Study sets matching "term:business law = in law, a relationship of trust is expressed by the term : fiduciary"

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Study sets matching "term:business law = in law, a relationship of trust is expressed by the term : fiduciary"

16 terms
A Career in Law
criminal law
land law
equity and trusts
administrative law
area of law that deals with crime punishment or penalties
a body of law relating to the ownership of real estate, that…
legal principles applied to achieve fairness where the strict…
body of law, such as rules, regulations, orders and decisions…
criminal law
area of law that deals with crime punishment or penalties
land law
a body of law relating to the ownership of real estate, that…
26 terms
Rangel Business Law Vocab Ch 24: Trust & Wills
decedent
intestate
administrator/administratrix
estate
person who dies; the deceased
to die without a will
court- appointed representative for a decedent (male/female)
bundle of ownership rights in, and powers over, realty; also,…
decedent
person who dies; the deceased
intestate
to die without a will
26 terms
Business Law (second section)
Agency
Agency Agreement
Agent
Apparent Authority
The service and agent performs on behalf of a principle
An agreement creating an agency relationship between principl…
Person representing and acting on behalf of a principal in de…
Authority as suggested to third party by conduct of principle…
Agency
The service and agent performs on behalf of a principle
Agency Agreement
An agreement creating an agency relationship between principl…
Business Law-Chapter 1 (Foundation/Origin of Law)
laws
Hammurabi
common law
positive law
enforceable rule of conduct in a society
Babylonian ruler famous for his code of laws
law based on current standards or customs of the people
law dictated from a central authority
laws
enforceable rule of conduct in a society
Hammurabi
Babylonian ruler famous for his code of laws
56 terms
Business - Business Law
Federal Trade Commission Act
Sherman Antitrust Act
Clayton Antitrust Act
Robinson Patman Act
1914 - Established the FTC that would investigate and prevent…
1890 - A law that made it illegal to create monopolies or tru…
This act was enacted in 1914, and it reinforces and broadens…
Passed in 1936, it aims to prevent businesses from selling th…
Federal Trade Commission Act
1914 - Established the FTC that would investigate and prevent…
Sherman Antitrust Act
1890 - A law that made it illegal to create monopolies or tru…
25 terms
Business Law // Chapter 22: Employment Law
Employment
Employer
Employee
Independent contractor
A legal relationship based on a contract that calls for one i…
The party who pays someone in order to direct and control tha…
The party who is paid by the employer to serve under their di…
Someone who agrees to produce a specific work product without…
Employment
A legal relationship based on a contract that calls for one i…
Employer
The party who pays someone in order to direct and control tha…
25 terms
Key Concepts In Trust Law
A Trust
Paper Title
Underhill's definition of a trust
Beneficiary
- Ownership in property can be divided... - A trust is where one…
- The legal title is also known as a PAPER TITLE because the…
- Equitable obligation binding a trustee to deal with propert…
- Cestui Que Trust... - B owns the actual value of the property…
A Trust
- Ownership in property can be divided... - A trust is where one…
Paper Title
- The legal title is also known as a PAPER TITLE because the…
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
17 terms
BUSINESS LAW 3.02 AGENCY LAW LEGAL TERMS
Actual authority
Agency by ratification
Agency law
Agent's agent
is the express and implied powers of an agent.
is an agency relationship that is created because the princip…
is an area of law dealing with working relationships created…
is an agent appointed by another agent WITHOUT the knowledge…
Actual authority
is the express and implied powers of an agent.
Agency by ratification
is an agency relationship that is created because the princip…
13 terms
Business law vocab - chapter 20-2
Settlor
Express trust
Resulting trust
Inter vivos trust
Creator of a trust
Trust in which the terms are explicit stated by the settlor
Implied trust formed to hold property for its original owner
Trust created during the lifetime of the settlor
Settlor
Creator of a trust
Express trust
Trust in which the terms are explicit stated by the settlor
Business Law Chapter 37: Partnerships
An association of two or more persons…
Partnerships are largely governed by _…
definition of a person
definitions of carrying on a business
Partnership
statutory law
includes natural persons, partnerships, coporations, and LLCs
must continually carry on business. ... must act like co-owners…
An association of two or more persons…
Partnership
Partnerships are largely governed by _…
statutory law
17 terms
BUSINESS LAW 3.02 AGENCY LAW LEGAL TERMS
Actual authority
Agency by ratification
Agency law
Agent's agent
is the express and implied powers of an agent.
is an agency relationship that is created because the princip…
is an area of law dealing with working relationships created…
is an agent appointed by another agent WITHOUT the knowledge…
Actual authority
is the express and implied powers of an agent.
