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Business Law > Chapter 3 > Flashcards

Chapter 3 Flashcards

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1
Q

Contracts

A

some define ______as an agreement between two or more parties to perform or refrain form some act now or in the future.

is an agreement that a court will enforce

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2
Q

to be enforceable an agreement must partake of four elements

A
  1. Agreemnet
  2. Consideration
  3. Capacity
    Legality
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3
Q

Agreement

A

it must first be true that tow or more parties actually reached and ___________, some tied characterized as the meeting of minds with regards to certain terms
required two components
1. Offer
2 acceptance

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4
Q

Offeror

A

person making the offer

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5
Q

offeree

A

Person responding to the offer

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6
Q

Offered posibilities

A
  1. Accepts the offer (acceptance) ends in agreement
  2. Rejects the offer (rejection) does not end in agreement
  3. Counteroffer (counter) does not result in agreement and offered becomes offeror
  4. Silence after passage of time results in rejection`
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7
Q

Specific terms typically must include

A

the identity of the parties contracting
The object of the contract (product, service, etc)
quantities or units of goods and services
the price or consideration
any timing requirements, and other common terms

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8
Q

Consideration

A

requires that each party to the agreement promise something of value to the other

the usual contract involves an exchange of commitments (“promises”) that each agreeing party will or will not do something which has value after the contract is executed.

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9
Q

Legality

A

An agreement between two or more parties may not results in a legally binding contract where the object of the agreement is illegal; this principle is known as the _____ requirement.

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10
Q

usury

A

charging a rate of interest on a loan in excess of a stated legal limit)

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11
Q

Capacity

A

Only person with mental capability sufficient to support the establishment of a binding agreement are afforded the ________ to enter into a binding contract

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12
Q

Disaffirmance

A

the act of avoiding the contract

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13
Q

form

A

some states require contracts to be set forth in writing pursuant the statue of frauds

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14
Q

Bilateral Contract

A

is the typical contract where a promise is exchanged for a promise

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15
Q

Unilateral contracts

A

A promise exchanged only for performance

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16
Q

Express Contracts

A

Express contracts represent the great majority of contracts
Where ht parties have fully stated the terms of the contract in the form of a knowable agreement.
The expression can be written or oral

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17
Q

Implied contract

A

are contracts were there is no express contracts in evidence of any agreement is missing, but the facts surrounding the situation point to the existence of an agreement in such a way that justice required the court to treat the matter alone in which contract exists

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18
Q

three requirement of an implied contract to be established for the benefit of the plaintiff recovery

A
  1. the plaintiff delivered the service
    2.The plaintiff expected to be compensated and the defendant knew that the plaintiff expected to be compensated
  2. the defendant had a change to reject the service or goods but did not
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19
Q

Quasi Contract

A

is not actually a contract, but represents a situation where courts deem it just to render enforcement as if there was a contract.

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20
Q

Void Contracts

A

failure to fully meet the elements of a contract will result in a contract which is fully void and no legal consequences.

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21
Q

Voidable contracts

A

a contract may apparently demonstrate all elements bu the trained by some particular conduct t by one party or the other so as to allow the Courts do discern a guilty party and an innocent party.

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22
Q

Unenforceable Contract

A

a court that may consider a contract in which all elements are properly evident, but as to which there is some violation of the public policy

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23
Q

Doctrine of Mitigation

A

the nonbreaching party is under a legal duty to avoid or reduce damages caused by the beach of contract contract,and must take all reasonable steps to so mitigate his or her damages.

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24
Q

Anticipatory Breach

A

a party may be permitted to brach a contract without being subject to a claim for damages form the other party

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25
Q

privity of contract

A

only the parties to a contract may seek legal redress to enforce the terms of that contract but there are exceptions

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26
Q

incidental beneficiary

A

that is, a beneficiary who happens to benefit without being a party of the reason for the contract when it was entered into
in which case in most jurisdiction no enforcement is available to the third party beneficiary because there is no privity.

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27
Q

Uniform Commercial Code (UCC)

A

a comprehensive statutory model which might be adopted by states desiring to join the effort to create uniform national system by the passage of similar laws in various states

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28
Q

Secured transaction

A

is one that is created when a creditor makes a loan to a debtor in exchange for the debtor’s pledge of personal property as security (collateral)

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29
Q

Article 9 of UCC

A

sets forth the requirement for creating a secured transactions and ensuring that it takes priority over other creditors who might be given a pledge of the same collateral.

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30
Q

Financing Statement

A

a valid security interest in collateral can be created in any written form provided that certain prerequisite are met.

security interest is contained ___________

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31
Q

Security Agreement

A

must include a definitive description of the collateral so that it can be readily identified by court at a later data.

32
Q

Perfecting

A

entitles the perfected creditor to first access the collateral.

33
Q

Purchase Money Security Interest

A

is the security interest given to obtain funds to purchase the collateral.

34
Q

Commercially Reasonable Sales

A

of the collateral with the proceeds applied to the debt.

