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Study sets matching "business law chapter 15"

15 terms
Business Law - Chapter 15
Substantial Performance
Tender of Performance
Tender of Goods
Tender of Payment
When the party executes all of the promised terms and conditi…
An offer to perform
An offer to provide the goods agreed upon
A money offer of payment of an obligation
Substantial Performance
When the party executes all of the promised terms and conditi…
Tender of Performance
An offer to perform
62 terms
Chapter 15 Business law
Privity of Contract
Two exceptions where third parties acq…
Obligor
Obligee
The state of two specified parties being in a contract.
(1) Assignees to whom rights are subsequently transferred. ... (…
A party who owes a duty of performance under a contract. (Pro…
A party who is OWED a right under a contract.(Loans to Obligor)
Privity of Contract
The state of two specified parties being in a contract.
Two exceptions where third parties acq…
(1) Assignees to whom rights are subsequently transferred. ... (…
6 terms
Business Law Chapter 15
Adhesion Contract
Innocent Misrepresentation
Latent Defects
Negligent Misrepresentation
A "standard-form" contract, such as that between a large reta…
A false statement of fact or an act made in good faith that d…
A defect that is not obvious or cannot readily be asceratined
Any manifestation through words or conduct that amounts to an…
Adhesion Contract
A "standard-form" contract, such as that between a large reta…
Innocent Misrepresentation
A false statement of fact or an act made in good faith that d…
32 terms
Business Law: Chapter 15
Rights that cannot be assigned:
Effect of assignment of rights:
To protect his or her rights, the assi…
Anti-assignment clause
-Personal service contract.... -Assignment of a future right.... -C…
-The assignee is entitled to performance from the obligor.... -T…
-The assignment has been made.... -Performance must be rendered…
Prohibits assignment of rights under contract.... -Used when ob…
Rights that cannot be assigned:
-Personal service contract.... -Assignment of a future right.... -C…
Effect of assignment of rights:
-The assignee is entitled to performance from the obligor.... -T…
15 terms
Business Law Chapter 15
Uniform Commercial Code (UCC)
UCC Article 2
Sale
Goods
A uniform/model law that governs commercial transactions, inc…
Applies to contracts for the sale of goods
The passing of title from seller to buyer for a price
Tangible things that can be moved
Uniform Commercial Code (UCC)
A uniform/model law that governs commercial transactions, inc…
UCC Article 2
Applies to contracts for the sale of goods
6 terms
Business Law: Chapter 15
adhesion contract
innocent misrepresentation
latent defects
negligent misrepresentation
a "standard form" contract, such as that between a large reta…
a false statement of fact or an act made in good faith that d…
a deft that is not obvious or cannot readily be ascertained.
any manifestation through words or conduct that amounts to an…
adhesion contract
a "standard form" contract, such as that between a large reta…
innocent misrepresentation
a false statement of fact or an act made in good faith that d…
38 terms
Business Law // Chapter 15: Consumer Protection
Consumer
Caveat emptor
Caveat venditor
Class action
An individual who acquires goods that are intended primarily…
"Let the buyer beware" - historically guided consumers in the…
"Let the seller beware" - wholesalers, merchandisers, and ret…
Allows one or several persons to sue on behalf of themselves…
Consumer
An individual who acquires goods that are intended primarily…
Caveat emptor
"Let the buyer beware" - historically guided consumers in the…
41 terms
Business Law - Chapter 15
Hannah orally agrees to sell her house…
Any contract involving a sale of goods…
Bry, Inc. and Gangl Co. entered into a…
The original statute of frauds is the…
False
False
True
True
Hannah orally agrees to sell her house…
False
Any contract involving a sale of goods…
False
63 terms
Chapter 15 Business Law
_____ is what a person will receive in…
Joseph agrees to purchase Mary's car f…
A promise to stay in a job until a par…
Which of the following can be consider…
Consideration
a consideration.
a benefit to the promisor
A promise to your football coach to refrain from riding your…
_____ is what a person will receive in…
Consideration
Joseph agrees to purchase Mary's car f…
a consideration.
