2nd Quarter- BUSINESS LAW Quarter Final Flashcards Preview

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Flashcards in 2nd Quarter- BUSINESS LAW Quarter Final Deck (226):
1

"Blackstone’s definition." Rules of civil conduct commanding what is right and prohibiting what is wrong. A governmental rule prescribing conduct / caring out a penalty for violation.

law

2

bodies of law

Criminal Law / Civil Law

3

Related to crimes and punishment of wrong doers.Laws dealing with offenses against society

criminal law

4

legal proceedings concerned with the rights of public citizens.Laws dealing with the enforcement or protection of private rights..Examples: Tort Law Contract Law

civil law

5

Criminal offense punishable by confinement in prison or by death. Example: Murder Bank Robbery

felony

6

Criminal offense which is neither treason nor a felony. Example: Speeding ticket Running a stop sign.

misdemeanor

7

bending or breaking the law

tort law

8

a private or civil wrong, either intentional or caused by negligence, for which there may be action for damages / private wrong for which damages might be recovered

tort

9

basis for tort liability

Intentional / Negligence/ Strict Liability)

10

“Failure to exercise ordinary care.”

negligence

11

failing to do something which a reasonable and prudent person would do under ordinary circumstance.

act of omission

12

doing something which a reasonable and prudent person would not do under ordinary circumstance.

act of commision

13

liability for injury regardless of negligence or intent.

strict liability

14

when seller is liable for any and all defective or hazardous products which threaten a consumer’s personal safety.

product liablility

15

Improper or negligent professional act by a professional person. Example: poor embalming. or the doctor leaves instrument in abdominal cavity during or after surgery.

malpractice

16

Related to making and executing contracts.Laws dealing with making contacts.

contract law

17

Rules of conduct prescribed by a government and its agencies to regulate business transactionsRules of conduct for the performance of business transactions

business law

18

Rules of conduct prescribed by a government and its agencies, in regulating transactions related to Real and Personal property.

property law

19

Land and objects permanently attached to land. Real Estate.Land, Building, Fences, Trees, etc.

real property

20

All property which is not real property.Cars, Furniture, Jewelry, Insurance, Stocks, Bonds, etc.

personal property

21

sources of US law

o Common Law o Constitutional Lawo Statuary Lawo Police Powero Administrative Lawo Ordinanceso Case Lawo Stare Decisis

22

The Pyramid of Law

Stare DecisisCase LawOrdinancesAdministrative LawPolice PowerStatutory LawConstitutional LawCommon Law

23

1. customs which have become recognized by the courts as binding on the community. 2. Forms the historical foundation of U.S. Law. 3. Based on human experience. “Common good” of all people(Members of Society). 4. Rooted in English and early colonial law. “If it makes sense,it must be good law.”Constitutional Law - written document containing fundamental principles of government. Power and duties of a government. Guarantees Rights of the people - first 10 amendments of the constitution. “Law of the land.” Example: Federal and individual state constitutions

common law

24

enacted by legislative bodies.

statutory law

25

Legislative bodies include Federal, State and Local Governments

statutes

26

enacted by the U. S. Congress

federal statutes

27

enacted by individual state legislatures

state statutes

28

inherent power of every government to make reasonable laws to protect the safety, health, morals, and general welfare of its citizens. Example: Mortuary law Licensure Health standards Business operations

police power

29

Body of law created by federal and state administrative agencies to implement their powers and duties in the form of rules, regulations, orders, and decisions. Example: OSHA regulations FTC funeral rule State board rules and regulations

administrative law

30

Appointed governmental body charged with the implementing particular legislation.Examples: Occupational Safety and Health Administration (OSHA)Federal Trade Commission (FTC)Texas Funeral Service Commission (TFSC)

administrative agencies

31

Laws enacted by local municipalities, villages, towns or city.Example: City of Houston has parking ordinances / No Smoking In Public Buildings.

ordinances

32

Court decisions that establish precedent principles. Laws based on a court’s interpretation of federal, state, and local laws. Determines “constitutionality” of a law.

case law

33

Principle that decisions of a court should serve as guide or precedent and control the decision of a similar case in the future. Reliance on authority of established law “like cases are decided in like manner”. Applicable to mortuary law and court cases.

