BLaw Final Flashcards
pledge or guaranty to pay the debt or be liable for the default of another
suretyship
credit sale of goods or a secured loan that provides special protection for the creditor
secured transaction
property right that enables the creditor to take possession of the property if the debtor does not pay the amount owed
security interest
person or firm who is authorized by the principal or by operation of law to make contracts with third persons on behalf of the principal
agent
contractor who undertakes to perform a specified task according to the terms of a contract bu over whom the other contracting party has no control except as provided for by the contract
independent contractor
written authorization to an agent by the principal
power of attorney
authority of an agent that is reasonably necessary to execute express authority
incidental authority
authority of an agent to do any act that, according to the custom of the community, usually accompanies the transaction for which the agent is authorized to act
customary authority
appearance of authority created by the principals words or conduct
apparent authority
doctrine that the principal or employer is vicariously liable for the unauthorized torts committed by an agent or employee while acting within the scope of the agency or the course of the employment respectively
respondeat superior
doctrine in which the employer has historically been allowed to terminate the employment contract at any time for any reason or for no reason
employment at will doctrine
form of business ownership in which one individual owns the business
sole or individual proprietorship
pooling of capital resources and the business or professional talents of two or more individuals with the goal of making a proft
partnership
partnership in which at least one partner has a liability limited to the loss of the capital contribution made to the partnethsip
limited liability partnership
a partnership for federal tax treatment and the limited liability feature of the corporate form of business organization
limited liability company
artificial being created by government grant, which, for many purposes, is treated as a natural person
corporation
authority of an agent to perform a certain act
express authority
corporation that has been established for govt purposes and for the admin of public affairs
public corporation
corporation organized for charitable and benevolent purposes or for purposes of finance, industry, and commerce
private corporation
private corporation furnishing services on which the public in particularly dependent for example a gas or electric company
quasi public corporation
rules and regulations enacted by a corporation to govern the affairs of the corporation and its shareholders, directors, and officers
bylaws
combining of two or more corporations in which the corporate existence of each one ceases and a new corporation is created
consolidation
combining of corporations by which one absorbs and continues to exist, preserving its original charter and identify while the other corporation ceases to exist
merger
specified monetary amount assigned by an issuing corporation for each share of its stock
par value
state statutes designed to protect the public from the sale of worthless stocks and bonds
blue sky laws
