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Study sets matching "business law chapter 15"

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Study sets matching "business law chapter 15"

6 terms
Business Law Chapter 15
Adhesion Contract
Innocent Misrepresentation
Latent Defects
Negligent Misrepresentation
...
...
...
any
Adhesion Contract
...
Innocent Misrepresentation
...
199 terms
Business Law Chapter 15
Agent for Agency
Mutual Consent
Control
"Equal Dignity Rule"
The actor (i.e. the person who is acting on behalf of the pri…
Agreement between the principal and the agent.
Where the principal authorizes the agent to act (i.e. client…
Indicates that if the law requires a written contract, the Ag…
Agent for Agency
The actor (i.e. the person who is acting on behalf of the pri…
Mutual Consent
Agreement between the principal and the agent.
Business Law Chapter 15
Minors
Liability on Contracts
Disaffirmance
Ratification
Persons who are under the age of majority (usually 18 years).
A minors contracts are voidable at the minors option.
Avoidance of the contract; may be done during minority and fo…
Affirmation of the entire contract; may be done upon reaching…
Minors
Persons who are under the age of majority (usually 18 years).
Liability on Contracts
A minors contracts are voidable at the minors option.
28 terms
Business Law chapter 15
limited liability company
member
uniform limited liability company act
revised uniform limited liability comp…
an unincorporated business entity that combines the most favo…
owner of an LLC
a model act that provides comprehensive and uniform laws for…
a revision of the ULLCA
limited liability company
an unincorporated business entity that combines the most favo…
member
owner of an LLC
17 terms
Chapter 15 Business Law
Even if the elements required _______…
Another name for this voluntary consen…
The first event that can affect this v…
Distinguish between mistakes of value…
-Agreement ... -Consideration... -Capacity... -Legality
Mutual assent
Mistake
*Mistake of value: does NOT affect the viability off the agre…
Even if the elements required _______…
-Agreement ... -Consideration... -Capacity... -Legality
Another name for this voluntary consen…
Mutual assent
25 terms
Business Law Chapter 15
sole proprietorship
partnership
limited partnership
limited liability limited partnership
a business entity with no separate legal existence from its s…
a business entity formed by two or more persons who engage in…
partnership which has both general partners and limited partn…
partnership where all partners are limited partners
sole proprietorship
a business entity with no separate legal existence from its s…
partnership
a business entity formed by two or more persons who engage in…
31 terms
Chapter 15 Business Law
Public Policy Exception
Whistle-blower
Wrongful discharge
Retaliatory Discharge
In employment law, statutory or court-mandated exceptions to…
An employee who alerts the authorities to the fact that her e…
A cause of action an employee may have if dismissed for an im…
When a firm dismisses an employee in violation of a public po…
Public Policy Exception
In employment law, statutory or court-mandated exceptions to…
Whistle-blower
An employee who alerts the authorities to the fact that her e…
21 terms
Business Law Chapter 15
Contracts may be unenforceable if ____…
Contracts can assent to terms by:... M___…
Mistakes:... Only a mistake of _______ al…
Mistakes:... Bilateral (Mutual) Mistakes…
the parties have not genuinely assented to its terms
- Mistake... - Misrepresentation... - Undue Influence... - Duress... (Kno…
- fact; canceled... - unless: the other party to the contract k…
can be rescinded by either party
Contracts may be unenforceable if ____…
the parties have not genuinely assented to its terms
Contracts can assent to terms by:... M___…
- Mistake... - Misrepresentation... - Undue Influence... - Duress... (Kno…
6 terms
Business Law Chapter 15
Adhesion Contract
Innocent Misrepresentation
Latent Defects
Negligent Misrepresentation
A legally binding agreement between two parties to do a certa…
When one party makes a statement they believe to be true, but…
Defects/problems that could not be easily learned of.... Easy ca…
Misrepresentation through carelessness.... Ex. Party 1 selling…
Adhesion Contract
A legally binding agreement between two parties to do a certa…
Innocent Misrepresentation
When one party makes a statement they believe to be true, but…
9 terms
Business Law, Chapter 15
A valid contract is unenforceable if .…
Usury laws
Sunday laws ("blue laws")
Exculpatory clause
It violates a statute, it violates a rule of common law, it i…
Prohibit charging more than a stated amount of interest for t…
Prohibit the performance of work and transactions of business…
