Term
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Definition
| statue that, in order to prevent fraud through the use of perjured testimony, requires that certain kinds of transactions be evidenced in writing in order to be binding or enforcable |
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Term
| A written contract is required when performace cannot be performed within _________. |
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Definition
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Term
| What is a part performance exception? |
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Definition
| It exists to validate an oral agreement not performable within 1 year. |
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Term
| Is the statue of frauds applicable if the contract may be terminated at will by either party? |
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Definition
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Term
| Can an oral contract supercede a written contract? |
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Definition
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Term
| All contracts to sell land, buildings, and mortgages must be in ____________? |
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Definition
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Term
| The sale of goods over $_____ must be in writing. |
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Definition
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Term
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Definition
| Rule that prohibits the introduction into evidence of oral or written statements made prior to or contemporary with the execution of a complete written contract in the absence of clear proof of fraud causing the omission of the statement in question |
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Term
| If a written contract is ambiguous may parol evidence rule be admitted? |
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Definition
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Term
| When a party claims to have been fraudulently induced by the other to enter into a contract does the parol evidence rule provide proof to the fraud? |
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Definition
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Term
| T/F: The parol evidence rule prohibits only the contradiction of a complete written statement. |
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Definition
| True; it does not prohibit proof that the contract was thereafter modified or terminated. |
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Term
| Incorporation by Reference |
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Definition
| contract consisting of both the original or skeleton document and the detailed statement that incorporated it |
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Term
| T/F: The hand written part of a contract always prevails. |
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Definition
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Term
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Definition
| Stipulation or prerequisite in a contract, will, or other instrument |
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Term
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Definition
| event that if unsatisfied would mean that no rights would arise under a contract |
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Term
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Definition
| event whose occurrence or lack there of terminates a contract |
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Term
| T/F: An offer to perform is known as a tender. |
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Definition
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Term
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Definition
| equitable rule that if a good-faith attempt to perform does not precisely meet the terms of the agreement, the agreement will still be considered complete if the essential purpose of the contract is accomplished. |
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Term
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Definition
| action of one party to a contract to set the contract aside when the other party is guilty of a breach of contract |
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Term
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Definition
| substitution of a contract between the same parties |
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Term
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Definition
| agreement to substitute for an existing debt some alternative form of discharging that debt |
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Term
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Definition
| release or relinquishment of a known right or objection |
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Term
| To constitute accord and satisfaction there must be what three characters? |
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Definition
| 1: bona fide dispute 2: proposal to settle dispute 3: performance of the agreement |
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Term
| To establish impossibility a party must show what three conditions? |
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Definition
| 1: the unexpected occurrence of an intervening act 2: the risk of the unexpected occurrence was not allocated by agreement or custom 3: the occurrence made the performance impossible |
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Term
| Is a contract discharged if the matter is destroyed through no fault of either party? |
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Definition
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Term
| What physical conditions eliminate a contract? |
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Definition
| disability, illness, death |
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Term
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Definition
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Term
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Definition
| uncontrollable event clauses |
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Term
| Do Acts of God terminate a contract? |
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Definition
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Term
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Definition
| attaching of certain consequences to certain facts because of legal principles that operate automatically as contrasted with consequences that arise because of voluntary action of a party designed to create those consequences. |
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Term
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Definition
| procedure by which one unable to pay debts may surrender all assets in excess of any exemption claim to the court for administration and distribution to creditors, and the debtor is given a discharge that releases him from the balance due on most debts |
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Term
| Time limit on bringing suit for an oral contract |
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Definition
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Term
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Definition
| promisor's repudiation of the contract prior to the time that performance is required when such repudiation is accepted by the promisee as a breach of contract |
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Term
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Definition
| repudiation made in advance of the time for performance of the contract |
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Term
| T/F: a party making an anticipatory repudiation may retract or take back the repudiation if the other party has not changed position. |
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Definition
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Term
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Definition
