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Study sets matching "chapter 7 law business"

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Study sets matching "chapter 7 law business"

24 terms
Business Law - Chapter 7
Contract
Tangible Personal Property
Offer
Offeror
Legally enforceable agreement
Personal property that can be moved
Proposal indicating a willingness to enter into a contract
Person making a proposal
Contract
Legally enforceable agreement
Tangible Personal Property
Personal property that can be moved
14 terms
Business Law Chapter 7
valid
genuine assent
voidable
recission
legally binding and enforceable
true and complete agreement
injured party can cancel or avoid the contractual obligation
get back whatever has already been put into the contract
valid
legally binding and enforceable
genuine assent
true and complete agreement
22 terms
Business Law Chapter 7
Felony
Misdemeanor
Burden of Proof
What is the burden of proof in a crimi…
an offense punishable by a year or more in jail (two years in…
an offense punishable by less than a year in jail (two years…
a standard that a party must meet to prevail in the case.
Beyond a reasonable doubt.
Felony
an offense punishable by a year or more in jail (two years in…
Misdemeanor
an offense punishable by less than a year in jail (two years…
22 terms
Business Law Chapter 7 vocab
Crime
Felony
Misdemeanor
Search warrant
A wrong against society proclaimed in a statute and punishabl…
A crime that carries the most severe sanctions, usually rangi…
A lesser crime than a felony, usually punishable by a fine or…
An order from a judge or other public official that authorize…
Crime
A wrong against society proclaimed in a statute and punishabl…
Felony
A crime that carries the most severe sanctions, usually rangi…
22 terms
Business and Personal Law - Chapter 7
Uniform
Uniform Commercial Code (UCC)
Dominant
Firm Offer
Conforming to one principle, standard, or rule; consistent.
a collection of laws that governs various types of business t…
Exercising the most influence or control.
a merchant's written promise to hold an offer open for the sa…
Uniform
Conforming to one principle, standard, or rule; consistent.
Uniform Commercial Code (UCC)
a collection of laws that governs various types of business t…
40 terms
Business Law Chapter 7
The elements of a negligence claim are:
negligence law states:
This standard for assessing conduct:
courts today broadly define the group…
(1) that the defendant owed a duty of care to the plaintiff;…
that each person must act as a reasonable person of ordinary…
is often called either the "reasonable person" test or the "r…
"victims"
The elements of a negligence claim are:
(1) that the defendant owed a duty of care to the plaintiff;…
negligence law states:
that each person must act as a reasonable person of ordinary…
15 terms
Business Law - Chapter 7
Lou asks Mark, a cobbler and shoe sale…
Essentially, adequacy of consideration…
An unenforceable contract is one that…
A unilateral contract is formed at the…
An implied contract
True
True
True
Lou asks Mark, a cobbler and shoe sale…
An implied contract
Essentially, adequacy of consideration…
True
47 terms
Business Law Chapter 7
Property
Mortgage
Real Property
Personal Property
legal right to exclude others from resources that are origina…
borrowing money and putting up your house as collateral to se…
law applies to land and interests in land
all other resources are protected under this
Property
legal right to exclude others from resources that are origina…
Mortgage
borrowing money and putting up your house as collateral to se…
25 terms
Business Law Chapter 7
Negligence
To succeed in a negligence action, the…
Duty
Breach
Tort occurs when someone suffers an injury because of another…
Duty, breach, causation, and damages
That the defendant owed a duty of care to the plaintiff
That the defendant breached that duty
Negligence
Tort occurs when someone suffers an injury because of another…
To succeed in a negligence action, the…
Duty, breach, causation, and damages
17 terms
Business Law Chapter 7-Genuine Assent
genuine assent
voidable
rescission
ratification
agreement to enter into a contract that is evidenced by words…
A contract that one party may void at his option without bein…
A legal remedy that voids an existing contract and restores b…
An official approval
genuine assent
agreement to enter into a contract that is evidenced by words…
voidable
A contract that one party may void at his option without bein…
27 terms
Business Law-Chapter 7 (Contracts Continued)
genuine assent
voidable contract
rescission
ratification
true and complete agreement
when a party to a contract is able to void or cancel a contra…