Agency by ratification
is an agency relationship that is created because the princip…
42 terms
Business Law-Ch 1
laws
code
Hammurabi
common law
enforceable rule of conduct in a society
laws that are grouped into organized form
Babylonian ruler famous for his code of laws
law based on current standards or customs of the people
laws
enforceable rule of conduct in a society
code
laws that are grouped into organized form
32 terms
Business Law ~ Chapter 1 Terms
Administrative agency
Business ethics
Business law
Case law
governmental body formed to carry out particular laws
ethical principles used in making business decisions
group of laws that governs business situations and transactions
made when an appellate court endorses a rule to be used in de…
Administrative agency
governmental body formed to carry out particular laws
Business ethics
ethical principles used in making business decisions
26 terms
Business Law - Contracts
Contract
Capacity
Consideration
Legality
Any agreement enforceable by law... Can be oral or written, imp…
Presumes anyone entering into a legal contract has the mental…
Things of value promised to one party in exchange for somethi…
Parties are not contractually obligated to fulfill contracts…
Contract
Any agreement enforceable by law... Can be oral or written, imp…
Capacity
Presumes anyone entering into a legal contract has the mental…
11 terms
Law of Business Organization
fiduciary noun
fiduciary adjective
independent contractor
exclusive agency
person having a duty created by his or her undertaking to act…
fiduciary relationship means that the relationship involves t…
a person who contracts with another to do something for him o…
the principal cannot compete with the agent or appoint or all…
fiduciary noun
person having a duty created by his or her undertaking to act…
fiduciary adjective
fiduciary relationship means that the relationship involves t…
33 terms
Business Law Basics
Law
Business Law
Business Lawsuit
Pleadings
system of rules which a country or community recognizes as re…
body of law which applies to the rights, relations and conduc…
business dispute brought to a court of law for adjudication
initial papers filed by each party of the lawsuit
Law
system of rules which a country or community recognizes as re…
Business Law
body of law which applies to the rights, relations and conduc…
Law Chapter 13: The Agency Relationship
Agency
Agent
Principal
Outsider
A relationship that exists when one party represents another…
A person who is authorized to act on behalf of another.
A person who has permitted another to act on her behalf.
The party with whom the agent does business on behalf of the…
Agency
A relationship that exists when one party represents another…
Agent
A person who is authorized to act on behalf of another.
42 terms
Business Law-Ch 1
laws
code
Hammurabi
common law
enforceable rule of conduct in a society
laws that are grouped into organized form
Babylonian ruler famous for his code of laws
law based on current standards or customs of the people
laws
enforceable rule of conduct in a society
code
laws that are grouped into organized form
28 terms
Law for Business and Personal Use - 20
Administrator
Adoption
Beneficiary
Charitable trust
court-appointed representative for a decedent
legal process that creates a parent-child relationship agreem…
party for whose benefit a trust is managed; also, recipient o…
created for the fulfillment of an altruistic purpose
Administrator
court-appointed representative for a decedent
Adoption
legal process that creates a parent-child relationship agreem…
9 terms
Business law Module 5
Genuine assent
Voidable
Duress
Undue influence
True and complete agreement
The injured party can cancel their obligation under the contr…
When one party uses an improper threat or act to obtain an ex…
When one party to the contract is in a position of trust and…
Genuine assent
True and complete agreement
Voidable
The injured party can cancel their obligation under the contr…
40 terms
Business Law Chapter 32
Ozzy is an officer of Prudent Financia…
Genetic Seed Company hires Howie to wo…
Diego is a truck driver for Entertainm…
Fact Pattern 32-1A. Janet and Julie wo…
an agent AND has the authority.
an agent.
an employEE.
employee AND agent.
Ozzy is an officer of Prudent Financia…
an agent AND has the authority.
Genetic Seed Company hires Howie to wo…
an agent.
