Business Law 4 Flashcards
T/F: a contract in oral or written words is an express contract
true
T/F:Corperations are the most numerous form of business ownership.
False
T/F: Preferred stockholders do not have voting rights.
False
T/F: the phrase that guides consumer transactions today is ‘caveat emptor’
false
T/F: it is desirable, but not essential, to have one of the beneficiaries witness the will
false
As a part of the “fresh start” policy of the bankruptcy act, many assets may be kept by the debtors
true
A doctrine under which no consideration is needed in a contract is called
promissory estoppel
A contract that includes a promise in exchange of an act is
unilateral contract
newspaper advertisements are
invitations to negotiate
withdrawal of an offer from the offerer is
revocation
Damages which are token awards given when a person’s rights are violated but no harm occurs are
nominal damages
if an offer is mailed the acceptance takes effect
when a letter of acceptance is mailed
a type of contract that is fully enforceable if it is oral is a contract..
requiring less than a year to do
statute of limitation
specifies the length of time within which a legal action may be brought on a contract
T/F: contracts that must be performed out of state do not have to be in writing
true
T/F: Adequate consideration is not necessary for a contract
true
which partner does not have unlimited liability for debts of a firm
limited partner
Par Value is
the value printed on the stock certificate
Consolidation occurs when
two corporations cease to exist and a new corporation is formed
Although consumer protection state laws differ, all of them are more or less similar to the
Federal Trade Commission Act of 1914