| assertion by a party to a contract that even though a tendered performance is accepted, the right to damages for nonconformity to the contract is reserved. |
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Term
| Remedies for anticipatory repudiation |
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Definition
| 1:do nothing 2:contract broken, file suit 3:offer to cancel contract |
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Term
| What is the regular remedy for a breach of contract? |
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Definition
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Term
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Definition
| the court will order that the contract be carried out |
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Term
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Definition
| sum of money that will compensate an injured plaintiff for actual loss |
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Term
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Definition
| Small amount just because contract was violated with no actual loss |
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Term
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Definition
| compensation in excess of actual damages, also called exemplary damages |
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Term
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Definition
| damages the buyer experiences as a result of the seller's breach with respect to a third party, also called special damages |
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Term
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Definition
| stop further damages from occurring |
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Term
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Definition
| order of a court of equity to refrain from doing or do a specified act. |
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Term
| If $ is an inadequate remedy |
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Definition
| special specific performance |
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Term
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Definition
| provision stipulating the amount of damages to be paid in the event of breach of contract |
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Term
| Is each party responsible for attorneys fees? |
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Definition
| YES, or Gothard is a Loser... |
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Term
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Definition
| provision in a contract stating that one of the parties shall not be liable for damages in case of breach |
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Term
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Definition
| agent authorized to transact a specific transaction or to do a specific act. |
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Term
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Definition
| agent authorized by the principal to transact all affairs in connection with a particular type or business |
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Term
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Definition
| agent authorized to do all acts that can lawfully be delegated to a representative |
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Term
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Definition
| only the appearance of authority exists |
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Term
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Definition
| only the appearance of authority exists |
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Term
| Three ratification conditions |
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Definition
1:agent acts on behalf of pricipal
2:principal must have been capable of authorizing the act
3:principal must have full knowledge of material facts |
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Term
| T/F: A written agreement is needed for a partnership to exist? |
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Definition
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Term
| Can a partner be considered an employee of the partnership? |
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Definition
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Term
| Three characteristics of a partnership |
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Definition
1:voluntary, consensual relationship
2:partners' contribution of capital/services
3:partners are co-owners who are in business to make a profit |
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Term
| unincorporated association |
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Definition
| combination of two or more persons for the furtherance of a common nonprofit purpose |
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Term
| Prohibited one-sided transactions in a partnership. |
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Definition
| Cessation of Business, suretyship, arbitration, confession, assignment of creditors, personal obligations |
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Term
| Three duties of partnership |
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Definition
1:Good Faith
2:Obedience
3:Other Duties |
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Term
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Definition
| Management, book inspections, share of profits, compensation, repayment of loans, payment of interest, contribution, & distribution of capital |
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Term
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Definition
| change in relationship of the partners caused by any partner ceasing to be associated in the carrying on as distinguished from the winding up of the busness |
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Term
| Dissolution by acts of parties: |
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Definition
| agreement, expulsion, alienation of interest, withdrawal |
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Term
| Dissolution by operation of law |
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Definition
| death, bankruptcy, illegality |
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Term
| Dissolution by decree of court |
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Definition
| insanity, incapacity, misconduct, impracticability, lack of success, equitable circumstances |
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Term
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Definition
| artificial being crated by a government grant, which for many purposes is treates as a natural person |
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Term
| What are debts of a corporation? |
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Definition
| debts of the artificial person, not the persons running the corporation or the shareholders. |
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Term
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Definition
| corporation that has been established for governmental purposes and for the administration of public affairs. |
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Term
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Definition
| corporation organized for charitable and benevolent purposes or for the purposes of finance, industry, and commerce. |
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Term
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Definition
| private corporation furnishing services on which the public is particularly dependent, for example, gas and electric company |
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Term
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Definition
| corporation that has been incorporated by the state in question as opposed to incorporation by another state |
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Term
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Definition
| corporation whose shares are held by a single shareholder or a small group of shareholders |
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Term
| How many shareholders is a Subchapter S corporation limited to? |
