BLAW 2

Question 1

Litigation

Answer 1

process of taking legal action

Question 2

Express contracts

Answer 2

Direct written or oral statement between two parties

Question 3

implied contracts

Answer 3

like getting on a bus no written or verbal contract needed

Question 4

elements of a contract

Answer 4

An Agreement, Consideration, Contractual Capacity Legality, Genuine Consent,
Writing (?)

Question 5

bilateral contracts

Answer 5

2 promises get this in exchange for this

Question 6

unilateral contract

Answer 6

get this in exchange for performance

Question 7

two elements of agreement

Answer 7

consideration acceptance

Question 8

Promissory Estoppel or Detrimental Reliance

Answer 8

The legal principle that a promise is enforceable by law when the promisor (person making the promise) makes a promise to the promisee (person being promised) who relies on it to his or her detriment.

Question 9

Equitable doctrine.

Answer 9

“A promise which the promisor should reasonably expect to induce action or forbearance on the part of the promissee

Question 10

exculpatory clause

Answer 10

provides an escape from liability

Question 11

unconscionable agreement

Answer 11

overwhelmingly one-sided in favor of the party who has the superior bargaining power, that they are contrary to good conscience.

Question 12

sufficiency of writing

Answer 12

Contacts must outline both parties

Question 13

parole of evidence rule

Answer 13

Oral contract thrown out if contradicts written agreement

Question 14

economic loss rule

Answer 14

, damages are only those related to economic losses suffered by the breach.

Question 15

Quasi contract

Answer 15

almost contract example of watching unintentional crew pave your driveway still must pay it

Question 16

Uniform comercial code UCC

Answer 16

the body of laws governing commercial transactions in the US.

Question 17

art 1

Answer 17

Purpose of the UCC: general guidance and definitions

Question 18

art 2

Answer 18

Applies to sale of goods (focus of Ch. 11)

Question 19

art 3

Answer 19

Use of checks, promissory notes, and other financial instruments

Question 20

art 4

Answer 20

Rights and duties of banks and their clients

Question 21

art 5

Answer 21

Guaranteed payment by a bank that extends credit for a client

Question 22

art 6

Answer 22

Sale of large part of a company’s material

Question 23

art 7

Answer 23

Papers proving ownership of goods being shipped

Question 24

art 8

Answer 24

Rights and Duties related to stock or other ownership interests

Question 25

art 9

Answer 25

Sales in which seller holds a financial interest in goods sold

Question 26

conflicting terms

Answer 26

offerer form does not match offeree form

Question 27

Statute of frauds

Answer 27

$500+ is not enforceable unless contract is presten

Question 28

tender of delivery

Answer 28

vaild and reasonable performance request

Question 29

sellers right to cure

Answer 29

sellers intent to fix an issue

Question 30

warranty of title

Answer 30

good title will be transferred

Question 31

express warranties

Answer 31

created by sellers description of quality

Question 32

negotiable instrument

Answer 32

unconditional promise to pay a fixed amount of money are checks or promisory notes

Question 33

negotiable instrument must

Answer 33

be payable to bearer is payable on demand does not state any other instruction

Question 34

ordinary holder

Answer 34

has same contract responsibilities as assignee

Question 35

holeder in due course

Answer 35

immune to legal action if items for the money are not received

Question 36

creditor

Answer 36

lends money

Question 37

debtor

Answer 37

money is lent

Question 38

principal

Answer 38

sum of debt owed

Question 39

equity financing

Answer 39

sale of stock or negotiable instruments

Question 40

debt financing

Answer 40

borrowing money evidenced by contract

Question 41

credit policy

Answer 41

capacity capital character collateral conditions

Question 42

open account

Answer 42

must pay within fixed time

Question 43

installment account

Answer 43

repay through payments

Question 44

revolving acount

Answer 44

credit cards

Question 45

insolvent

Answer 45

unable to pay debts

Question 46

Federal trade comission

Answer 46

watch debt collectors for harrassment

Question 47

abusive tactics

Answer 47

calling people several times a day

Question 48

credit with security

Answer 48

By agreement

Question 49

Suretyship

Answer 49

promise by third party to pay debt

Question 50

defense of sureties

Answer 50

same defense as contract law

Question 51

deficiency judgement

Answer 51

if proceeds from foreclosure not sufficient separate legal action is maintained

Question 52

Statutory redemption

Answer 52

period of time mortgagor has the right to redeem property by paying debt

Question 53

lien

Answer 53

must be removed before property is sold

Question 54

writ of attachment

Answer 54

order to seize an asset

Question 55

Writ of execution

Answer 55

seizure of property owned by plaintiff

Question 56

bankruptcy

Answer 56

ordered resolution when debtor owes more than can be paid

Question 57

chapter 7

Answer 57

liquidation

Question 58

chapter 13

Answer 58

develops a repayment plan 3-5 years to repay

Question 59

chapter 11

Answer 59

choice for large businesses no time limit

Question 60

income and means testing

Answer 60

whether person files under 7 or under 13

Question 61

priority of creditors

Answer 61

secured creditors, estate, wage claims,farmers and fisherman, security deposits, alimony and child support, taxes, unsecured creditors

Question 62

universal agents

Answer 62

Do all acts that can be legally delegated General Power of Attorney

Question 63

General agents

Answer 63

Execute all transaction with a business EG managers

Question 64

Special Agents

Answer 64

Execute a specific transaction i.e a real estate agent

Question 65

express authority

Answer 65

oral or written instruction create authority

Question 66

Implied Authority

Answer 66

Principals conduct or trade customes create authority

Question 67

Apparent authority

Answer 67

principal informs third party of agents intentions

Question 68

Principals duty to agent

Answer 68

cooperation, compensation, reimbursement, safe working conditions, indemnify(payback)

Question 69

duties of agents

Answer 69

Loyalty, obedience and performance, reasonable care and skill, account, notify

Question 70

liability of principal

Answer 70

if principle directs agent to do tort acts principal is liable

Question 71

vicarious liability

Answer 71

liability for unauthorized acts of agent

Question 72

deviations rule

Answer 72

when agent departs from scope of employment principal not liable

Question 73

sole proprietorship

Answer 73

no difference between business and sole proprietor

Question 74

general partnership

Answer 74

two or more owners have unlimited liability

Question 75

Limited partnership

Answer 75

two or more owners facilitates outside investment limited liability from owners

Question 76

C corporation

Answer 76

legal existence sepearate from owners best protected

Question 77

s corporation

Answer 77

taxes pass through to company owners who report share of profits and losses have to go through irs

Question 78

LLC corp

Answer 78

has pass through tax limited liability