Stare Decisis (Decision Stands)

34

authority of a court to hear a case. Related to the subject matter and person(s) involved in a court case. Function of the courts – to interpret & apply law to a given situation.

jurisdiction

35

Have exclusive jurisdiction over – bankruptcy, claims against USA, Patent & Copy Right Cases.

federal courts

36

Trial courts of the federal court system. Largest class of federal courts / Deal only with criminal cases involving violation of federal law. Or civil suits that meet specified criteria. Cases brought by US Govt., Cases arising under U.S. Constitution / Federal Laws/Treaties

federal district courts

37

Offense which is injurious to society as a whole / punishable offense against society.

Crime

38

Deliberate and intentional action to cause harm

Intentional

39

There are 12 federal judicial districts. Courts that hear appeals in the federal court system. Hears appeals from cases originating in federal district courts. Hears appeals from federal administrative agencies and departments within its circuit. Decision have precedence over lower courts.

Federal Circuit Court of Appeals

40

o Highest court in the United States.o Court of original jurisdiction in cases involving ambassadors, public ministers, consuls, and cases in which a state is a party.o As well as cases appealed from federal courts of appeal.Supreme decision over all lower courts

U.S. Supreme Court

41

issued by Supreme Courto Order to produce the record of a case.o Only such cases will be heard by the U. S. Supreme Court

Writ of Certiorari

42

Federal trial courts with limited jurisdiction. Limited by laws of Congress creating them. Examples: Bankruptcy Court / Tax Court / Court of International Trade U.S. Court of Federal Claims (against the courts).

Special Courts

43

Inferior courts - Courts of original general jurisdiction - Appellate courts - Special courts (State & City)

State Courts

44

Trial courts that hear only cases involving minor criminal offenses and disputes between citizens.Examples: District, Magistrate, County ,Municipal (city) ,Small claims, Justice, and Tax Courts.

Inferior Courts

45

Court in which a case is first heard. Maintain an official record of all proceedings. Broad jurisdiction over disputes between two or more parties. Criminal offenses against the state. This Court: Hear witnesses Receive evidence Try a case Examples: Trial Court, Court of Record, Circuit Court, District Court, and Superior Court

Court of Original General Jurisdiction (State)

46

usually in larger cities.Courts hearing cases appealed from lower state courtsExamples: Court of Appeals State Supreme Court

Appellate Courts (State)

47

Courts with limited jurisdictionExamples: Probate Court Juvenile Courts Domestic Court

Special Courts (State)

48

Laws specifying how actions are filed & that trial procedure to follow

. Procedural Laws

49

Person Licensed to represent others in court.

attorney/ lawyer

50

written request initiating a civil suit

complaint or petition

51

a notice of complaint given to a defendant defining the complaint and a time frame in which a response, or answer, must be filed. Serves the purpose of conferring personal jurisdiction over defendant. Also known as a process

summons

52

The response of the defendant to a complaint. Also known as a motion.

answer

53

The decision of the court. Favor of the Plaintiff or Defendant

judgement

54

Carrying out of completion of some task

execution

55

Individual who initiates a civil action

plaintiff

56

Person against whom legal action is brought

defendant

57

agreement between two or more competent persons (parties) which is enforceable by law.

contract

58

Classifications of contracts: Based on:

formation / performance / enforceability

59

parties express their intentions, either orally or in writing, at the time of the agreement.

express contract

60

terms of the contract are implied by acts or conducts of the parties.In fact - example: “first call.”

implied contractsalso called contract implied in fact

61

those with a special form or produced in a certain way.Contract “under seal.”Today most contracts are these kindExample: Real Estate ContractsNegotiable InstrumentsFuneral Contract

formal contracts

62

- any contract which is not a formal contract

simple contract

63

- calls for an act in consideration for a promise.One promise is given in exchange for an act.you find my lost dog; I pay you $100

unilateral contract

64

mutual exchange of promises.Exchange a promise for a promise.You agree to buy my car for $5,000. Car is yours when you give me the money.Most contracts are bilateral contracts.

bilateral contract

65

terms of the contract have not been completely executed or fulfilled by the parties.

executory contracts

66

- terms have been fulfilled by the parties

executed contracts

67

contract enforceable by court.

valid contract

68

Agreement with no legal effect. Example: contract to rob a bank.

void agreementalso called a void contract

69

Contract which would be an enforcement agreement, but due to circumstances, may be set aside by one of the parties. Example: party to a contract is declared “mentally incompetent” / party contracts with a minor / minor contracts with anotherminor

voidable contract

70

Agreement which is not in the form required by law, but can be made so by the parties.- a contract that is not currently binding Example: simple contract made into a formal contract.

unenforceable contract

71

Legal objectives of written contracts

legal purpose and execution, as long as elements of a contract are legal (Mutual Agreements,competent parties and Consideration) terms of contract should be executed. Illegality renders a contract void.