canceling or terminated a contract, which has the effect of r…
act of official confirmation of a contract
genuine assent
true and complete agreement
voidable contract
when a party to a contract is able to void or cancel a contra…
13 terms
Business Law Chapter 7 Vocab
Genuine Assent
Voidable Contract
Rescission
Ratification
agreement to enter into a contract that is evidenced by works…
contract in which the injured party can withdraw, thus cancel…
backing out of the transaction by asking for the return of wh…
acting toward the contract as though one intends to be bound…
Genuine Assent
agreement to enter into a contract that is evidenced by works…
Voidable Contract
contract in which the injured party can withdraw, thus cancel…
74 terms
Business Law chapter 7
a declaration that binds the person wh…
the person who makes the promise
the person to whom the promise is bein…
The type of law that reflects our soci…
promise
promisor
promisee
Contract Law
a declaration that binds the person wh…
promise
the person who makes the promise
promisor
64 terms
chapter 7 - business law
Duty of Care
Negligence
Negligence action
Duty
this concept arises from the notion that if we are to live in…
when someone suffers injury because of another's failure to l…
to succeed this the plaintiff must prove each of the followin…
that the defendant owed a duty of care to the plaintiff
Duty of Care
this concept arises from the notion that if we are to live in…
Negligence
when someone suffers injury because of another's failure to l…
20 terms
Business Law Chapter 7
Expres
FOB
COD
Caveat Emptor
Type of warranty that can be written or verbal.
Free on Board
Collect on Delivery
Let the buyer beware
Expres
Type of warranty that can be written or verbal.
FOB
Free on Board
54 terms
Business Law I Chapter 7 Vocabulary
criminal law
white-collar crime
street crime
guilty
Rules that permit a government to punish certain behavior by…
A variety of non-violent crimes committed by working professi…
Criminal offenses taking place in public places.
A court's finding that a defendant has committed a crime.
criminal law
Rules that permit a government to punish certain behavior by…
white-collar crime
A variety of non-violent crimes committed by working professi…
67 terms
Business Law Chapter 7
Where did crimes arise from?
Tort Law
Torts=Crimes...Why?
Why do Crimes exist?
Tort Law
occurrences such as accidents, negligence, and libel
Crimes*... generally the same conduct which can lead to crimin…
Because a Sovereign (federal or state government) has declare…
Where did crimes arise from?
Tort Law
Tort Law
occurrences such as accidents, negligence, and libel
30 terms
Business Law // Chapter 7: Genuineness of Assent
Valid
Genuine assent
Voidable
Recission
Legally binding and enforceable
True and complete agreement
Injured party CAN cancel or avoid the contractual obligation
When the injured party gets back what has already been put in…
Valid
Legally binding and enforceable
Genuine assent
True and complete agreement
10 terms
Chapter 7 Business Law
Contract
1-Offer, 2-Acceptance, 3- Genuine Agre…
Valid
Void
promise or agreement that creates legal obligations enforceab…
6 Elements to a contract
Legally good, has legal strength and contains essential eleme…
Has no legal force
Contract
promise or agreement that creates legal obligations enforceab…
1-Offer, 2-Acceptance, 3- Genuine Agre…
6 Elements to a contract
17 terms
Business Law Chapter 7
Tort
Intentional Torts
Defamation
Libel
A violation of a duty imposed by the civil law.
Involve harm caused by deliberate action.
Making a false written or verbal statement that harm someone'…
Written defamation.
Tort
A violation of a duty imposed by the civil law.
Intentional Torts
Involve harm caused by deliberate action.
38 terms
Business Law I Chapter 7 Other
False. According to the FBI, white-col…
The local prosecutor. If the victim sa…
False. Fines are always paid to the go…
1. Restraint... 2. Deterrence... 3. Retribut…
True or False? Street crime costs society more each year than…
Who has the primary power and responsibility to decide whethe…
True or False? Sometimes, when a person convicted of a crime…
What are the four goals of, or rationales for, criminal punis…
False. According to the FBI, white-col…
True or False? Street crime costs society more each year than…
The local prosecutor. If the victim sa…
Who has the primary power and responsibility to decide whethe…
6 terms
Business Law Chapter 7
Admission
Confirming memorandum
Goods
Merchant
When a party admits in pleadings, in testimony, or otherwise…
A written document that contains the material terms... of an agr…
Tangible, movable objects that can be owned.