A provision in a contract that attempts to relieve one party…
A valid contract is unenforceable if .…
It violates a statute, it violates a rule of common law, it i…
Usury laws
Prohibit charging more than a stated amount of interest for t…
21 terms
business law chapter 15
employment at will
employee protections
unions
collective bargaining
an employer or employee can end an employment relationship at…
Protected classes of employees, such as women and minorities,…
Union members have specific procedures built into their contr…
Union representatives negotiate contracts with representative…
employment at will
an employer or employee can end an employment relationship at…
employee protections
Protected classes of employees, such as women and minorities,…
9 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 or an act made in good faith that deceives…
defects that cannot be readily ascertained through inspection
words or conduct that amounts to an untrue statement of fact,…
Adhesion contract
a standard form contract, such as that between a large retail…
Innocent misrepresentation
a false statement or an act made in good faith that deceives…
15 terms
Business law chapter 15
Consumer
Caveat emptor
Class action
Restitution
individual who acquires goods primarily for personal, family,…
means "let the buyer beware"
court procedure allowing a party to bring suit on his or her…
permits a party to a contract to recover money or property (o…
Consumer
individual who acquires goods primarily for personal, family,…
Caveat emptor
means "let the buyer beware"
17 terms
Business law chapter 15
privity of contract
assignment of rights
obligee
assignor
the state of two specified parties being in a contract
(assignment) the transfer of contractual rights by an obligee…
party who is owed a right under a contract
an obligee who transfers a right
privity of contract
the state of two specified parties being in a contract
assignment of rights
(assignment) the transfer of contractual rights by an obligee…
16 terms
Business Law Chapter 15
Mistakes
Unilateral mistake
Bilateral mistake
Mistake of Value
Only a mistake of fact makes a contract voidable.... They occur…
A unilateral mistake is made by only one of the parties.... In g…
a mutual misunderstanding concerning a basic assumption on wh…
Each party is considered to have assumed the risk that the va…
Mistakes
Only a mistake of fact makes a contract voidable.... They occur…
Unilateral mistake
A unilateral mistake is made by only one of the parties.... In g…
14 terms
Business Law Chapter 15
Contracts that Fall within the Statue…
Contracts Involving Interest in Land
The One Year Rule
Collateral Promise
(required to be in writing)... 1.) contracts involving interest…
not enforceable unless in writing, land is real property and…
contracts that cannot by their own terms be performed within…
or a secondary promise is one that is ancillary, (subsidiary)…
Contracts that Fall within the Statue…
(required to be in writing)... 1.) contracts involving interest…
Contracts Involving Interest in Land
not enforceable unless in writing, land is real property and…
Business Law Chapter 15 Terms
CARRIER
PRIVATE CARRIER
COMMON CARRIER
CONSIGNOR
-Transporter of goods, people, or both
-Carrier that transports under special arrangements for a fee
-One that undertakes to transport without discrimination for…
-One who ships by common carrier
CARRIER
-Transporter of goods, people, or both
PRIVATE CARRIER
-Carrier that transports under special arrangements for a fee
11 terms
Business Law Chapter 15
Legal Benefit
Legal Detriment
Mutuality of Consideration
Illusory Promise
Occurs when a party receives something that he or she had no…
Either a promise to perform (or act of performance) that one…
The principle that requires both parties to a contract to be…
A non-existing or false commitment that is not consideration…
Legal Benefit
Occurs when a party receives something that he or she had no…
Legal Detriment
Either a promise to perform (or act of performance) that one…
39 terms
Business Law Chapter 15
uniform commercial code
sale
goods
mixed goods and services contracts
a uniform/model law that governs commercial transactions, inc…
the passing of title from seller to buyer for a price
tangible things that can be moved
contracts that include both goods and services (predominant p…
uniform commercial code
a uniform/model law that governs commercial transactions, inc…
sale
the passing of title from seller to buyer for a price
31 terms
Business Law Chapter 15
Secured Transactions
Default
Perfection
Purchase-Money Security Interest
Any transaction in which the payment of a debt is guaranteed,…
To fail to pay a debt when it is due
The legal process by which secured parties protect themselves…
A security interest that arises when a seller or lender exten…
