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GBS 205 > Final > Flashcards

Final Flashcards

1
Q

What is bilateral

A

First party offeror makes a promise in exchange for the second party’s (offerees) promise
Example : you promise to pay back money with interest and the bank promises to loan you the money

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2
Q

What is Unilateral ?

A 
First party (offeror ) makes a promise in exchange for offerees performance 
Example : drive my car across the country and I’ll pay you $500 plus expenses
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3
Q

What is express ?

A

Contracts are written or oral agreements

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4
Q

What is implied in fact ?

A

Contracts are non spoken non written understanding
Example : when you go into a doctors office you have an implied contract to pay her for her services even though you may not sit down and organize the details

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5
Q

What are quasi contracts ?

A 
Implied in law 
-fictional contract created by a court 
-elements 
One party confers a benefit on another 
Both are aware of the benefit and retention of the benefit without compensation would be unfair and unjust
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6
Q

Explain federal regulations

A

Federal trade commission act authorizes FTC as enforcement Agency

  • passed in 1914
  • requires regulation of unfair and deceptive trade practices
  • focused on unfair competitive advantage

FTC BROADENED BY WHEELER-LEA ACT OF 1938

  • is public deceived ? Standard
  • not focused on adverse impact on competition

FTC IMPROVEMENTS ACT OF 1980
- Put some restrictions on FTC regulation

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7
Q

EXPLAIN THE DIFFERENT TYPE OF PATENTS

A

1) Utility or Function Patent
- machines , processes
- 20 years

2) Design Patents
- lace configuration on a dress
- 15 years

3) Plant patents
- new forms of plants and hybrids
- 20 years

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8
Q

What is agency ?

A

Relationship where one party agrees to act on behalf of another
Examples : sales clerks , real estate agents , sports agents
-usually involves a fiduciary relationship

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9
Q

What is principal

A

The party for whom the agent acts

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10
Q

What is Agent ?

A

Party who acts for another

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11
Q

Define employer - employee

A

Master /servant relationship in which the master/principal exercises a great deal of control over the servant/agent
-most common form is employer /employee relationship
-Factors
.level of supervision and control
.regularity of hours and pay
. Length of employment

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12
Q

Define Independent Contractor

A

-Hired to perform a task but is not directly supervised

Example : lawyer

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13
Q

List the characteristics of corporations

A
  • unlimited duration
  • free transferability of interest
  • limited liability
  • can hold legal title to property
  • can sue and be sued
  • taxed separately
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14
Q

What is corporate formation

A

Must comply with statutory requirement s
Must
-file articles of incorporation
Names and addresses of all incorporators
-capital structure of the corporation
-types of stock

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15
Q

Explain state securities laws

A
  • Blue sky laws
  • state securities registration
  • merit vs disclosure standards
  • federally exempt securities may still need to register at state level
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16
Q

What is the fair labor standards act (FSLA)

A

Often called the minimum wage law
-all covered employees must be paid minimum wage
1 1/2 times pay for overtime
Overtime pay for anything over 40hrs /week

17
Q

What is the equal pay act ?

A

Illegal to pay different wages to men and women doing the same jobs
-equal pay act is not a comparable worth statue
- comparable worth requires equal pay for jobs that require equal skill , effort , and responsibility
-comparable worth changes the free marketplace concept that we as a society have adopted
Merit and seniority systems are exceptions

18
Q

What is FLSA

A

Child labor protection
-age 18 and over -any jobs
16-17- any non hazardous job, unlimited hours hazardous is mining , logging , roofing excavation.
14-15- any non hazardous, non manufacturing , and non mining jobs during non school hours , limits on hours
-record keeping
-employers must keep records of hours and wages
- fines for not doing so

19
Q

What is the history and development of labor legislation

A

Courts were very harsh at common law

-treated unions as conspiracies and allowed them to be prosecuted for such action

20
Q

What is the rail way labor

act of 1926

A

First federal legislation but limited to railroad industry
allowed railroad employees to unionize
Still in effect today with addition of airline employees

21
Q

What is caSe doing 19.4 united food and commercial workers union local 24 v NLRB (2007)

A

Permissible predictions
Predicting adverse economic consequences as a result of unionization
If those predictions rest on objective facts outside the employers round
-forbidden threats

22
Q

What is title VII civil rights act

A 
Prohibits discrimination on the basis of 
Race 
Color 
Religion 
National origin 
Sex
Pregnancy

GBS 205 (1 decks)

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