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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"

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
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…
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…
24 terms
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
28 terms
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
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…
20 terms
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…
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…
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…
22 terms
Business Law Ch. 37
Agency
Agent
Apparent Authority
Attorney in Fact
a fiduciary consensual relationship where an agent can act on…
A person or firm who is authorized by the principal or by ope…
appearance of authority created by the principals words or co…
agent authorized to act for another under a power of attorney
Agency
a fiduciary consensual relationship where an agent can act on…
Agent
A person or firm who is authorized by the principal or by ope…
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…
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…
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…
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…
19 terms
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
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
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…
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
94 terms
Business Law Final Terms
agency relationships
fiduciary relationships
trust/confidence
employer/employee/principal/agent
fiduciary relationship (trust/confidence)... employer/employee/p…
where the agent is acting and must adhere to the best efforts…
the fiduciary "must hold absolute trust and confidences of th…
???
agency relationships
fiduciary relationship (trust/confidence)... employer/employee/p…
fiduciary relationships
where the agent is acting and must adhere to the best efforts…
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…
57 terms
Real Estate Brokerage and the Law of Agency (Chapter 7...IMPORTANT!!)
The Law of Agency
Agent Services
Agent
Subagent
the basic framework of the law that governs the legal respons…
The NCREC strongly encourages the BIC of a real estate firm t…
the individual who is authorized and consents to represent th…
one who is employed by a person already acting as an agent (s…
The Law of Agency
the basic framework of the law that governs the legal respons…
Agent Services
The NCREC strongly encourages the BIC of a real estate firm t…
8 terms
business law ch 20
agency
fiduciary (n)
fiduciary (adj)
independent contractor
This relationship involves two parties where one party agrees…
It refers to a person having a duty created by his or her und…
It means the relationship involves trust and confidence
A person who contracts with another to do something for him b…
agency
This relationship involves two parties where one party agrees…
fiduciary (n)
It refers to a person having a duty created by his or her und…
16 terms
PCC Business Law Terms Chapter 29
Sole Proprietorship
Partnership
Articles of Partnership
Fiduciary Relationship
The simplest form of business in which the owner is the busin…
An association of two or more persons to carry on, as co-owne…
A written agreement that sets forth each partner's rights in,…
A relationship founded on trust and confidence
Sole Proprietorship
The simplest form of business in which the owner is the busin…
Partnership
An association of two or more persons to carry on, as co-owne…
10 terms
Chp 17 (buisness law)
Principals
Fiduciary relationship
Employer-Employee relationship
Employer-Independent Contractor relati…
use agents to be able to conduct multiple business operations…
based on trust and confidence
all employees who deal with third parties are agents
employer has no control over details of the work
Principals
use agents to be able to conduct multiple business operations…
Fiduciary relationship
based on trust and confidence
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…
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…
45 terms
The Law of Agency Chapter 2
accountability
agency
agency coupled with an interest
Agent
an agents fiduciary duty to account for all activities, inclu…
the relationship between the principal and an agent wherein t…
an agency relationship in which an agent has an interest in t…
a person who is authorized to transact business or to manage…
accountability
an agents fiduciary duty to account for all activities, inclu…
agency
the relationship between the principal and an agent wherein t…
11 terms
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…
BLAW 420 ULL Fred Davis - Test 3
principle agent relationship
fiduciary (noun)
fiduciary (adjective)
employer - employee relationship
parties have agreed that the agent will act "on behalf and in…
refers to a person having a duty created by his/her undertaki…
in the phrase "fiduciary relationship" it means that the rela…
normally all employees who deal with third parties are deemed…
principle agent relationship
parties have agreed that the agent will act "on behalf and in…
fiduciary (noun)
refers to a person having a duty created by his/her undertaki…
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.
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…
39 terms
Modern Real Estate Practice Chapter 10 Real Estate Agency
Real Estate Agency Relationship
An agent
Agency
Principal
are governed by common law, which is established by tradition…
is hired by a principal to act on the principal's behalf.
is the fiduciary relationship in which the agent is held in a…
In a real estate transaction the ____ is the client.