72

expression of willingness of the offeror to enter a contractual agreement.

offer

73

person or party who initiates or makes and offer

offeror

74

person or party to whom an offer is made

offeree

75

requirements of a valid offer

Must be Definiteo Basis for agreemento Seriously intendedo Not a joke / Nor offered in jest, fear, or anger.o Communicated from offeror to offeree.o Both parties must be cognizant of the agreement.

76

Offer vs. invitation to deal

o Is it truly an offer?o Or an invitation to deal and make a subsequent offer?

77

invitation to deal

• Advertisement • Price list and quotations• Bids • Estimates• Not valid offers • May lead to an offer.

78

termination of an offer

o By revocation - annulment or cancellation of an instrument, act, promise by one doing or making it.o Communicated by offeror to offeree prior to acceptance.By terms of the offer:o If terms are not met, there is no contract.o By lapse of “reasonable” period of time.o Depends on type of offer.o By death or insanity of offeror.By rejection.o Refusal to accept.o By counter offer - intended acceptance which changes or qualifies the offer, and is a rejection of the original offer.o By intervening illegality.(Legal situation interfering with an offer and agreement. Example:Making a contract to kill someone.)

79

person afflicted with a serious mental disorder impairing ability to function.

insane

80

intended acceptance which changes or qualifies the offer, and is a rejection of the original offer

counter offer

81

o Legal situation interfering with an offer and agreement.

intervening illegalityexample: making a contract to kill someone

82

o Agreement to an offer resulting in a contract.o Communicated by offeree to offeror.o Oral or written.o Including mail or telegram.

acceptance

83

o Justifiable reliance by offeree.o Offeree believes what offeror says is true.o No reason to believe otherwise.o Without this, contract is voidable.

reality of consent

84

False statement of a matter of fact.

misrepresentation

85

False statement made in the belief it is true.

innocent misrepresentation

86

Intentional or reckless false statement of a material fact, upon which the injured party relied, which induced the injured party to enter into a contract, at his/her detriment.

fraud

87

manner of committing fraud

o By expressed misrepresentation.o Oral or written.o By concealment. (attempting to hide information)o By silence when one has a duty to speak.(Not sharing information when asked or requested.)

88

• Improper influence that is asserted by one dominant person over another, without threat or harm.o Often with a fiduciary relationship.

undue influence

89

Person in a relationship of trust or confidence

fiduciary Examples• Family relationship.• Attorney and client.• Physician and patient.• Funeral director and family.

90

Means of removing one’s free will. Obtaining consent by threat to do harm to the person, his/her family, or property.o Element of coercion or force.Can be physical, emotional and financial.

duress

91

Mistake by one party to a contracto Mistake as to quality, value or price.o Mistake as to terms of contract.o Generally will not render agreement defective.

unilateral mistake

92

Mistake by both parties to a contract.o Mistake as to nature of transaction.o Mistake as to identity or existence of subject matter.o Generally render agreement defective

mutual mistake

93

classes of illegal agreement

agreements to commit a crime or torts. Agreements prohibited by statute. Agreements contrary to public policy

94

injurious to individuals and society at large

agreements to commit crimes of torts

95

What type of agreements fall under the category of agreements prohibited by statute?

unsuriousrestraint of tradefix pricesinfluence fiduciaries defraud creditorsobstruct justicerelieve liability for willful negligence

96

exceeding maximum rate of interest which may be charged on loans or consumer credit accounts

usurious

97

charging a higher rate of interest than the law allows

unsury

98

highest legal rate of interest

maximum contract rate

99

interest rate applied when no rate is specified

legal rate

100

laws which seek to promote competition among business

antitrust law

101

what are the advantages of antitrust laws or why were they set up?

to prevent creation of a monopolyprohibits contracts not to competefix prices of goods and servicesunfair competitive practices

102

Legislation intended to promote competition among business by prohibiting restraint of trade.

Sherman Antitrust Law

103

Person or persons in a relationship of trust or confidence

Fiduciaries

104

Agreement in which someone else “takes the blame.”

Agreements to relieve liability for willful negligence:

105

Regarding payment of a debt. Money owed.

Agreements to defraud creditors

106

o Contracts limiting freedom of marriage.o Contracts injurious to public service of the “public good.”

Agreements contrary to public policy:

107

Statute of Frauds

• Originally enacted by the English Parliament (1677).• Present in some form in all states.• Lists certain types of contracts which can only be enforced if it is in written form.