A person who regularly deals in good of the type involved in…
Admission
When a party admits in pleadings, in testimony, or otherwise…
Confirming memorandum
A written document that contains the material terms... of an agr…
20 terms
Business law Chapter 7
• Capacity
Minor's Rights and Obligations
rebuttable presumption,
majority.
one of the six elements of a contract, is the legal ability t…
• When people enter into contracts, they are permitted by law…
This presumption, known as a rebuttable presumption, can be c…
• The age of legal adulthood is known as the age of majority.
• Capacity
one of the six elements of a contract, is the legal ability t…
Minor's Rights and Obligations
• When people enter into contracts, they are permitted by law…
10 terms
Business Law Chapter 7
Capacity
Rebuttable presumption
Majority
Minor/minority
the legal ability to enter a contract
The presumption of a person's legal ability to enter into a c…
Occurs when a person has reached the legal age of adulthood.
A person who has not reached the age of legal adulthood. Age…
Capacity
the legal ability to enter a contract
Rebuttable presumption
The presumption of a person's legal ability to enter into a c…
21 terms
Business Law Chapter 7
Contract
Law Merchant
Canon Law
Neutrality
An agreement based on mutual promises between two or more com…
The principles and rules, drawn chiefly from custom, determin…
The body of rules governing the faith and practice of members…
The state of not supporting or helping either side in a confl…
Contract
An agreement based on mutual promises between two or more com…
Law Merchant
The principles and rules, drawn chiefly from custom, determin…
23 terms
Business Law Chapter 7
genuine assent
voidable
rescission
ratification
Agreement to enter into a contract that is evidenced by words…
A contract that can be withdrawn from because it lacks genuin…
Backing out of a contract by asking for the return of what yo…
Conduct suggesting that you intend to be bound by a contract.
genuine assent
Agreement to enter into a contract that is evidenced by words…
voidable
A contract that can be withdrawn from because it lacks genuin…
46 terms
Business Law Chapter 7
Contract
Four Requirements for a Valid Contract
Mutual Manifestation of Asset
Consideration
A legally enforceable promise or set of promises
1. Mutual Manifestation of Asset... 2. Consideration... 3. Capacity…
The outward expression of agreement by all parties to the ter…
Something of value given or detriment suffered in exchange fo…
Contract
A legally enforceable promise or set of promises
Four Requirements for a Valid Contract
1. Mutual Manifestation of Asset... 2. Consideration... 3. Capacity…
17 terms
Chapter 7 business law
Persons under limited capacity to cont…
Minors
Necessaries
Diminishing capacity
Minors, persons under diminishing capacity, corporations, lab…
Contracts with minors for non-necessaries of life and benefic…
Good, clothes, lodging, Medical attention, legal advice, tran…
Insane or incapacitated by drugs or alcohol
Persons under limited capacity to cont…
Minors, persons under diminishing capacity, corporations, lab…
Minors
Contracts with minors for non-necessaries of life and benefic…
35 terms
business law chapter 7
crime
beyond a reasonable doubt
actus reas
the guilty act
a wrong against society set forth in a statute and if committ…
if the jury views a the evidence in the case as reasonably pe…
a guilty (prohibited) act. the commission of a prohibited act…
a requirement based on the premises of criminal law. that a p…
crime
a wrong against society set forth in a statute and if committ…
beyond a reasonable doubt
if the jury views a the evidence in the case as reasonably pe…
26 terms
Business Law (Chapter 7)
Mutual Assent
Offer
Acceptance
Objective Intent
the broad underlying requirement that must be met to form an…
a promise that, according to its terms, is contingent upon a…
an express act or implication by conduct that manifests assen…
for an offer to have legal effect, the requirement that, gene…
Mutual Assent
the broad underlying requirement that must be met to form an…
Offer
a promise that, according to its terms, is contingent upon a…
64 terms
Business Law Chapter 7
Two elements of a crime must be demons…
Liability without fault (strict liabil…
Classification of Crimes
Felonies
1. Actus Reus: wrongful behavior... 2. Mens Rea: guilty mind
applies to actions that, regardless of the care taken, are sp…
Felonies, Misdemeanors, Petty offenses
include serious crimes (murder) that are punishable by impris…
Two elements of a crime must be demons…