14 terms
Business Law Chapter 5
a valid contract
an offer
a void contract
a contract
A contract that is legally binding and fully enforceable is k…
A proposal made by one party that he or she is willing to ent…
A contract that has no legal effect is known as _____________…
Any agreement that is enforceable by law is known as ________…
a valid contract
A contract that is legally binding and fully enforceable is k…
an offer
A proposal made by one party that he or she is willing to ent…
47 terms
Agency terms
Law of agency
There is no requirement for considerat…
The agency relationship is a
Who hires an agent
Is similar to an employee agreement.... There is no requirement…
The law of agency
Gratuitous relationship
Principal
Law of agency
Is similar to an employee agreement.... There is no requirement…
There is no requirement for considerat…
The law of agency
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
42 terms
Business Law-Ch 1
laws
code
Hammurabi
common law
enforceable rule of conduct in a society
laws that are grouped into organized form
Babylonian ruler famous for his code of laws
law based on current standards or customs of the people
laws
enforceable rule of conduct in a society
code
laws that are grouped into organized form
17 terms
Business Law -- Agency Law -- 3.02
actual authority
agency by agreement
agency by estoppel
agency by ratification
the express and implied powers of an agent
an agency relationship that is created by an oral or written…
an agency relationship that is created because the principal'…
an agency relationship that is created because the principal…
actual authority
the express and implied powers of an agent
agency by agreement
an agency relationship that is created by an oral or written…
Bus Law Ch 1
Ethics may be a matter of opinions and…
The Golden Rule holds that you "Do unt…
At times, ethics and law may conflict…
A state statute must not conflict with…
true
false
true
true
Ethics may be a matter of opinions and…
true
The Golden Rule holds that you "Do unt…
false
trust law 1
res
bailment
Executorship
Guardianship
principle, corpus
only duty is to protect property. Ends when owner asks for it…
not long term... executing your estate
fiduciary relationship... based on statute
res
principle, corpus
bailment
only duty is to protect property. Ends when owner asks for it…
Business Law Chapter 6
Contracts
Offeror
Offeree
Consideration
agreement between two parties that creates an obligation
party who makes an offer to form a contract
party to whom an offer is made
what a person demands and generally must receive in order to…
Contracts
agreement between two parties that creates an obligation
Offeror
party who makes an offer to form a contract
15 terms
Chapter 28 - Agency Law
Principal
Agent
Equal dignities rule
Gratuitous agent
In an agency relationship, the person for whom the agent is a…
In an agency relationship, the person who is acting on behalf…
If an agent is empowered to enter into a contract that must b…
Someone not paid for performing duties
Principal
In an agency relationship, the person for whom the agent is a…
Agent
In an agency relationship, the person who is acting on behalf…
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…
Business Law Exam 3
Substance-over-form
ratification
agent
3 elements of an agency
used to analyze the classification of an agent
occurs when the principal affirms a previously unauthorized act
anyone employees by another person (the principal) to represe…
consent... control... a fiduciary relationship
Substance-over-form
used to analyze the classification of an agent
ratification
occurs when the principal affirms a previously unauthorized act
22 terms
Business Law Ch4
contract
offer
acceptance
genuine agreement
any agreement enforceable by law
a proposal by one party to another intended to create a legal…
the second party's unqualified willingness to go along with t…
an agreement is true and genuine; a valid offer is met by a v…
contract
any agreement enforceable by law
offer
a proposal by one party to another intended to create a legal…
50 terms
Business Law Test Chapter 20: Agency
agency relationship
agent
principal
agency
The association between one party and an agent who acts on be…
A party who has the authority to act on behalf of and bind an…
The party that an agent's authority can bind or act on behalf…
The fiduciary relationship that arises when one person consen…
agency relationship
The association between one party and an agent who acts on be…
agent
A party who has the authority to act on behalf of and bind an…
Business Law Chapter 16
Agent
Apparent Authority
Authority
Employee
The party appointed by the principal to enter into a contract…
The authority an agent is believed by the third parties to ha…
Power to act for someone else
The person hired to perform work and who is obligated both as…
Agent
The party appointed by the principal to enter into a contract…
Apparent Authority
The authority an agent is believed by the third parties to ha…
Business Law - Chapter 37
Partnerships are governed by both ___…
In their relationships with one anothe…
The ___ governs the operation of partn…
The __ to associate is a key element o…
common law, statutory
fiduciary
Uniform Partnership Act
intent
Partnerships are governed by both ___…
common law, statutory
In their relationships with one anothe…
fiduciary
Bus Law 215 Chapter 17
Agency
Fiduciary
Independent Contractor
Criteria used by the courts to determi…
A relationship between two parties in which one party (the ag…
