BLaw Final

Question 1

pledge or guaranty to pay the debt or be liable for the default of another

Answer 1

suretyship

Question 2

credit sale of goods or a secured loan that provides special protection for the creditor

Answer 2

secured transaction

Question 3

property right that enables the creditor to take possession of the property if the debtor does not pay the amount owed

Answer 3

security interest

Question 4

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

Answer 4

agent

Question 5

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

Answer 5

independent contractor

Question 6

written authorization to an agent by the principal

Answer 6

power of attorney

Question 7

authority of an agent that is reasonably necessary to execute express authority

Answer 7

incidental authority

Question 8

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

Answer 8

customary authority

Question 9

appearance of authority created by the principals words or conduct

Answer 9

apparent authority

Question 10

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

Answer 10

respondeat superior

Question 11

doctrine in which the employer has historically been allowed to terminate the employment contract at any time for any reason or for no reason

Answer 11

employment at will doctrine

Question 12

form of business ownership in which one individual owns the business

Answer 12

sole or individual proprietorship

Question 13

pooling of capital resources and the business or professional talents of two or more individuals with the goal of making a proft

Answer 13

partnership

Question 14

partnership in which at least one partner has a liability limited to the loss of the capital contribution made to the partnethsip

Answer 14

limited liability partnership

Question 15

a partnership for federal tax treatment and the limited liability feature of the corporate form of business organization

Answer 15

limited liability company

Question 16

artificial being created by government grant, which, for many purposes, is treated as a natural person

Answer 16

corporation

Question 17

authority of an agent to perform a certain act

Answer 17

express authority

Question 18

corporation that has been established for govt purposes and for the admin of public affairs

Answer 18

public corporation

Question 19

corporation organized for charitable and benevolent purposes or for purposes of finance, industry, and commerce

Answer 19

private corporation

Question 20

private corporation furnishing services on which the public in particularly dependent for example a gas or electric company

Answer 20

quasi public corporation

Question 21

rules and regulations enacted by a corporation to govern the affairs of the corporation and its shareholders, directors, and officers

Answer 21

bylaws

Question 22

combining of two or more corporations in which the corporate existence of each one ceases and a new corporation is created

Answer 22

consolidation

Question 23

combining of corporations by which one absorbs and continues to exist, preserving its original charter and identify while the other corporation ceases to exist

Answer 23

merger

Question 24

specified monetary amount assigned by an issuing corporation for each share of its stock

Answer 24

par value

Question 25

state statutes designed to protect the public from the sale of worthless stocks and bonds

Answer 25

blue sky laws