1. Actus Reus: wrongful behavior... 2. Mens Rea: guilty mind
Liability without fault (strict liabil…
applies to actions that, regardless of the care taken, are sp…
21 terms
Business Law : Chapter 7
Intentional Torts
Law of Tort three principle objectives
Intent
Battery
All forms of civil liability are either voluntarily assumed,…
1) to compensate persons who sustain harm or loss resulting f…
as used in tort law, does not require a hostile or evil motiv…
intentional infliction of harmful or offensive bodily contact…
Intentional Torts
All forms of civil liability are either voluntarily assumed,…
Law of Tort three principle objectives
1) to compensate persons who sustain harm or loss resulting f…
16 terms
Business Law Chapter 7
Assumption of risk
Business Invitee
Causation in Fact
Comparative Negligence
A defense against negligence that can be used when the plaint…
A person, such as a customer or a client, who is invited onto…
An act or omission without which an event would not have occu…
A theory in tort law under which the liability for injuries r…
Assumption of risk
A defense against negligence that can be used when the plaint…
Business Invitee
A person, such as a customer or a client, who is invited onto…
Chapter 7 Business Law
Assumption of Risk
Business Invitee
Causation in Fact
Comparative Negligence
A defense against negligence that can be used when the plaint…
Those people, such as customers or clients, who are invited o…
An act or omission without which an event would not have occu…
A theory in tort law under which the liability for injuries r…
Assumption of Risk
A defense against negligence that can be used when the plaint…
Business Invitee
Those people, such as customers or clients, who are invited o…
42 terms
Chapter 7 Business Law Hammer
West Agricultural Services, Inc. ("WAS…
Exxon owned a gasoline station in Virg…
Ginger is a retired school teacher who…
Martha is walking from her office buil…
an abnormally dangerous activity
not liable, because gasoline storage is not an abnormally dan…
Ginger can be sued under the strict product liability theory…
there is no duty to warn about risks that are obvious or comm…
West Agricultural Services, Inc. ("WAS…
an abnormally dangerous activity
Exxon owned a gasoline station in Virg…
not liable, because gasoline storage is not an abnormally dan…
21 terms
Business Law Chapter 7
promise
sources fo contract law
Functions of a contract
Contract
an assertion that something either will or will not happen in…
governed by the common law of contracts
The rules of contract law are often in business agreements to…
An agreement that can be enforced in court
promise
an assertion that something either will or will not happen in…
sources fo contract law
governed by the common law of contracts
46 terms
Business Law Chapter 7
accession
adverse possession
artisans lien
attachment
property acquired by adding something to an owned object
property ownership acquired through open, notorious, actual,…
the lien that arises in favor of one who has expended labor u…
...
accession
property acquired by adding something to an owned object
adverse possession
property ownership acquired through open, notorious, actual,…
60 terms
Business law Chapter 7
Actus Reus
Affermative Defense
Arraignment
Arrest
Wrongful behaivor that is, actus reds or a guilty ac
a defendants response to a plaintiffs claim in which the defe…
The first appearance in court by the defendant, at which the…
the action on which the police, or a person acting law, seize…
Actus Reus
Wrongful behaivor that is, actus reds or a guilty ac
Affermative Defense
a defendants response to a plaintiffs claim in which the defe…
20 terms
Business Law: Chapter 7
Uniform Commercial Code
Title
Bill of Sale
Warranty
a collection of laws that governs various types of business t…
the right of ownership.
formal evidence of ownership.
a guarantee, usually by a seller to a buyer, that a product w…
Uniform Commercial Code
a collection of laws that governs various types of business t…
Title
the right of ownership.
13 terms
Arkansas Business Law Chapter 7
genuine assent
voidable
rescission
ratification
Oral or written agreements where both parties are in true and…
A contract that may be legally avoided (canceled, or annulled…
Backing out of the transaction by asking for the return of wh…
Acting toward the contract as though one intends to be bound…
genuine assent
Oral or written agreements where both parties are in true and…
voidable
A contract that may be legally avoided (canceled, or annulled…
70 terms
Business Law Chapter 7
True
False
True
True
Some promises create moral, but not legal, obligations.