Secured Transactions
Any transaction in which the payment of a debt is guaranteed,…
Default
To fail to pay a debt when it is due
37 terms
Business Law Chapter 15 Vocabulary
Bonds
Corporation
Dividends
Retained Earnings
A security that evidences a corporate (or government) debt
A legal entity formed in compliance with statutory requiremen…
A distribution to corporate shareholders of corporate profits…
The portion of a corporation's profits that has not been paid…
Bonds
A security that evidences a corporate (or government) debt
Corporation
A legal entity formed in compliance with statutory requiremen…
15 terms
Chapter 15 Business law
Collateral Promise
"Party to be charged"
Securities
Uniform Electronic Transaction Act
The name given a promise to pay the debt of another if the de…
Another name for the defendant, i.e., the person who must sig…
Another name for stocks and bonds.
State law making contracts containing/based on electronic rec…
Collateral Promise
The name given a promise to pay the debt of another if the de…
"Party to be charged"
Another name for the defendant, i.e., the person who must sig…
30 terms
Business Law Chapter 15 Vocabulary
limited liability company (LLC)
member
Uniform Limited Liability Company Act…
Revised Uniform Limited Liability Comp…
An unincorporated business entity that combines the most favo…
An owner of an LLC.
A model act that provides comprehensive and uniform laws for…
A revision of the ULLCA.
limited liability company (LLC)
An unincorporated business entity that combines the most favo…
member
An owner of an LLC.
16 terms
Business law chapter 15
Common Remedies
Compensatory Damages
burned and hairy hand
Incidental damages
Damages... Rescission and restitution... specific performance... Refor…
-designed to compensate nonbreaching party for loss... -actually…
entitled to what above and beyond cost is. Not what would hap…
expenses caused directly by breach of contract
Common Remedies
Damages... Rescission and restitution... specific performance... Refor…
Compensatory Damages
-designed to compensate nonbreaching party for loss... -actually…
59 terms
business law chapter 15
a class of documents, typically negoti…
contains an order by one person for an…
how many parties are involved in order…
person signing order paper... (person giv…
commercial paper
order paper
3... drawer... drawee... payee
drawer
a class of documents, typically negoti…
commercial paper
contains an order by one person for an…
order paper
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 ascertained
A manifestation through words or conduct that amounts to an u…
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…
25 terms
Chapter 15 business law
agreement... performance... impossibilty of…
substantial performance
tender of performance
tender of goods
contracts may be terminated by:
when a party to a contract, in good faith, executes all of th…
an offer to perform that is considered evidence of a party's…
an offer to provide the goods agreed upon that is considered…
agreement... performance... impossibilty of…
contracts may be terminated by:
substantial performance
when a party to a contract, in good faith, executes all of th…
25 terms
chapter 15 business law
privy of contract
assignment
Rights that can't be assigned
effect of assignment of rights
the state of two specified parties being in a contract
The transfer of contractual rights by obligee to another party
-personal service contract... -assignment of a future right... -con…
-the assignee is entitled to performance from the obligor... -th…
privy of contract
the state of two specified parties being in a contract
assignment
The transfer of contractual rights by obligee to another party
9 terms
Business Law Chapter 15
Illegality
Agreements that violate statutes
Agreements that violate public policy
Licensing statutes
An agreement will be unenforceabme because of this if the agr…
Sometimes gov legislatures enact statutes that declare certai…
Agreements to commit a crime, promoting an illegal purpose, t…
Person must obtain a license or permit before engaging in a c…
Illegality
An agreement will be unenforceabme because of this if the agr…
Agreements that violate statutes
Sometimes gov legislatures enact statutes that declare certai…
8 terms
Business Law Chapter 15
Consideration
Promissory Estoppel
Illusory Promise
Past Consideration
what a person will receive in return for performing a contrac…
occurs when one party makes a promise and either knows or sho…
it is not a promise at all
consideration cannot be provided before the promise was made,…
Consideration
what a person will receive in return for performing a contrac…
Promissory Estoppel
occurs when one party makes a promise and either knows or sho…
8 terms
Business Law Chapter 15
A mutual mistake of fact...