35
Q

UCC Article 2

A

Sales

36
Q

UCC Article 2A

A

Leases

37
Q

UCC Article 3

A

Negotiable instruments

38
Q

UCC Article 4

A

Bank Deposits

39
Q

UCC Article 5

A

letters of credit

40
Q

UCC Article 6

A

bulk transfers

41
Q

UCC Article 7

A

Warehouse receipts and bills of lading

42
Q

UCC Article 8

A

Investment securities

43
Q

real property

A

is land, a defined portion of the surface of he earth, together with all that is permanently affixed to that land (known as fixtures)

44
Q

personal Property

A

is all other tangible or intangible property
includes money, debt and other intangibles
aslo include intellectual property rights

45
Q

Easements

A

Create a right to use property for a specified purpose (such as access or location of utilities) for an extended period of time.

46
Q

Easement in Gross

A

easement granted to a particular personn

47
Q

Easement appurtenant

A

Easement attached to an adjoining or nearby parcel of property so as to persist even when the other property is transferred to a new owner

48
Q

License

A

is a legal right to enter upon the property and take valuable items from the property for economic harvest

49
Q

Fee Simple

A

is the most complete form of ownership; it implies the permanent right to control use and possession, including right to transfer or bequest ownership upon death.

50
Q

Defeasible Rights

A

while the ownership right may be complete in terms of control (use and possession), It is not necessarily permanent

51
Q

Life Estates

A

property may be owned but only for the duration of the life of some states person

52
Q

Tenancy in Common

A

is the ownership that is held jointly by husband and wife

53
Q

Joint Tenancy

A

does not necessarily relate to husband and wife (although husband and wife are normally not prohibited from taking title in joint ________) because there are slightly different rights attached

54
Q

Community Property

A

all property acquired by a married person using resources generated during the marriage is considered to be owned equally and indivisible by both spouses and marriage.

it is possible ___________ states for one partner to the marriage to own property exclusively, but only under certain circumstances

55
Q

Warranty Deed

A

by which the owner represents that he or she has a valid title to the land, transfers that title and provides a warranty (guaranty as to which he or she will be personally responsible) that he or she does own the property

56
Q

Quitclaim Deed

A

by which the person executing the deed makes no representation as to his or her valid ownership of the property, but transfers any ownerships interest if any, that he or she may have to the person to whom the _________ is being given.

57
Q

adverse possession

A

a rare but powerful legal doctrine which provided that if a person openly and notorious lays claim by action (usually occupation) to the real property of another, fails to respond to a demand by the rightful owner to vacate or return the real property, then after a certain time if the owner has not taken legal action (in court) the title of the property transfer to the usuper.

58
Q

mislaid

A

that is placed somewhere intentionally but temporarily forgotten, the finder must keep the property safe and is charged with holding it for the rightful owner, who is entitled to reclaim the property

59
Q

Lost

A

that is property which is intentionally placed but cannot be found in the short term, belongs to the finder against all claims except that of the rightful owner, to whom the property must be returned

60
Q

Abandoned

A

that is property that has been left behind by the owner with no intent at the time of the _________ to return and claim the property , belongs to the finder and may not be later reclaimed by a remorseful original owner

61
Q

Deed Restriction

A

a landowner can place a restriction on a deed of transfer that imposes limits on the future use of the property

62
Q

convents

A

where the original owners subdivides a parcel and sells a portion of the original parcel to a number of people

63
Q

Intellectual property

A

that is, intangible property representing ideas and creations

64
Q

Corporations

A

provide limited liability for shareholders
exists indefinitely regardless of the death of any of its owners
has a knowable structure of centralized management
may be for profit or non profit

65
Q

tax on corporations Subchapter c

A

this contemplates taxation of corporate profits at the corporate level, with dividends distributed to shareholders taxes as ordinary income to the shareholders

66
Q

tax on corporations cup chapter s

A

for smaller corporations
whereby corporate economic results are passed through to the shareholders proportionally as if the corporation was a partnership

67
Q

partnership

A

is a voluntary association of to or more person created for the purpose of carrying on some business for profit

68
Q

General Partnership

A

all partners are traded equally as to management, liabilities

69
Q

limited partnership

A

certain partners may be designed “limited partners”

70
Q

Sole proprietor

A

is simply a human being doing business as his other self
the owner controls all decisions has the benefit of al profits or the detriment of all losses.

71
Q

fiduciary relationship

A

which results form the manifestation of consent by one party to another that the other shall act on his or her behalf and subject to visor her control, and consent by other party to so act.

72
Q

Express Agency

A

in such case the agency by agreement occurs when one person or entity agrees to act on behalf of another

73
Q

Agency by Implication

A

where circumstances including custom and practice, rather than a formal agreement act to evidence the existence of the agency.

74
Q

Agency by Ratification

A

If the principle accepts the actions of the purported ate agent, the agency relationship is created

75
Q

Agency by Estoppel

A

a principle will often act as though an agent is empowered to represent him or her when in fact there is no formal agency agreement representing power

Business Law (5 decks)

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