
The sale and lease of goods and services and other property a…
A contract that is formed electronically.
A model act that establishes uniform legal rules for the form…
Enforceable Contract
A contract in which if one party fails to perform as promised…
E-Commerce
The sale and lease of goods and services and other property a…
Business Law Exam 2
Elements of a Contract
Agreement
Consideration
Contractual Capacity
Agreement, Consideration, Lawful object, Contractual Capacity
Requires and offer by the offeror and an acceptance by the of…
bargained-for consideration that is legally sufficient
parties to a contract must have _____. Certain parties do not…
Elements of a Contract
Agreement, Consideration, Lawful object, Contractual Capacity
Agreement
Requires and offer by the offeror and an acceptance by the of…
87 terms
Business Law Exam 2
Causation in Fact
Promise
Promisor
Promisee
An act or omission without which an event would not have occu…
An assertion that something either will or will not happen in…
A person who makes a promise
A person whom a promise is made
Causation in Fact
An act or omission without which an event would not have occu…
Promise
An assertion that something either will or will not happen in…
40 terms
Business Law Exam 2
Ike pushes Joan, who falls and breaks…
For a tort to be considered intentiona…
To commit an intentional tort, one per…
Jane develops a new color of lipstick.…
if Ike intended to push Joan.
False
False
appropriation.
Ike pushes Joan, who falls and breaks…
if Ike intended to push Joan.
For a tort to be considered intentiona…
False
149 terms
Business Law | Exam 2
Tort (141)
Negligence (141)
Due Care (142)
Omission (142)
A civil wrong, other than a breach of contract, for which the…
Unintentional but legally careless conduct.
The wrongdoer owed a duty to the injured party.
The failure to act.
Tort (141)
A civil wrong, other than a breach of contract, for which the…
Negligence (141)
Unintentional but legally careless conduct.
58 terms
Business Law Chapter 2
Court
Jurisdiction
Subject Matter Jurisdiction
Original Jurisdiction
A tribunal established by government to hear and decide matte…
The power of a court to hear and determine a given class of c…
Judicial authority to hear a particular type of case.
The authority to hear a controversy when it is first brought…
Court
A tribunal established by government to hear and decide matte…
Jurisdiction
The power of a court to hear and determine a given class of c…
68 terms
Business Law Unit 2 - Contract Law
Acceptance
Benefits
Bilateral
Capacity
Unqualified willingness by the offeree to go along with the o…
Something that a party was not previously entitled to receive
Contains two promises
Legal ability to enter into a contract
Acceptance
Unqualified willingness by the offeree to go along with the o…
Benefits
Something that a party was not previously entitled to receive
Business Law 2.01
Acceptance
Benefits
Bilateral
Capacity
Unqualified willingness by the offeree to go along with the o…
Something that a party was not previously entitled to receive
Contains two promises
Legal ability to enter into a contract
Acceptance
Unqualified willingness by the offeree to go along with the o…
Benefits
Something that a party was not previously entitled to receive
Business Law Chapter 2
Declaration of Independence
Article of Confederation
US Constitution
Bill of Rights
document drafted by representatives of the 13 original coloni…
loose form of charter for common gov adopted by the thirteen…
document that consists of seven articles that provide a worka…
first ten amendments to the US Constitution
Declaration of Independence
document drafted by representatives of the 13 original coloni…
Article of Confederation
loose form of charter for common gov adopted by the thirteen…
Business Law chapter 2
Judicial Review -
Jurisdiction -
In personam jurisdiction -
In rem jurisdiction -
as a branch of government entrusted with interpreting the law…
the power to speak the law; before any court can hear a case,…
a particular court usually can exercise personal jurisdiction…
jurisdiction over property that is located within its boundar…
Judicial Review -
as a branch of government entrusted with interpreting the law…
Jurisdiction -
the power to speak the law; before any court can hear a case,…
24 terms
Business Law- Chapter 2
Amendment
Articles of Confederation
Bill of Rights
Browser
change or alteration
loose form of charter for common government adopted by the th…
first ten amendments to the U.S. Constitution
Internet scanning program
Amendment
change or alteration
Articles of Confederation
loose form of charter for common government adopted by the th…
38 terms
Business Law Chapter 2
Murder
Rape
Prosecutor
Darg Racing
Intentional killing of another person.
Forcing another person to have sex.
Government official who brings a crime to court.
Racing cars.
Murder
Intentional killing of another person.
Rape
Forcing another person to have sex.
Business Law Exam 2
CHAPTER 48
What kinds of property are protected a…
What are the 2 kinds of property?
Real Property
...
The property that we own, both kinds, real and personal, have…
Real and Personal
Land and anything attached to it; oil, trees, structures, phy…
CHAPTER 48
...
What kinds of property are protected a…
The property that we own, both kinds, real and personal, have…
25 terms
Business Law Ch. 2
Doctrine of Judicial Immunity
Original Jurisdiction
Appellate Jurisdiction
Magistrate
An official or a judge perform regulatory duties is absolutel…
Power of a court to take a lawsuit at its beginning, try it,…
The power of a court to revise or correct the proceedings in…
Judicial officers appointed by the judges of federal district…
Doctrine of Judicial Immunity
An official or a judge perform regulatory duties is absolutel…
Original Jurisdiction
Power of a court to take a lawsuit at its beginning, try it,…
Business Law Exam 2
tort
breach of contract
purpose of tort law
three kinds of tort law
civil wrong-as distinguished from a crime that is not a breat…
involves the violation of a standard of behavior established…
to provide remedies for the violation of various protected in…
-Strict liability... -Intentional torts... -Negligence
tort
civil wrong-as distinguished from a crime that is not a breat…
breach of contract
involves the violation of a standard of behavior established…
45 terms
Business Law 2.01 Contracts
Acceptance
Benefits
Bilateral
Capacity
Unqualified willingness by the offeree to go along with the o…
Something that a party was not previously entitled to receive
Contains two promises
Legal ability to enter into a contract
Acceptance
Unqualified willingness by the offeree to go along with the o…
Benefits
Something that a party was not previously entitled to receive
Business Law 2, Test 2
The simplest form of a business is a
Carol is the sole proprietor of The Go…
A ____________ is an arrangement where…
The Franchise Rule requires that certa…
C. Sole Proprietorship
B. only personal income taxes.
B. Franchise
C. Material facts to help the franchisee make a more informed…
The simplest form of a business is a
C. Sole Proprietorship
Carol is the sole proprietor of The Go…
B. only personal income taxes.
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