15 terms
Business Law Chapter 15
Act of state
Bribe
Cap and trade
Comity
An act of a public nature committed by a recognized foreign g…
An illegal payment made to a public official, intended to inf…
A type of pollution regulation that provides that polluters m…
A legal doctrine that states that a nation will defer to and…
Act of state
An act of a public nature committed by a recognized foreign g…
Bribe
An illegal payment made to a public official, intended to inf…
8 terms
Chapter 15 Business Law
cancellation provision
composition of creditors
consideration
forbearance
crossing out of a part of an instrument or a destruction of a…
agreement among creditors that each shall accept a partial pa…
promise or performance that the promisor demands as the price…
refraining from doing an act.
cancellation provision
crossing out of a part of an instrument or a destruction of a…
composition of creditors
agreement among creditors that each shall accept a partial pa…
19 terms
Business LawChapter 15
Administrative agency
Administrative Law
Administrative law judges
Apportionment
organization, usually a part of the executive branch, that is…
legal principles involved in the workings of administrative a…
individual employed by administrative agency who is in charge…
concept used by states to divide a company's taxable incomes…
Administrative agency
organization, usually a part of the executive branch, that is…
Administrative Law
legal principles involved in the workings of administrative a…
14 terms
Chapter 15- Business Law
Public Policy
illegality
three classifications of illegal agree…
Examples of agreements that violate pu…
a policy that has been developed by courts or that has been m…
the courts will not enforce this because the purpose of the a…
1)agreements that violate statues... 2) agreements that violated…
1) Agreements to commit a crime... 2) Agreements that promote vi…
Public Policy
a policy that has been developed by courts or that has been m…
illegality
the courts will not enforce this because the purpose of the a…
75 terms
Business Law chapter 15
Statute of Frauds
Contracts that must be written
Collateral promise
Specific performance
Denies enforce to some contracts that dnt comply with its req…
1.land 2.can't poss be perf w/i 1 yr of day after contract fo…
sec promise made to a 3rd-party to assume debts/obligations o…
Performance of the contract according to its precise terms. C…
Statute of Frauds
Denies enforce to some contracts that dnt comply with its req…
Contracts that must be written
1.land 2.can't poss be perf w/i 1 yr of day after contract fo…
24 terms
Business Law Chapter 15
Consideration
Types of Consideration (4)
Lack of Consideration
Exceptions to the Rule For Considerati…
what a person will receive in return for performing a contrac…
1. A benefit to the promisee... Ex. A promise to stay in a job u…
Bilateral: Court will enforce a party's promise only if the o…
1. Promissory Estoppel... 2. Contract Under Seal
Consideration
what a person will receive in return for performing a contrac…
Types of Consideration (4)
1. A benefit to the promisee... Ex. A promise to stay in a job u…
22 terms
Business Law Chapter 15
"hands off" policy
Ignorance of fact
Rights of protected parties
Rescission before performance of any i…
Court will not enforce the contract and will leave the partie…
An exception to void where recovery is limited to performance…
An exception to void where the court enforces agreement where…
An exception to void where the court will allow recovery of c…
"hands off" policy
Court will not enforce the contract and will leave the partie…
Ignorance of fact
An exception to void where recovery is limited to performance…
63 terms
Business Law Chapter 15
discharge
performance
absolute promise
condition
the termination of an obligation. in contract law, discharge…
in contract law, the fulfillment of one's duties arising unde…
promises that are not conditioned. if the party that makes a…
a qualification, provision, or clause in a contractual agreem…
discharge
the termination of an obligation. in contract law, discharge…
performance
in contract law, the fulfillment of one's duties arising unde…
37 terms
Business Law Chapter 15
Privity of contract
Assignment
Assignor
Assignee
the state of two specified parties being in a contract
the transfer of contractual rights by obligee to another party
an obligee who transfers a right
the party to whom a right is transferred
Privity of contract
the state of two specified parties being in a contract
Assignment
the transfer of contractual rights by obligee to another party
22 terms
Chapter 15 Business Law
Breach of contract
Monetary damages
Complete performance (strict)
Tender of performance
If a contracting party fails to perform an absolute duty owed…
Most common remedy for a breach of contract and is often call…
A situation in which a party to a contract renders performanc…
An unconditional and absolute offer by a contracting party to…
Breach of contract
If a contracting party fails to perform an absolute duty owed…
Monetary damages
Most common remedy for a breach of contract and is often call…
15 terms
Business and Personal Law - Chapter 15
Employment-at-will
Union
Implied Contact.
Public Policy Tort
An employer or employee can end an employment relationship at…
An organization of employees formed to promote the welfare of…
A contract that exists when an employer has said, written, or…
A legal theory that permits a discharged employee to bring a…
Employment-at-will
An employer or employee can end an employment relationship at…
Union
An organization of employees formed to promote the welfare of…
47 terms
Chapter 15 Business Law
promise
consideration
gifts
charitable donations
a promise will not be enforced unless something is given or r…
promise or performance that the promisor demands as the price…
unenforceable promises
are binding in the sense that the donor should have realized…
promise
a promise will not be enforced unless something is given or r…
consideration
promise or performance that the promisor demands as the price…
27 terms
Business Law Chapter 15
Collateral Promise
Parol Evidence Rule
Integrated Contracts
Parol evidence includes testimony of c…
Secondary promise
Testimony or other evidence of communications between the par…
Contract is determined to have been the complete and final st…
True
Collateral Promise
Secondary promise
Parol Evidence Rule
Testimony or other evidence of communications between the par…
25 terms
Business Law Chapter 15
Bearer
Bearer Paper
Bland Endorsement
Cashiers Check
A person in possession of an instrument
Commercial paper payable to bearer
Having no words other than the signature of the endorser
A check drawn on a banks own funds and signed by a responsibl…
Bearer
A person in possession of an instrument
Bearer Paper
Commercial paper payable to bearer
21 terms
Chapter 15 business law
consumer
caveat emptor
caveat venditor
class actions
An individual who acquires goods that are primarily intended…
Let the buyer beware.
Let the seller beware.
A suit in which one or several persons sue not only on behalf…
consumer
An individual who acquires goods that are primarily intended…
caveat emptor
Let the buyer beware.
Chapter 15 - Business Law
Types of Consideration
Adequacy of Consideration
Illusory Promise
Enforcement of Promise
a benefit to the promise... a detriment to the promiser... a promis…
the court seldom considers adequacy of consideration... and does…
is not a promise at all and illusory promise is not considera…
for a court to enforce a promise, both parties must provide v…
Types of Consideration
a benefit to the promise... a detriment to the promiser... a promis…
Adequacy of Consideration
the court seldom considers adequacy of consideration... and does…
9 terms
Business Law Chapter 15
Contracts that are within the statue o…
Contracts that are within the statue o…
Contracts that are within the statue o…
Contracts that are within the statue o…
Promise to answer for the duty of another.
Promises of an executor or administrator to answer personally…
Agreements upon consideration of marriage.
Agreements for the transfer of an interest in land.
Contracts that are within the statue o…
Promise to answer for the duty of another.
Contracts that are within the statue o…
Promises of an executor or administrator to answer personally…
23 terms
Business Law Chapter 15
Oral contract
Statute of Frauds
Uniform Electronic Transactions Act (U…
E-Sign (Electronic Signatures in Globa…
A contract not in writing which is enforceable unless otherwi…
Requires that these five contracts be in writing:... 1. Promises…
Protects electronic signatures and contracts from being denie…
An act which makes electronic records and signatures valid an…
Oral contract
A contract not in writing which is enforceable unless otherwi…
Statute of Frauds
Requires that these five contracts be in writing:... 1. Promises…
5 terms
Business Law Chapter 15
Adhesion contract
Innocent misrepresentation
Latent defects
Negligent misrepresentation
A standard-form contract, such as that between a large retail…
A false statement of fact or an act made in good faith that d…
A defect that is not obvious or cannot readily be ascertained.