A Unilateral Mistake...
Bilateral or Mutual mistakes:
Know
May allow a contract to be rescinded.
Does not allow a contract to be rescinded unless the other pa…
May be rescinded by either party. ... Example: Rafles vs Wiche…
Mutual Mistakes of Value is generally enforceable
A mutual mistake of fact...
May allow a contract to be rescinded.
A Unilateral Mistake...
Does not allow a contract to be rescinded unless the other pa…
15 terms
Business law chapter 15
Employment-at-will
Union
Implied contract
Public policy Tort
That an employer or employee can end an employment relationsh…
An organization of employees formed to promote welfare of its…
Is a contract that exists when an employer has said, written,…
A legal theory that permits a discharged employee to bring a…
Employment-at-will
That an employer or employee can end an employment relationsh…
Union
An organization of employees formed to promote welfare of its…
10 terms
Business Law Chapter 15
Unilateral mistake
Bilateral mistake
Unilateral mistake makes a contract en…
Fraudulent misrepresentation consists…
is made by only one of the parties- does not give the mistake…
mutual mistake is made by both parties, contract can be resci…
1. other party knew or should have known that mistake was mad…
1. misrepresentation of a material fact must occur.... 2. there…
Unilateral mistake
is made by only one of the parties- does not give the mistake…
Bilateral mistake
mutual mistake is made by both parties, contract can be resci…
8 terms
busi Law chapter 15
voluntary consent
unilateral mistake
bilateral mistake
scienter
voluntary agreement to a proposition or an act of another
mistake made by one party
mistake made by both parties
"guilty knowledge," knowledge on the part of the misrepresent…
voluntary consent
voluntary agreement to a proposition or an act of another
unilateral mistake
mistake made by one party
20 terms
Arkansas Business Law Chapter 15
consumer
caveat emptor
caveat venditor
class actions
A person who purchases goods and services primarily for perso…
Let the buyer beware; the buyer must examine the goods or pro…
Let the seller beware; a principle in commerce implying that…
a type of lawsuit in which a few plaintiffs act to represent…
consumer
A person who purchases goods and services primarily for perso…
caveat emptor
Let the buyer beware; the buyer must examine the goods or pro…
8 terms
Chapter 15 Business Law
Incidental Damages
Consequential Damages
Nominal Damages
Mitigation of Damages
Damages that compensate for expenses directly incurred becaus…
Foreseeable damages that result from a party's breach of cont…
A small monetary award grand to a plaintiff when no actual da…
The requirement that a plaintiff do whatever is reasonable to…
Incidental Damages
Damages that compensate for expenses directly incurred becaus…
Consequential Damages
Foreseeable damages that result from a party's breach of cont…
8 terms
Business Law Chapter 15
covenants
condition
Types of conditions
condition precedent
An unconditional promise to perform
A qualified or conditional promise that becomes a covenant if…
1) conditions precedent... 2) conditions subsequent... 3) concurren…
a condition that requires the occurrence of an event before a…
covenants
An unconditional promise to perform
condition
A qualified or conditional promise that becomes a covenant if…
11 terms
business law chapter 15
consideration
consideration
bargained for exchange
forbearance
promise or performance that the promisor demands at the price…
what each party to a contract gives up to the other in making…
in order for consideration to exist, something of value must…
refraining from doing an act
consideration
promise or performance that the promisor demands at the price…
consideration
what each party to a contract gives up to the other in making…
14 terms
Business Law - Chapter 15
Discharge
Performance
Condition
Condition Precedent
The termination of an obligation. In contract law, discharge…
In contract law, the fulfillment of one's duties arising unde…
A qualification, provision, or clause in a contractual agreem…
In a contractual agreement, a condition that must be met befo…
Discharge
The termination of an obligation. In contract law, discharge…
Performance
In contract law, the fulfillment of one's duties arising unde…
66 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…
9 terms
Business Law: Chapter 15
Voluntary Consent
Material Fact
1. Bilateral... 2. Unilateral
1. A misrepresentation of a material f…
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...