Real Estate Agency Relationship
are governed by common law, which is established by tradition…
An agent
is hired by a principal to act on the principal's behalf.
25 terms
Business law 2.9
False
False
False
False
A company can be formed by two or more persons.
private companies limit their membership up to 50 people.
private companies can invite the public to subscribe for shar…
a private company requires a quorum of three members at the g…
False
A company can be formed by two or more persons.
False
private companies limit their membership up to 50 people.
59 terms
Laws of agency & fiduciary duties
Principal
Agent/fiduciary
Fiduciary
Third Party
One who employs another to act on his or her behalf/ Client
One who is employed to represent a principal
the highest trust relationship under law-must put client's in…
Party to a transaction who is not a party to the particular a…
Principal
One who employs another to act on his or her behalf/ Client
Agent/fiduciary
One who is employed to represent a principal
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…
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…
Bus Law Exam #2
Agency
Frolic
Dissolution of Partnership
Business Judgement Rule
Ability of one person to act for another (the Principal) that…
Within the scope of employment (Reasonable person test), if i…
Partners have the power to leave the partnership at any time!
Managers don't have to change their ways just for your better…
Agency
Ability of one person to act for another (the Principal) that…
Frolic
Within the scope of employment (Reasonable person test), if i…
33 terms
Business law ch28
special shareholders meeting
proxies
voting rights
quorum & vote required
special shareholders meeting
proxies
28 terms
Business Law teminology
Sole proprietorship
partnership
fiduciary relationship
Limited partnership
simplest form of business, in which the owner is the business
arises from agreement, express or implied, between two or mor…
one of extraordinary trust and loyalty, where each partner mu…
consists of at least one general partner and one or more limi…
Sole proprietorship
simplest form of business, in which the owner is the business
partnership
arises from agreement, express or implied, between two or mor…
18 terms
Chapter 25: Business law UWRF
agency
agency relationship
how agency relationship works
fiduciary
principal and agent
is most common and most important legal relationship.
principals use agents to be able to conduct multiple business…
Based on trust and confidence
agency
principal and agent
agency relationship
is most common and most important legal relationship.
5 terms
Business Law Chapter 16
good-faith purchaser
mistake
scienter
misrepresentation
a buyer who pays value honestly believing he or she has the l…
a state of mind that is inconsistent with reality
knowledge or deliberate disregard of the falsity of represent…
the affirmative statement or affirmation of a fact that is no…
good-faith purchaser
a buyer who pays value honestly believing he or she has the l…
mistake
a state of mind that is inconsistent with reality
24 terms
Chapter 17 - Agency - Business Law
Agency
Fiduciary... involving trust, especially…
Independent Contractor
Ratification
A relationship between two parties in which one party (the ag…
(noun) a person having a duty created by his or her undertaki…
One who works for, and receives payment from, an employer but…
A party's act of accepting or giving legal force to a contrac…
Agency
A relationship between two parties in which one party (the ag…
Fiduciary... involving trust, especially…
(noun) a person having a duty created by his or her undertaki…
10 terms
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
36 terms
BA 332: Business Law II Test 2
Agency
Agent
Principal
Fiduciary
Principal gives the agent legal authority to act on behalf of…
Party that is legally authorized to act on behalf of another…
Person who is represented by agent. This person has right to…
Heart of Agency Law. Refers to a person's duty to act in matt…
Agency
Principal gives the agent legal authority to act on behalf of…
Agent
Party that is legally authorized to act on behalf of another…
67 terms
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
30 terms
Fiduciary Law 1 Exam1
Trust
Characteristics of a Trust
A>T income to B, remainder to C
A>T income to B, C if living, if not t…
A fiduciary relationship with respect to property, subjecting…
Creator, Settlor, Trustor... Property transferred- Corpus, Res,…
B's interest- Present, Vested... C's interest- Future, Vested (n…
C's interest- Future, Contingent... D's interest- Future, Contin…
Trust
A fiduciary relationship with respect to property, subjecting…
Characteristics of a Trust
Creator, Settlor, Trustor... Property transferred- Corpus, Res,…
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…
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…
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