Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Uncategorized > 2nd QUARTER- BUSINESS LAW Exam 4 > Flashcards

2nd QUARTER- BUSINESS LAW Exam 4 Flashcards

1
Q

specialized business relationship between one party known as the “principal” and another known as the “agent.”

A

agency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Party who appoints a second party to serve as an agent

A

principal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Party appointed by a principal to enter into a contract with a third party on the principal’s behalf.

A

agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

From principal to agent. Act in good faith on behalf of principal’s interest. Enter into contracts on principal’s behalf

A

delegation of powers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

authorized to carry out particular kind of business or all business at a location.
Example: FDIC funeral Director in charge. Responsible for the funeral home

A

general agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

authorized to transact specific act or act(s).

A

special agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

three types of agent’s authority

A

Express authority
Implied authority
Apparent authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Stated in agreement creating agency. Authority by appointment. Example: Written power of attorney

A

express authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Authority to do things in order to carry out expressed authority.
How to remember: You hire commercial embalmer, they believe they have authority to determine injection site, chemicals, etc.

A

implied authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Authority agent believed to have because of principal’s behavior

A

apparent authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Person who undertakes to perform a specified task according to the terms of a contract. Other contracting party has no control except as stated in the contract.

Think of trade embalmer

A

independent contractor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Party who hires employees to do certain work

A

employer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Person hired to perform work

A

employee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Need to know information for employer and employee relationships

A

 Employee performs work for employer.
 Employee under control of employer for work and manner of completion.
 Employer liable for injuries to third party caused by negligence of employee.
 Employer liable for torts committed by employee acting within scope of employment.
 Employer must comply with laws relating to employees.
 Social Security deductions (FICA).
 Worker’s compensation (FUTA & SUTA).
 Federal and state income tax withholdings.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

agent’s duty to principal

A 
Loyalty and good faith
Obedience		
Reasonable skill and diligence
Accounting		
Information
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

principal’s duty to agent

A

Compensation
Wages
Reimbursement of expenses incurred during course of employment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

compensation for sustained losses. Adherence to terms of employment contract.

A

indemnification

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Termination of agency by act of the parties

A

Original agreement
Subsequent agreement
Revocation
Renunciation by agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Termination of agency by operation of law

A 
Subsequent illegality of subject matter
Death or incapacity of either party
Destruction of subject matter
Bankruptcy of principal
Dissolution of the corporation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Types of business organization

A
  1. Proprietorship (sole proprietorship)
    1. Partnership
    2. Corporation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Business owned by one person who is subject to claims of creditors. No separation of personal and business assets

A

Proprietorship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

 Simplest form of business organization.
 receives all profits and assumes all losses.
 bears all risks and has personal liability for all debts.
 Death terminates the business.

A

Proprietorship

23
Q

Voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit

A

partnership

24
Q

Kinds of partners

A

general, silent, and limited

25
Q

individual actively and openly engaged in the business and held out to everyone as a partner

A

general partner

26
Q
  • individual who takes no active part in management of a business, but has capital invested in the business
A

silent partner

27
Q

partner who has his/her liability for the firm’s debts limited to the amount of their investment

A

limited partner

28
Q

Duties of a partner

A 
	Exercise loyalty and good faith
	Use reasonable care and skill		
	Conform to contract of partnership
	Maintain records		
	Inform one another
29
Q

Rights of a partner

A

 Participate in management
 Inspect financial data
 Contribution- input as to how business is managed
 Withdraw advances (business money for personal use)
 Withdraw(share) profits

30
Q

Liabilities of a partner

A

 For contracts of the partnership

 For torts

31
Q

three types of dissolutions of a partnership

A

By acts of the parties
By court decree
By operation of law

32
Q

Dissolution of a partnership by acts of the parties

A

 By agreement
 By withdrawal or alienation
 By expulsion (one may kick or buy the other out)

33
Q

Dissolution of a partnership by court decree

A 
	Insanity		
	Incapacity		
	Misconduct
	Futility - not making money			
	Bankruptcy
34
Q

Dissolution of a partnership by operation of law -

A

 Illegality / Death

35
Q

an artificial being, invisible, intangible, and existing only in contemplation of law. An entity that is something that has a distinct existence separated and apart from the existence of its individual members.

A

corporation

36
Q

Formed to carry out government functions

A

public corporation

37
Q

Formed by individual to perform some non-governmental function for profit.

A

private corporation

38
Q

types of public corporations

A

 State university
 Public hospitals
 Public utilities

39
Q

types of private corporations

A

 For profit or

 Non-profit (not-for-profit)

40
Q

written document setting forth facts about a corporation prescribed by law for issuance of a charter and asserting the corporation has complied with legal requirements.

A

articles of incorporation

41
Q

grant of authority from a government to exist as a corporation

A

charter

42
Q

corporate structure

A

Stock holders / Board of Directors / Officers

43
Q

 Those having title to one or more shares of stock in a corporation.
 Represent combined ownership of the corporation.
 Shareholders
 Conduct meetings at least once a year.

A

stockholders

44
Q

rights of the stockholders

A

 Receive properly executed stock certificates as evidence of ownership
 Attend corporate meetings and vote (unless denied by express agreement).
 Receive proportionate shares of profits when distributed as in dividends.

45
Q

Person authorized to vote for another, written authorization to vote for another.

A

proxy

46
Q

 Body elected by stockholders to act on behalf of the corporation and carry out the board’s policies.

A

board of directors

47
Q

 Authorized by Board of Directors to carry out board policies.
(President / Vice-President / Secretary / Treasurer)

A

officers

48
Q

types of dissolution of corporations

A

voluntary

involuntary

49
Q

voluntary dissolution of corporation

A

By vote of the stockholders
 Corporation pays debts,
 Distributes remaining assets to stockholders as to number of stocks owned, and
 Surrenders articles of incorporation.

50
Q

involuntary dissolution of corporation

A 
Action of the court or state
	Due to forfeiture or abuse of corporate charter,
	Violation of state or federal law,
	Fraud in obtaining the charter, or 
	Failure to pay specified taxes.
51
Q

manner of dissolution of a corporation

A

 Existence terminated except to complete its business.
 Cannot sue, own property, or form contracts.
 Except to convert assets to cash.

52
Q

What are some examples of how funeral homes enter into agency agreements?

A

answering service, embalming agency, livery company

53
Q

What is unique about independent contractors?

A

They have more freedom

for example Trade embalmer sets schedule, has own keys; you have less control over them

54
Q

Are county hospitals usually corporated or incorporated?

A

incorporated

Uncategorized (30 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions