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BA 3010 > Test 3 > Flashcards

Test 3 Flashcards

1
Q

This Article identifies the 4 kinds of Negotiable instruments governed by the UCC

A

Article 3

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2
Q

The 4 kinds of Negotiable instruments governed by the UCC

A

Drafts, Checks, Notes, and CDs

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3
Q

The three functions of Negotiable instruments

A

Substitute for Money
Credit Device
For Record Keeping Purposes

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4
Q

The person who sign/issues or makes the order to pay

A

Drawer

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5
Q

The person to whom the order to pay is made; The person who is holding the money; The bank

A

Drawee

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6
Q

The person to whom payment is ordered; The person who is getting the money

A

Payee

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7
Q

Requirements for Negotiable Instruments: Must be on material such that writing must be:

A

Permanent and Portable

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8
Q

Unconditional promise vs. Conditional promise

A

Unconditional promise is simply an express promise or order. Conditional promise requires a condition to be made.

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9
Q

An indorsement where you simply sign your name

A

Blank Indorsement

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10
Q

An indorsement that is indorse to a specific person(s); Ex.) “Pay to Leroy”

A

Special Indorsement

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11
Q

An indorsement without recourse; “Pay to Leroy Without Recourse”

A

Qualified Indorsement

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12
Q

An indorsement that is for deposit only; “For Deposit Only”

A

Restrictive Indorsement

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13
Q

A holder who takes a negotiable instrument by giving value and taking in good faith and without having notice that “anything is wrong with the instrument

A

Holder in Due Courses

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14
Q

The bank agrees in advance to accept these check when it is presented and to pay with money set aside from the customer’s account.

A

Certified checks

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15
Q

Who makes the request for certified checks?

A

The Bank’s customers

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16
Q

Someone pays the bank to issue these checks. The bank has no relationship with the person requesting this type of check.

A

Cashier’s check

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17
Q

Checks that have been outstanding for more than 6 months: the bank can or cannot pay it

A

Stale checks

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18
Q

The amount of a check over the amount of the money that the depositor has in his account

A

Overdraft

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19
Q

Characteristics of a Sovereign Nation

A
  • It is independent of other nations
  • It has an effective government
  • It has a permanent population
  • It has an identifiable economy
  • It has a defined territory
  • It engages in foreign relations
  • It is recognized by other sovereign states
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20
Q

Rights of Sovereign Nations

A
  • able to act independently of each other
  • are equal to other sovereign nations
  • are allowed the management of their own internal affairs
  • not subject to the compulsory jurisdiction of international law without consent
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21
Q

The most binding form of international agreement that exists

A

Treaties

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22
Q

The judicial branch of the United Nations; Also known as World Court.

A

International Court of Justice

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23
Q

Is there a single world legislative to enact international laws

A

NO

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24
Q

Is there a single executive power to enforce international laws

A

NO

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25
Q

Is there a single judiciary power to resolve international disputes

A

NO

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26
Q

The concept of respect for each nation’s actions

A

Comity

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27
Q

The General Agreement on Trade in Services

A

GATS

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28
Q

The basic concepts of GATT is to

A

Liberalize world trade by:

  • Tariff bargaining
  • Quantitative restrictive
  • Settlement of disputes
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29
Q

Most important point of the GATT

A

To achieve the fullest non-discrimination of trade practices possible

30
Q

Kind of tariff that are assessed according to the value of the goods being imported

A

Ad valorem

31
Q

Kind of tariff that are assessed according to the number of the goods being imported

A

Spcific

32
Q

Kind of tariff that are assessed according to both the value and the number of goods being imported

A

Mixed

33
Q

any thing besides a tax that raises the barriers for goods to be imported; Quotas, Enbargoes, marketing regulations, etc.

