Subjects of Business Law Flashcards
- What is legal capacity?
o The ability to have rights and obligations and act in one’s name
- When does full legal capacity begin in Romania?
o At 18, or earlier for married minors or court-approved cases.
- What is the legal capacity of a legal person?
o Begins at incorporation and is exercised by appointed managers.
- What is a professional in business law?
o A person licensed to perform economic activities systematically.
- What are the obligations of professionals?
o Publicity, record-keeping, and proper business organization.
- What is finis mercatorum est lucrum?
o “The merchant’s purpose is profit.”
- What are legal incapacities?
o Restrictions due to legal or public order reasons
- What are conventional incapacities?
o Restrictions agreed upon by the parties.
- What are incompatibilities?
o Roles or activities prohibited by law, e.g., public servants acting as agents.
- What are the duties of merchants?
- What are the duties of merchants?
- What is the Trade Register?
o A public institution for registering business entities.
- Who is excluded from merchant activities?
o Convicted individuals or those under legal restrictions.
- What is the significance of profit in trade?
o Profit intention, not result, defines trade activities.
- What is the European First Company Law Directive?
o Ensures public disclosure of business data.
- What are family enterprises?
o Economic activities organized by individuals and their families.