Any manifestation through words or conduct that amounts to an…
Adhesion contract
A standard-form contract, such as that between a large retail…
Innocent misrepresentation
A false statement of fact or an act made in good faith that d…
30 terms
Business Law Chapter 15
a promise is not binding
consideration is
in bilateral contracts
consequently
if there is no consideration for the promise
what the promisor requires as the price for his promise
you must find if the promise of each party is supported by co…
the agreement cannot be enforced and the agreement of the par…
a promise is not binding
if there is no consideration for the promise
consideration is
what the promisor requires as the price for his promise
17 terms
Business Law: Chapter 15
Unilateral mistakes of fact
How many forms of "mistakes of fact" i…
Bilateral mistakes of fact
1st element of fraud
A mistake made by one party: normally the contract is still e…
Two
A mistake made by both parties; either party can rescind
Misrepresentation of material fact(s)
Unilateral mistakes of fact
A mistake made by one party: normally the contract is still e…
How many forms of "mistakes of fact" i…
Two
10 terms
Business Law Chapter 15
Illegality
illegal agreements will be classifi ed…
Agreements in Violation of Statute:
Agreements that May be in Violation Pu…
An "illegal" agreement involves an act or promise that ... viola…
(1) agreements that violate statutes, (2) agreements that vio…
Violates a Statute: State Legislatures occasionally enacts st…
Public policy may change with the times; changing social and…
Illegality
An "illegal" agreement involves an act or promise that ... viola…
illegal agreements will be classifi ed…
(1) agreements that violate statutes, (2) agreements that vio…
20 terms
Business Law Chapter 15
Portia owes Bon $500 on their contract…
Muffins-2-Go buys a truck from Street…
Gerald files a bankruptcy petition. Th…
A security interest cannot be perfecte…
-Portia's real estate
-a guarantor
-car payment debts
-false
Portia owes Bon $500 on their contract…
-Portia's real estate
Muffins-2-Go buys a truck from Street…
-a guarantor
29 terms
Business Law - Chapter 15
agency fees
agency shop
anti-raiding covenant
authorization card
in labor law, the right of a union to charge fees to employee…
in labor law, a unionized workplace where employees who are n…
in employment law, when employees are required to sign, as a…
a card signed by an employee at worksite targeted for possibl…
agency fees
in labor law, the right of a union to charge fees to employee…
agency shop
in labor law, a unionized workplace where employees who are n…
9 terms
Business Law- Chapter 15
Statute of Frauds
1.) Marriage
2.) Contracts that take more than one…
3.) Land
Specifies those contracts that have to be in writing to be en…
Prenumptual Agreement/ transfer of property/ has to be in wri…
Needs to be in writing
any dirt (land) should be in writing to be enforceable
Statute of Frauds
Specifies those contracts that have to be in writing to be en…
1.) Marriage
Prenumptual Agreement/ transfer of property/ has to be in wri…
49 terms
Business Law Chapter 15
limited liability company
limited liability partnership
LLC
articles of organization
a multi-person form of business entity that offers liability…
form of business entity that provides the same level of prote…
offers pass-through tax treatment for its principals without…
document filed to create an LLC; in most states, requires onl…
limited liability company
a multi-person form of business entity that offers liability…
limited liability partnership
form of business entity that provides the same level of prote…
26 terms
Business Law - Chapter 15
assignment
assignor
assignee
rights that CANNOT be assigned
the transfer of contractual rights by obligee to another party
an obligee who transfers a right
the party to whom the right is transferred
- personal service contracts ... - assignment of a future right…
assignment
the transfer of contractual rights by obligee to another party
assignor
an obligee who transfers a right
26 terms
Chapter 15 business law
Cease and desist order
Caveat Emptor
Caveat venditor
Restitution
An order that requires a company to stop a certain conduct
let the buyer beware
Let the seller beware
The return of wrongfully obtained money to a customer
Cease and desist order
An order that requires a company to stop a certain conduct
Caveat Emptor
let the buyer beware
17 terms
Dynamic Business Law Chapter 15
Consideration
Benefit to the promisor
Detriment to promisee
Promise to do something
What a person will receive in return for performing a contrac…
Example: A promise to stay in a job until a particular projec…
Example: Promise to football coach to refrain from riding mot…
Example: A promise to cook dinner for your roommate for the n…
Consideration
What a person will receive in return for performing a contrac…
Benefit to the promisor
Example: A promise to stay in a job until a particular projec…
6 terms
Business Law Chapter 15
Adhesion contract
innocent misrepresentation
latent defects
negligent misrepresenation
contract between two parties where the terms and conditions o…
misrepresentation made by someone who had reasonalbe grounds…
defects that could not readily be ascertained
someone carelessy makes a represantion while having no reason…
Adhesion contract
contract between two parties where the terms and conditions o…
innocent misrepresentation
misrepresentation made by someone who had reasonalbe grounds…
Business Law Chapter 15
Artisan's lein
default
discharge
garnishment
A possessory lien on personal property of another person to e…
To fail to pay a debt when it is due.
The termination of an obligation such as occurs when the part…
A legal process whereby a creditor appropriates a debtor's pr…
Artisan's lein
A possessory lien on personal property of another person to e…
default
To fail to pay a debt when it is due.
