Shared Flashcard Set

Details

Bus 205
Test 2
61
Business
Undergraduate 2
04/04/2011

Additional Business Flashcards

 


 

Cards

Term
Elements of a contract
Definition
1. Concideration 2. Agreement 3. Offer 4. Legality
Term
Statute of Frauds
Definition
500$ or more must be in writing and signed
Term
Sole Proprietorship
Definition
A person doing business for himself/herslef. Profits are taxed persnally to the proprietor
Term
Unilateral
Definition
A promise in exchange for a performance
Term
Bilateral Contract
Definition
A promise in exchange for a promise
Term
Premises Liability
Definition
Accidents that result from megligence of the business
Term
Chapter 11 Bankruptcy
Definition
Allows businesses to keep operating, without lequidation of assets
Term
General Partnership
Definition
An association of 2 or more persons to carry on a business
Term
Cooperatives
Definition
Association created to provide economic service to its members
Term
Counterfeiting
Definition
Copying a mark without authority to do so
Term
Rejection
Definition
Done by the oferee
Term
Joint ventures
Definition
General partnership for a limited time and purpose.
Term
Eminent Domain
Definition
Government can force sale of property or grant easement without cencent of the owner
Term
Life estates
Definition
Have use of land for life but cannot ruin it.
Term
Battle of the Forms
Definition
If differences are material, then second form is counter offer, not contract.
Term
Misappropiation
Definition
Invasion of property rights. Ex-trademarks or trade secret
Term
Real Property
Definition
Land houses, and things attached to land
Term
Capacity
Definition
Legal ability to create a contract (minors, intoxicated and insane)
Term
Intangible (Intelectual) Property
Definition
Legally protected property created mostly by mental effort.
Term
Personal Property
Definition
Moveable property such as furniture, books, and cars.
Term
Trade names
Definition
Name of a company or business ex. coca cola
Term
Chapter 13 Bankruptcy
Definition
Only applies to individuals; voluntary
Term
Tenancy in common
Definition
Parties have an individed interest that passes to their heirs when they die.
Term
Franchise
Definition
Product distribution, trademark and business franchise
Term
Notes
Definition
Promise by the maker to pay certain money to the payee.
Term
Leasehold
Definition
Rented Property
Term
Perfect tender rule
Definition
Requires the sellers delivery is what is stated in contract.
Term
Servitudes
Definition
Restrictions imposes on the use of property such as easements
Term
Article 2 of UCC
Definition
Sale of Goods
Term
Negotiable Insruments
Definition
Substitutes for cash. ex-checks and notes.
Term
Goods
Definition
Tangible things that are movable
Term
Capacity
Definition
The debtors ability to pay
Term
Capital
Definition
The debtors financial condition
Term
Property Law
Definition
The oldest part of common law that focuses on real and persnal property.
Term
Fee Simple
Definition
The strongest form of ownership with an indefinite time and right to dispose of it.
Term
Cybersquatting
Definition
Trademark is improperly used in a domain name
Term
Intentional Torts reguarding Real Estate
Definition
Tresspassing and Nuisance
Term
Filling in the Gaps
Definition
UCC fills parts of contract left open or unclear. i.e price, quantity, etc.
Term
UCC
Definition
Uniform Commerical Code-All states have adopted it except LOUISIANA. It coveres contract for sale of goods.
Term
Chapter 7 Bankruptcy
Definition
Vouluntary but may be forced by creditors
Term
Contract
Definition
a promise or set of promises that create an agreement between parties.
Term
Copyrights
Definition
allow exclusive control over origional written work, music, art, and photography (70 year + life of creator)
Term
Leases
Definition
can be comerical or residental, it is a highly specific detail of the property that states premise, how long and how much
Term
Trade Dress
Definition
concerns look and feel of products
Term
Infrigement
Definition
confusion of origin of goods by improper use of trademark. Essentially stealing another goods name.
Term
Titles to property
Definition
constitute the formal right of ownership, passes by deeds.
Term
Trademarks
Definition
designs, logos, distinctive marks or words that mannufacturers put on their goods for ID by consumers. (Good for 10 years)
Term
Patents
Definition
exclusive statutory grants to protect an invention, design or process that is useful and not obvious. (20 year life)
Term
Consequential Damages
Definition
forseeable damages that result from sellers breach
Term
Warranty of Title
Definition
good title will be trasferred free of claims against it.
Term
incidental damages
Definition
include cost of inspection, recieving, transporting, and taking care of goods.
Term
Economic Espionage Act
Definition
makes stealing a trade secret a federal crime
Term
Sharholders
Definition
owners of corperations
Term
Merchant
Definition
regularly deals in goods
Term
Legality
Definition
subject matter must be lawful
Term
Cover
Definition
substitute goods and recover price diference
Term
Basic obligation of the seller
Definition
to transfer and deliver goods
Term
Joint tenancy
Definition
undevided interest where other owner has a right of survivorship.
Term
Conversion
Definition
unlawful control of anothers personal property
Term
Written deeds
Definition
useful to transfer ownership interest in real property
Term
Revocation
Definition
withdrawing of offer by oferror
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