As a noun, a person having a duty created by his or her under…
One who works for and receives payment from, an employer but…
Agency
A relationship between two parties in which one party (the ag…
Fiduciary
As a noun, a person having a duty created by his or her under…
13 terms
Business Law Ch. 11- LeCrone
Duress
Undue Influence
Fraud in the Execution
Fraud in the Inducement
The wrongful or unlawful act or threat that overcomes the fre…
The unfair persuasion of a party in a dominant position based…
Extremely rare, if it occurs it renders a contract void. Cons…
Intentional misrepresentation of a material fact by one party…
Duress
The wrongful or unlawful act or threat that overcomes the fre…
Undue Influence
The unfair persuasion of a party in a dominant position based…
120 terms
Business Law: Contracts Final
Basic Elements of a Contract
Bilateral
Unilateral
Valid Contract
offer, acceptance, consideration, capacity, legal
both parties make a promise... ex) pay rent in exchange for a le…
a promise for an act... ex) reward for finding a lost dog
meets legal requirements for a binding contract and are enfor…
Basic Elements of a Contract
offer, acceptance, consideration, capacity, legal
Bilateral
both parties make a promise... ex) pay rent in exchange for a le…
Law for Business and Personal Use - 20
Administrator
Adoption
Beneficiary
Charitable trust
court-appointed representative for a decedent
legal process that creates a parent-child relationship agreem…
party for whose benefit a trust is managed; also, recipient o…
created for the fulfillment of an altruistic purpose
Administrator
court-appointed representative for a decedent
Adoption
legal process that creates a parent-child relationship agreem…
Business law (chapter 16)
agent
apparent authority
authority
employee
the party appointed by the principal to enter into a contract…
the authority an agent is believed by third parties to have b…
power to act for someone else
the person hired to perform work and who is obligated both as…
agent
the party appointed by the principal to enter into a contract…
apparent authority
the authority an agent is believed by third parties to have b…
Business Law Midterm Guide
The stability and predictability of th…
Law is a body of enforceable rules gov…
A breach of a contract is a failure to…
Constitutional law includes only the U…
TRUE
TRUE
TRUE
FALSE
The stability and predictability of th…
TRUE
Law is a body of enforceable rules gov…
TRUE
Business Law 3.02: Agency Law
Actual authority
Agency by ratification
Agency law
Agent's agent
is the express and implied powers of an agent.
is an agency relationship that is created because the princip…
is an area of law dealing with working relationships created…
is an agent appointed by another agent WITHOUT the knowledge…
Actual authority
is the express and implied powers of an agent.
Agency by ratification
is an agency relationship that is created because the princip…
Law for Business & Personal Use Ch. 7
unilateral contract
revocation
offeree
firm offer
Binding agreement created by an offer that is accepted by a p…
Offeror's act that invalidates an offer
Party to whom an offer is made
Signed writing by a merchant promising to leave an offer open
unilateral contract
Binding agreement created by an offer that is accepted by a p…
revocation
Offeror's act that invalidates an offer
40 terms
Business Law Contracts
Contract
Offer
Acceptance
Genuine agreement
Is any agreement enforceable by law.
A proposal by one party to another intended to create a legal…
The second party's unqualified willingness to go along with t…
If a valid offer is met by a valid acceptance
Contract
Is any agreement enforceable by law.
Offer
A proposal by one party to another intended to create a legal…
Chapter 13 - the agency relationship & Chapter 20 - fiduciary duty
agency
agent
principal
outsider
- relationship that exists when one party represents another…
- person who is authorized to act on behalf of another
- a person who has permitted an agent to act on their behalf
- party with whom the agent does business on behalf of the pr…
agency
- relationship that exists when one party represents another…
agent
- person who is authorized to act on behalf of another
20 terms
Ch. 20 Agency Law
Agency
Principal
Agent
Warranty of the principals capacity
Relationship between two parties that allows one of the parti…
The person who authorizes another to enter into legal relatio…
The party authorized to bind another legally
Puts liability on the agent if the principle lacks capacity
Agency
Relationship between two parties that allows one of the parti…
Principal
The person who authorizes another to enter into legal relatio…
52 terms
Business Law Ch 1
stare decisis
administrative agency
administrative law
allege
A common law doctrine under which judges are obligated to fol…
A federal, state, or local government agency established to p…
The body of law created by administrative agencies (in the fo…
To state, recite, assert, or charge.
stare decisis
A common law doctrine under which judges are obligated to fol…
administrative agency
A federal, state, or local government agency established to p…
18 terms
Business Law - Ch 1 Vocabulary
laws
code
common law
positive law
enforceable rule of conduct in a society
laws that are grouped into organized form
law based on current standards or customs of the people
law dictated from a sovereign or central authority
laws
enforceable rule of conduct in a society
code
laws that are grouped into organized form
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