A

Non-tariff trade barriers

34
Q

numeric limits as to the number of goods a country will allow to be imported in

A

Quotas

35
Q

Phohibitions of transfer of goods or services to or from a country

A

Embargoes

36
Q

The four Freedoms of the EU

A

The freedom of movement of people, goods, services, and capital

37
Q

For a court’s jurisdiction to be valid over a foreign defendant, there must be…

A

a connection between country and the alleged defendent

38
Q

Law that is based in English history

A

Common Law

39
Q

Law that is based in the civil code, originating in Persia centuries ago

A

Civil Law

40
Q

reflects the privilages granted by vitue of the individual’s membership in the political community

A

Citizenship

41
Q

related to one’s birthplace: privilages are acheived by birth in the political community.

A

Nationality

42
Q

the process by which a person becomes a citizen

A

Naturalization

43
Q

the international equivalent of the UCC

A

The Convention for Contracts for the International Sales of Goods (CISG)

44
Q

clause that relate to who will bear the risk of loss if the shipment is destroyed

A

Risk of Loss Clause

45
Q

clause that relate to the law that will be used in the event that a dispute arises

A

Choice of Law clause

46
Q

clause that relates to the geographic location/court that will be used in the event that a dispute arises

A

Choice of forum

47
Q

clause that relate to the language that will be used in the event a dispute arises

A

Choice of language

48
Q

property that was voluntarily placed and then forgotten. Ownership does not change

A

Mislaid property

49
Q

property that was involuntarily placed and left. Ownership does not change

A

Lost property

50
Q

property that was left purposely. Ownership changes

A

Abandoned property

51
Q

4 majors classifications of real property

A
  • Land
  • Airspace (planes, zoning)
  • Materials below the surface (Minerals, Water, Oil)
  • Crops and timber
52
Q

each owner owns an undivided interest in the property and when one owner dies, his share goes to his heirs

A

Tenancy in common

53
Q

each owner owns an undivide interest in the property and when one owner dies, his share goes to the other owner(s)

A

Joint tenancy with right of survivorship

54
Q

Tenancy that endsat the end of lease without notice; fixed term tendency

A

Tendency for years

55
Q

tendency that is automatically renewed at the end of the lease period; a periodic tenancy

A

Tenancy from period to period

56
Q

tendency without a lease. It can be ended without notice of either party

A

Tendency at will

57
Q

Possession of land without rights

A

Tendency by sufferance

58
Q

The government wants and takes your property, compensation is required

A

Eminent domain

59
Q

The government does not want yet takes your property. Compensation is not required

A

Condemnation or confiscation

60
Q

The law establishing the relationship and circumscribing the behaviors between the principal and agent

A

Agency law

61
Q

This relationship forms when an employer hires an employee and gives him authority to act and enter into contracts on his behalf

A

Principal/Agent Relationship

62
Q

This relationship forms when an employer hires an employee to perform tasks or services but the employee has not been authorized to act and enter into contracts on his behalf

A

Employer/Employee Relationship

63
Q

This relationship forms when the principal hires an independent contractor who is not an employee

A

Principal/Independent contractor

64
Q

duties of trust and confidence due by one party to another

A

fiduciary

65
Q

express agreement with specific instructions in words, orally or in writing, between the principal and agent

A

Expressed agreement

66
Q

implied by the cirucumstances; there is not express creation of the relationship

A

Implied agreement

67
Q

a formal express agency agreement often used to give an agent the power to sign legal documents on behalf of the principal

A

Power of attorney

68
Q

occurs when the agent had no authorization or when the agent “crossed the line”

A

Agency by ratification

69
Q

occurs when a principal leads third person to believe another person is his agent when he is not

A

Agency by estoppel

70
Q

Duty where the principal pay the agreed upon amount to the agent due to completion of duties

A

Duty of compensation

71
Q

Duty where the principal pays for the agents expenses

A

Duty of reimbursement

72
Q

Duty where the principal pays for the agent damages that occured on the principal behalf

A

Duty of imdemnification

BA 3010 (1 decks)

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