The person who makes a promise is the promisee
If a contractual promise is not fulfilled, the person who mad…
A contract is an agreement that can be enforced in court.
True
Some promises create moral, but not legal, obligations.
False
The person who makes a promise is the promisee
15 terms
Business Law- chapter 7
THE BOARD- functions
types of directors
independent directors
board structure
- delegating its power: to an executive committee, determines…
- executive (managers) + non executive (inside/outside) direc…
-they are directors that don't have a relationship with the i…
-managing director... -executive committee] ... -compensation commi…
THE BOARD- functions
- delegating its power: to an executive committee, determines…
types of directors
- executive (managers) + non executive (inside/outside) direc…
14 terms
business law chapter 7
in establishing fraud, one must shout…
major defenses in the product liabilit…
fraud
scienter
scienter
-misuse... -assumption of risk
-deliberate deception... -intentional misrepresentation ... -missta…
intent to defraud ... -party wanted to mislead ... -must be damages
in establishing fraud, one must shout…
scienter
major defenses in the product liabilit…
-misuse... -assumption of risk
10 terms
Chapter 7 Business Law
acting toward the contract as though o…
offeror promises something in return f…
Parties that cancel their contract obl…
A contract that lacks the genuine asse…
ratification
unilateral mistake
False
TRUE
acting toward the contract as though o…
ratification
offeror promises something in return f…
unilateral mistake
8 terms
Business Law Chapter 7
Elements of a negligence claim
Invitee
Licensee
Trespasser
Duty, Breach, Causation
business visitor or member of the public
those on property for his/her own purpose
those on property illegally
Elements of a negligence claim
Duty, Breach, Causation
Invitee
business visitor or member of the public
17 terms
Business Law Chapter 7
Classifications of Torts
Intentional Torts (against persons)
Defenses For Battery
Libel
Intentional, Negligent, Strict Liability
Assault, Battery, Defamtion
Consent, Self-Defense, Defense of Others, Defense of Property
Defamation in writing
Classifications of Torts
Intentional, Negligent, Strict Liability
Intentional Torts (against persons)
Assault, Battery, Defamtion
25 terms
Business Law Chapter 7
A contract is
Objective of a contract law
Three Theories of Contract Law
Will Theory
An agreement between two or more competent parties, based on…
The court's goal in the remedy phase of a contract dispute is…
The Will Theory, Equal Value Theory and Formalist Theory.
Is a general principle of law that states that a contract wil…
A contract is
An agreement between two or more competent parties, based on…
Objective of a contract law
The court's goal in the remedy phase of a contract dispute is…
15 terms
Business Law Chapter 7
Arson
Beyond a reasonable doubt
Compliance Program
Criminal Procedure
The malicious use of fire or explosives to damage or destroy…
The very high burden of proof in a criminal trial, demanding…
A plan to prevent and detect criminal conduct at all levels o…
The process of investigating, interrogating, and trying a cri…
Arson
The malicious use of fire or explosives to damage or destroy…
Beyond a reasonable doubt
The very high burden of proof in a criminal trial, demanding…
26 terms
Business Law Chapter 7
criminal procedure
criminal law
beyond a reasonable doubt
bench trial
the process by which criminals are investigated, accused, tri…
prohibits and punishes conduct that threatens public safety a…
the very high burden of proof in a criminal trial, demanding…
there is no jury; the judge reaches a verdict
criminal procedure
the process by which criminals are investigated, accused, tri…
criminal law
prohibits and punishes conduct that threatens public safety a…
22 terms
Business Law: Chapter 7
Ethics
Business ethics
Moral minimum
Stock buyback
the study of what constitutes right or wrong behavior
what constitutes right or wrong behavior in the business worl…
the minimum degree of ethical behavior expected of a business…
management of a corporation believes that the market price of…
Ethics
the study of what constitutes right or wrong behavior
Business ethics
what constitutes right or wrong behavior in the business worl…
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