30 terms
Chapter 15 - Business Law
The payment of Olinda's debt to Pruden…
Donna goes through an involuntary bank…
Loni delivers her Mazda to be repaired…
Gem Jewelers files a voluntary petitio…
filing a financing statement with the appropriate authority.
a debtor's creditors force the debtor into bankruptcy proceed…
an artisan's lien.
enforce its claim against Gem.
The payment of Olinda's debt to Pruden…
filing a financing statement with the appropriate authority.
Donna goes through an involuntary bank…
a debtor's creditors force the debtor into bankruptcy proceed…
20 terms
Business Law Chapter 15
The loan that a lender provides to ena…
A fixed-rate mortgage is a standard mo…
An adjustable-rate mortgage is a stand…
Home equity is the portion of a home's…
True
False
False
True
The loan that a lender provides to ena…
True
A fixed-rate mortgage is a standard mo…
False
Business Law Chapter 15
Portia owes Bon $500 on their contract…
Muffins-2-Go buys a truck from Street…
Gerald files a bankruptcy petition. Th…
A security interest cannot be perfecte…
-Portia's real estate
-a guarantor
-car payment debts
-false
Portia owes Bon $500 on their contract…
-Portia's real estate
Muffins-2-Go buys a truck from Street…
-a guarantor
63 terms
Business Law Chapter 15
discharge
performance
absolute promise
condition
the termination of an obligation. in contract law, discharge…
in contract law, the fulfillment of one's duties arising unde…
promises that are not conditioned. if the party that makes a…
a qualification, provision, or clause in a contractual agreem…
discharge
the termination of an obligation. in contract law, discharge…
performance
in contract law, the fulfillment of one's duties arising unde…
26 terms
Business Law Chapter 15 PPT
Bargained-for-Exchange
Benefit-Detriment Approach (alternativ…
Gifts
Salsbury v. Northwestern Bell case
Consideration is what each party gives up (legal value) to th…
Consideration as a benefit received by the promisor or a detr…
Promises to make a gift are unenforceable because they lack c…
Promise for charitable contribution is binding even though th…
Bargained-for-Exchange
Consideration is what each party gives up (legal value) to th…
Benefit-Detriment Approach (alternativ…
Consideration as a benefit received by the promisor or a detr…
16 terms
Business Law Chapter 15
Promissory Note
Maker
Payee
Draft
The maker of the instrument promises to pay a specific amount…
The issuer of a promissory note
Someone who is owed money under the terms of an instrument
The drawer of this instrument orders someone else to pay money
Promissory Note
The maker of the instrument promises to pay a specific amount…
Maker
The issuer of a promissory note
54 terms
Business Law - Chapter 15
Accord and satisfaction
American rule
Anti assignment clause
Anti delegation clause
The settlement of a contract dispute. The accord is the agree…
If an obligee fraudulently makes successive assignments of th…
A clause that prohibits the assignment of rights under the co…
A clause that prohibits the delegation of duties under the co…
Accord and satisfaction
The settlement of a contract dispute. The accord is the agree…
American rule
If an obligee fraudulently makes successive assignments of th…
28 terms
Business Law Chapter 15
Bailee
Course of Dealing
Course of Performance
Cure
Under the UCC, a party who, by a bill of lading, warehouse re…
Prior conduct between the parties to a contract that establis…
The conduct that occurs under the terms of a particular agree…
The rights of a party who tenders nonconforming performance t…
Bailee
Under the UCC, a party who, by a bill of lading, warehouse re…
Course of Dealing
Prior conduct between the parties to a contract that establis…
26 terms
Business Law Chapter 15
Shareholders
What is a Shareholder's Meeting?
When does a Shareholder's Meeting take…
Who can call a Special Shareholder's M…
Own the corporation... Have the right to vote on election of dir…
An annual meeting to elect directors, choose independent audi…
Held at a time fixed in the bylaws... Has to take place within 6…
The Board of Directors, holders of at least 10% of voting sha…
Shareholders
Own the corporation... Have the right to vote on election of dir…
What is a Shareholder's Meeting?
An annual meeting to elect directors, choose independent audi…
15 terms
Business Law: Chapter 15
Voluntary Consent
Material Fact
1. Bilateral... 2. Unilateral
still enforcable
In some situations, this can lack due to mistakes, misreprese…
A fact that a reasonable person would consider important when…
Mistakes of fact can be...
Mistakes in unilateral contracts are generally..
Voluntary Consent
In some situations, this can lack due to mistakes, misreprese…
Material Fact
A fact that a reasonable person would consider important when…
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