Bus Law 14, 22-24

Question 1

Universal Commercial Code

Answer 1

Attempts to provide a consistent, uniform and integrated framework of rules to deal with all phases ordinarily arising in a commercial sales or lease transaction

Question 2

Sale

Answer 2

The passing of the title from the seller to the buyer for a price

Question 3

Tangible

Answer 3

has physical existence; can be touched or seen

Question 4

Intangible

Answer 4

has only conceptual existence and does not come under Article 2

Question 5

Article 2 of the USS

Answer 5

Deals with Sales of goods

Question 6

Artice 2A of the USS

Answer 6

Deals with Leases of goods

Question 7

Lease Agreements

Answer 7

The bargain between a lessor and a lessee with respect to the lease of goods, as found in their language and as implied by their circumstances

Question 8

parol evidence in regards to contract enforceability

Answer 8

Just because you got a deal before, does not mean you will still get the same deal in the future. Prior negotiations do not have weight.

Question 9

unconscionable contract

Answer 9

so unfair and one-sided that it would be unreasonable to enforce it.

Question 10

risk of loss in regards to passage of title

Answer 10

Under the UCC, the risk of loss does not necessarily pass with the title.

Question 11

How is insurance used in the sale and lease of goods?

Answer 11

Insurance is used to protect against damage, loss, or destruction of goods.

Question 12

Contracts for International Sale of goods

Answer 12

the CISG only governs if the countries of the parties to the contract have ratified the CISG and if the parties have not agreed that some other law will govern their contract

Question 13

Employment at will

Answer 13

allows either the employer or the employee to end the relationship at any time and for any reason

Question 14

What are the exceptions to employment at will?

Answer 14

Contracts, torts, public policy, discrimination, and whistleblower protection

Question 15

Child labor laws

Answer 15

Under 14- allowed to do certain types of work such as deliver newspapers or work for their parents
14-17- cannot work in jobs that can hurt their health or wellbeing

Question 16

Minimum wage laws

Answer 16

An employee is entitled to the higher of the two if the if state minimum wage is higher than the federal

Question 17

Overtime laws

Answer 17

employees who work more than a 40-hour week must be paid 1.5 times their regular pay for all hours over 40

Question 18

Family Medical Leave Act

Answer 18

requires employers with 50 or more employees to provide employees with up to 12 weeks of unpaid leave during any 12-month period.

Question 19

Occupational Safety and Health Administration (OSHA)

Answer 19

Enforces the Occupational Safety and Health Act which requires employers to meet specific safety and health standards

Question 20

legislative measures that work to secure income for employees

Answer 20

Social Security, Medicare, Private Pension Plans, Unemployment Insurance, COBRA

Question 21

Consolidated Omnibus Budget Reconciliation Act (COBRA)

Answer 21

Terminated employees receive the option of continuing their medical, optical, or dental insurance coverage for a certain period of time

Question 22

Disparate-Treatment Discrimination

Answer 22

intentional discrimination by an employer against an employee.

Question 23

Disparate-impact Discrimination

Answer 23

occurs when an employer’s practices, procedures, or tests (even though they do not appear to be discriminatory) adversely affect a protected group of people

Question 24

Types of discrimination

Answer 24

Age and disability

Question 25

Sole Proprietorships

Answer 25

The simplest form of business organization.
Pros- No government documents, receives all profits, all business decisions, only personal income taxes
Cons- Unlimited liability, owner is personally liable for a ll business debt, when the owner dies the business dies.

Question 26

Partnerships

Answer 26

created by a voluntary agreement of the parties, who have an ownership interest in the business.
Pros- Additional Expertise, shared liability, no taxes
Cons- Potential conflict, splitting profits, future selling complications

Question 27

Limited Liability Corporations

Answer 27

Usually formed by professional partners in a general partnership.
Pros- limited personal liability, taxed as a partnership or corporation, flexibility
Cons- LLC Statutes are not uniform, different treatment by state

Question 28

Corporations

Question 29

Liability

Answer 29

being responsible for something

Question 30

Taxes

Answer 30

contribution to state revenue

Question 31

State law

Answer 31

all laws, decisions, rules, regulations, or other State action having the effect of law, of any State.

Question 32

Dissolution

Answer 32

The termination of a partnership

Question 33

Pass through entity

Answer 33

has no tax liability

Question 34

What state jurisdictions are LLCs and corporations subject to?

Answer 34

Articles of organization must be filed with the appropriate state office with the name of the business, its principal address, the names of the owners, and other relevant information.

Question 35

function of bylaws

Answer 35

most often used in companies to determine the rights and obligations of employees and organizations in a corporate body

Question 36

function of the board of directors

Answer 36

The board of directors hires corporate officers and other employees

Question 37

consolidation

Answer 37

the legal combination of two or more corporations,

Question 38

dissolution

Answer 38

the legal death of the artificial “person” of the corporation. It can be voluntary or involuntary