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Definition
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Term
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Definition
| corporation organized for a charitable or benevolent purpose |
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Term
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Definition
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Term
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Definition
| rules and regulations enacted by a corporation to govern the affairs of the corporation |
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Term
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Definition
| act or contract that the corporation does not have authority to do or make |
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Term
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Definition
| persons who plan the formation of the corporation and sell or promote the idea to others |
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Term
| T/F: A corporation is always liable on a contract made by its promoter |
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Definition
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Term
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Definition
| one or more natural persons or corporations who sign and file appropriate incorporation forms |
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Term
| What is required on the application for incorporation? |
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Definition
1:Name of Corporation
2:# of shares it is authorized to issue
3:address/name of initial agent
4:name and address of each incorporator |
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Term
| Elements of a de facto corporation |
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Definition
1:valid law exists which corporation could have been incorporated
2:good faith effort to organize corporation
3:genuine attempt to organize with statutory requirements
4:corporate powers have been used |
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Term
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Definition
| combining of two or more corporations by which a new corporation exists and previous cease to exist |
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Term
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Definition
| combining of corporations in which one absorbs the other and continues to exist |
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Term
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Definition
| relationship of parent corporation to subsidiary corporations engaged in diversified fields of activity. |
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Term
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Definition
| liquidation of bankruptcy in a process of converting property into money |
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Term
| Who is Chapter 7 Bankruptcy available to? |
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Definition
| individuals, partnerships, and corporations |
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Term
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Definition
| reorganization form without liquidation |
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Term
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Definition
| proceeding of consumer debt readjustment plan |
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Term
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Definition
| proceeding of consumer debt readjustment plan |
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Term
| Chapter 13 requirements: unsecure, secure, and income requirements |
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Definition
| Unsecure debts under $336,900, Secure debts under $1,010,650, regular income |
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Term
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Definition
| proceeding in which the debtor files petition for the relief |
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Term
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Definition
| a court can dismiss an individuals petition for bankruptcy |
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Term
| T/F: Debtors are required to undergo credit counseling within 180 days prior to declaring bankruptcy |
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Definition
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Term
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Definition
| proceeding in which a creditor files the petition for relief |
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Term
| T/F: Nonprofit organizations are exempt from involuntary bankruptcy |
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Definition
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Term
| T/F: Nonprofit organizations are exempt from involuntary bankruptcy |
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Definition
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Term
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Definition
| order to prevent creditors from taking action such as filing suits or seeking foreclosure against the debtor |
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Term
| T/F: Only individuals are eligible for Chapter 13. |
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Definition
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Term
| T/F: Chapter 13 can be filed as an involuntary bankruptcy |
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Definition
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Term
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Definition
| Creditors are to go through bankruptcy court in order to recover losses (if possible) |
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Term
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Definition
| becomes owner of all debtor's property in excess of the property to which the debtor is entitled under exemption laws |
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Term
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Definition
| transfers of property by a debtor to one or more specific creditors to enable these creditors to obtain payment for debts owed |
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Term
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Definition
| excess of debts and liabilities over assets, or inability to pay debts as they mature. |
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Term
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Definition
| comparison of assets to liabilities made to determine solvency |
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Term
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Definition
| creditor's right to payment |
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Term
| Tenancy for years depicts a tenancy for ________ up to ____________. |
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Definition
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Term
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Definition
| tenancy that continues indefinitely for a specified rental period until terminated; month to month tenancy |
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Term
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Definition
| lease agreement in which the tenant occupies the property at the discretion of the landlord |
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Term
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Definition
| requires the establishment of conditions so awful that a tenant is forced to leave. |
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Term
| T/F: The landlord has the duty to seek to mitigate damages caused by the tenants breach of contract |
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Definition
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Term
| T/F: The landlord has the duty to seek to mitigate damages caused by the tenants breach of contract |
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Definition
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