Essentials of fraudulent representation.
Voluntary Consent
In some situations, this can lack due to mistakes, misreprese…
Material Fact
A fact that a reasonable person would consider important when…
25 terms
business law chapter 15
bearer
bearer paper
blank endorsement
cashier's 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 bank's own funds and signed by a responsib…
bearer
a person in possession of an instrument
bearer paper
commercial paper payable to bearer
18 terms
Business Law Chapter 15
Commercial Paper
Negotiable Instrument
Negotiate
Indorsement
refers to a class of documents which can be easily transferre…
A document which meets all six requirements for negotiability…
The act of transferring ownership of a negotiable instrument
The signature of the holder on the back of the instrument, fo…
Commercial Paper
refers to a class of documents which can be easily transferre…
Negotiable Instrument
A document which meets all six requirements for negotiability…
24 terms
Business Law Chapter 15
Employment At Will
Employment situations that fall outsid…
Contracts
Employee Protections
An employer can end an employment relationship at any time fo…
-Employees with their own individual contract ... -Protected cla…
Some employees(sports stars, celebrities, business executives…
Protected classes of employees, such as women and minorities,…
Employment At Will
An employer can end an employment relationship at any time fo…
Employment situations that fall outsid…
-Employees with their own individual contract ... -Protected cla…
8 terms
Chapter 15 Business Law
Incidental Damages
Consequential Damages
Nominal Damages
Mitigation of Damages
Damages that compensate for expenses directly incurred becaus…
Foreseeable damages that result from a party's breach of cont…
A small monetary award, often one dollar, granted to a plaint…
The requirement that a plaintiff do whatever is reasonable to…
Incidental Damages
Damages that compensate for expenses directly incurred becaus…
Consequential Damages
Foreseeable damages that result from a party's breach of cont…
7 terms
Chapter 15 Business Law
consideration
forbearance
illusory promise
cancellation provision
promise or performance that the promisor demands as the price…
refraining from doing an act
promise that in fact does not impose any obligation on the pr…
crossing out of a part of an instrument or a destruction of a…
consideration
promise or performance that the promisor demands as the price…
forbearance
refraining from doing an act
13 terms
Business Law - Chapter 15
consideration
forbearance
illusory promise
cancellation provision
promise or performance that the promisor demands as the price…
refraining from doing an act
promise that in fact does not impose any obligation on the pr…
crossing out of a part of an instrument or a destruction of a…
consideration
promise or performance that the promisor demands as the price…
forbearance
refraining from doing an act
22 terms
Chapter 15- Business Law
Consideration
Bargain-For Exchange
Benefit-Detriment Approach
Adequacy of Consideration
Is what the promisor requests and receives as the price of hi…
Consideration is the bargained-for exchange between the parti…
Some jurisdictions analyze consideration from the point of vi…
Ordinarily, courts do not consider the adequacy of the consid…
Consideration
Is what the promisor requests and receives as the price of hi…
Bargain-For Exchange
Consideration is the bargained-for exchange between the parti…
15 terms
Business Law Chapter 15
Employment-at-will
union
Implied contract
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…
9 terms
Business Law Chapter 15
Different Types of Bankruptcy
consumer-debtor
bankruptcy trustee
petition in bankruptcy
1) Chapter 7- provides for liquidation proceedings (the selli…
a debtor whose debts result primarily from the purchase of go…
a person appointed by the court to manage the debtor's funds
the document that is filed with a bankruptcy court to initiat…
Different Types of Bankruptcy
1) Chapter 7- provides for liquidation proceedings (the selli…
consumer-debtor
a debtor whose debts result primarily from the purchase of go…
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