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Regulation > Business Law > Flashcards

Business Law Flashcards

1
Q

An agency relationship can be established in 1 of 5 ways. What are the 5 ways?

A
  1. express agreement
  2. implied agreement
  3. agency by necessity
  4. agency by ratification
  5. agency by estoppel
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2
Q

Define Novation.

A

requires at least one party from the original contract be substituted for by a new party and the new party assumes all of the responsibilities of the original party (discharge of the original party)

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3
Q

Define Substituted contract.

A

Involves the original parties to a contract to substitute the terms and conditions of a new or amended contract in the place of the original contract

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4
Q

What is a “duly negotiated” instrument?

A

negotiated to a holder who purchases in good faith and without notices of defenses against it or claim to it on the part of any person and for value

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5
Q

The risk of loss passes from a merchant seller to a buyer when?

A

When the buyer receives the goods. If the seller is a non merchant, risk of loss would pass on “tender of delivery”

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6
Q

“Real Defenses” are “universal defenses”. Real defenses relate either to the authenticity of the instrument or to some strong public policy. Name 2 real defenses

A
  1. bankruptcy
  2. material alteration
    Breach of contract is a personal defense and cannot be used against holders in due course
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7
Q

What chapter of the Bankruptcy code deals with the debts of municipalities?

A

Chapter 9

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8
Q

What chapter of the Bankruptcy code deals with individual liquidation?

A

Chapter 7

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9
Q

What chapter of the Bankruptcy code deals with reorganization of debts?

A

Chapter 11 - may be voluntary or involuntary

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10
Q

What chapter of the Bankruptcy code deals with the adjustment of debts? Applicable to individuals and farmers

A

Chapter 13

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11
Q

Who may file an involuntary petition for Chapter 11 bankruptcy?

A

If there are less than 12 creditors, any one creditor who is owed at least $15,325 may file. If there are more than 12 creditors, at lease 3 creditors (owed collectively $15,325) must join together to file

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12
Q

What is a composition agreement?

A

a debtor enters into an agreement with his creditors whereby the debtor agrees to pay the creditors some fraction of the amount owed. Such agreement discharges the debtor

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13
Q

What is a “assignment for the benefit of creditors”?

A

transfer of all of the debtor’s assets to a trustee with the assigned funds to pay off his debts. This does not release debtor of his debts

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14
Q

Under the Bankruptcy Reform Act of 2005, what is the amount of the homestead exemption?

A

$22,975

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15
Q

Under common law, what are the 3 essential terms that are required of the parties to a contract?

A
  1. the price
  2. the time for performance
  3. the subject matter (quantity and type)
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16
Q

In which of the following situations does the first promise serve as the valid consideration for the second promise?

  1. A police officer’s promise to catch a thief for a victim’s promise to pay an reward.
  2. A builder’s promise to complete a contract for a purchaser’s promise to extend the time for completion
  3. A debtor’s promise to pay $500 for a creditor’s promise to forgive the balance of a $600 liquidated debt
  4. A debtor’s promise to pay $500 for a creditor’s promise to forgive the balance of a $600 disputed debt
A
  1. A debtor’s promise to pay $500 for a creditor’s promise to forgive the balance of a $600 disputed debt

A preexisting legal duty is not sufficient as a consideration because no new legal detriment is suffered by preforming the prior obligation

17
Q

Under the UCC Sales Article, which of the following conditions will prevent the formation of an enforceable sales of goods contract?

  1. open price
  2. open delivery
  3. open quantity
  4. open acceptance
A
  1. open acceptance

Under the UCC Sales Article, a binding contract may be present if the parties had intended to form a contract even though certain elements of the contract are missing. These open terms will be filled by specific provisions of the UCC, including provisions for open price, open delivery and open quantity

18
Q

What are the 6 essential elements of a contract?

A
  1. Offer
  2. Acceptance
  3. Consideration
  4. Legal Capacity
  5. Legality (legal purpose)
  6. Reality of consent
19
Q

Which of the following statements are correct?

  1. Patent law is largely based on state law
  2. Accessing a digital work is protected by the fair use doctrine
  3. Financial & business modes used over the internet can be patented
  4. all of the above are incorrect
A
  1. Financial & business modes used over the internet can be patented
20
Q

Which of the following is not an interest a person can have in real property?

  1. Fee simple absolute
  2. tenancy by default
  3. life interest
  4. remainder
A

2.tenancy by default

Regulation (10 decks)

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