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Accounting > BLAW 2 > Flashcards

BLAW 2 Flashcards

1
Q

Litigation

A

process of taking legal action

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2
Q

Express contracts

A

Direct written or oral statement between two parties

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3
Q

implied contracts

A

like getting on a bus no written or verbal contract needed

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4
Q

elements of a contract

A

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

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5
Q

bilateral contracts

A

2 promises get this in exchange for this

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6
Q

unilateral contract

A

get this in exchange for performance

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7
Q

two elements of agreement

A

consideration acceptance

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8
Q

Promissory Estoppel or Detrimental Reliance

A

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.

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9
Q

Equitable doctrine.

A

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

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10
Q

exculpatory clause

A

provides an escape from liability

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11
Q

unconscionable agreement

A

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

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12
Q

sufficiency of writing

A

Contacts must outline both parties

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13
Q

parole of evidence rule

A

Oral contract thrown out if contradicts written agreement

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14
Q

economic loss rule

A

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

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15
Q

Quasi contract

A

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

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16
Q

Uniform comercial code UCC

A

the body of laws governing commercial transactions in the US.

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17
Q

art 1

A

Purpose of the UCC: general guidance and definitions

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18
Q

art 2

A

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

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19
Q

art 3

A

Use of checks, promissory notes, and other financial instruments

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20
Q

art 4

A

Rights and duties of banks and their clients

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21
Q

art 5

A

Guaranteed payment by a bank that extends credit for a client

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22
Q

art 6

A

Sale of large part of a company’s material

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23
Q

art 7

A

Papers proving ownership of goods being shipped

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24
Q

art 8

A

Rights and Duties related to stock or other ownership interests

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25
Q

art 9

A

Sales in which seller holds a financial interest in goods sold

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26
Q

conflicting terms

A

offerer form does not match offeree form

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27
Q

Statute of frauds

A

$500+ is not enforceable unless contract is presten

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28
Q

tender of delivery

A

vaild and reasonable performance request

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29
Q

sellers right to cure

A

sellers intent to fix an issue

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30
Q

warranty of title

A

good title will be transferred

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31
Q

express warranties

A

created by sellers description of quality

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32
Q

negotiable instrument

A

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

33
Q

negotiable instrument must

A

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

34
Q

ordinary holder

A

has same contract responsibilities as assignee

35
Q

holeder in due course

A

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

36
Q

creditor

A

lends money

37
Q

debtor

A

money is lent

38
Q

principal

A

sum of debt owed

39
Q

equity financing

A

sale of stock or negotiable instruments

40
Q

debt financing

A

borrowing money evidenced by contract

41
Q

credit policy

A

capacity capital character collateral conditions

42
Q

open account

A

must pay within fixed time

43
Q

installment account

A

repay through payments

44
Q

revolving acount

A

credit cards

45
Q

insolvent

A

unable to pay debts

46
Q

Federal trade comission

A

watch debt collectors for harrassment

47
Q

abusive tactics

A

calling people several times a day

48
Q

credit with security

A

By agreement

49
Q

Suretyship

A

promise by third party to pay debt

50
Q

defense of sureties

A

same defense as contract law

51
Q

deficiency judgement

A

if proceeds from foreclosure not sufficient separate legal action is maintained

52
Q

Statutory redemption

A

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

53
Q

lien

A

must be removed before property is sold

54
Q

writ of attachment

A

order to seize an asset

55
Q

Writ of execution

A

seizure of property owned by plaintiff

56
Q

bankruptcy

A

ordered resolution when debtor owes more than can be paid

57
Q

chapter 7

A

liquidation

58
Q

chapter 13

A

develops a repayment plan 3-5 years to repay

59
Q

chapter 11

A

choice for large businesses no time limit

60
Q

income and means testing

A

whether person files under 7 or under 13

61
Q

priority of creditors

A

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

62
Q

universal agents

A

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

63
Q

General agents

A

Execute all transaction with a business EG managers

64
Q

Special Agents

A

Execute a specific transaction i.e a real estate agent

65
Q

express authority

A

oral or written instruction create authority

66
Q

Implied Authority

A

Principals conduct or trade customes create authority

67
Q

Apparent authority

A

principal informs third party of agents intentions

68
Q

Principals duty to agent

A

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

69
Q

duties of agents

A

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

70
Q

liability of principal

A

if principle directs agent to do tort acts principal is liable

71
Q

vicarious liability

A

liability for unauthorized acts of agent

72
Q

deviations rule

A

when agent departs from scope of employment principal not liable

73
Q

sole proprietorship

A

no difference between business and sole proprietor

74
Q

general partnership

A

two or more owners have unlimited liability

75
Q

Limited partnership

A

two or more owners facilitates outside investment limited liability from owners

76
Q

C corporation

A

legal existence sepearate from owners best protected

77
Q

s corporation

A

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

78
Q

LLC corp

A

has pass through tax limited liability

Accounting (19 decks)

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