108

Types of contracts in writing:

Contracts to transfer an interest in real property. Real estate - Land Real property - Objects attached to land.

109

cannot be completed within one year from date of making. Ensures parties do not forget contract terms Example: purchase of real estate with long term loan contract/mortgage.

Executory bilateral contracts

110

Obligation to pay money or goods

debt

111

Non-performance of a duty or obligation

default

112

Rather than paying debts from decedent’s estate. Agreement to pay debts of another.

Contracts made by executor or administrators to pay debts of an estate out of his/her personal funds.

113

Promises made in consideration of marriage.

Prenuptial agreements.

114

- movable, tangible, personal property.

goods

115

Termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation law.

Discharge of contracts

116

When all terms of the contract have been fulfilled, the contract is discharged by performance

Performance

117

• Satisfactory or complete performance.• Contract that has been performed in a manner that would “satisfy” an ordinary, reasonable person.

Nature of performance:

118

Fulfilling major terms of the contract. Contract can be discharged. Less any damages that might occur for minor breaches of contract

Substantial performance

119

• Mutual agreement to cancel the contract.• Entering into a contract is a mutual agreement.• Parties can also mutually agree to cancel the contract.

Discharge by Agreement

120

document drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit. Also called negotiable instrument

commercial paper

121

classifications of commercial paper ??????

promises to payorders to pay???????

122

Unconditional promise in writing made by one party to another, signed by the maker engaging to pay on demand or at a particular time, a particular sum of money to order or to bearer This is one example of commercial paper

PROMISSORY NOTE

123

acknowledgement by a bank of receipt of money with an agreement of repayment

CERTIFICATE OF DEPOSIT (CD)

124

here is an example of a CD

$1,000 CD with maturity date of 01/05 and interest of 6% at maturity date, bank will pay principle, plus interest

125

person who executes promissory note (person who MAKES promise, a bank or person getting loan)

maker

126

party to whom any negotiable instrument is made payable

payee

127

written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money, to order or bearer; on demand at a certain time. Second example of commercial paper

draft

128

types of orders to pay

Certified checkCashier’s check Bank draftVoucher check Traveler’s check

129

ordinary check which an official of a bank has accepted by writing across the face of the check the word “certified” and signed. • This makes the bank liable for the payment. • The drawer is released from liability

certified check

130

• Check drawn on a bank’s own funds • Signed by a responsible bank official or a cashier • Bank may use to pay its own obligation • May be used by someone in lieu of their own personal check

cashier's check

131

• Check drawn by one bank or another • Banks will keep a portion of their funds in other banks • Bank can draw a check on these funds at will

bank draft

132

• Checks with voucher attached • Voucher lists items of an invoice being paid by check

voucher checks

133

• Similar to cashier’s checks • Required signature and countersignature by purchaser

traveler's checks

134

person who executes any draft or check

drawer

135

person, company or financial institution ordered to pay a draft or check

drawee

136

party to whom any negotiable instruments is made payable. Person that gets the money

payee

137

REQUIREMENTS FOR NEGOTIABILITY

• Must be in writing and signed by the maker • Contain an unconditional order or promise to pay a certain sum in money • Payable on demand at a definite time • Payable to “order” or to “bearer” • Order paper or Bearer paper

138

• A commercial paper made payable “the order of” some named party • Word “order” or its equivalent must be used • may be paid only to the person to whom it has been properly endorsed

order paper

139

• A commercial paper made payable to any person in possession of it • “Payable to bearer”

bearer paper

140

act of transferring ownership of a negotiable instrument to another party

negotiation

141

person who has possession of a delivered negotiable instrument

holder

142

the signature or statement of purpose by the owner on the back of a negotiable instrument, which indicates future control of the instrument

ENDORSEMENT or INDORSEMENT

143

the “payee” of a note or draft transferring the instrument to another party

ENDORSER or INDORSER

144

person who becomes the “holder” of a negotiable instrument by endorsement which names him/her as the person to whom the instrument is negotiated

ENDORSEE or INDORSEE

145

a type of endorsement having no words other than signature of endorser

blank endorsement

146

endorsement which designates the particular person to whom payment is to be made (i.e. – pay to the order of)

special endorsement

147

an endorsement which prevents the use of the instrument for anything except stated use (i.e. – for deposit only)

restrictive endorsement

148

limits liability of endorser. Endorser signs the bill or promissory notes and adds; “without recourse”. This limits the endorser’s liability and endorsee accepts the liability

qualified endorsement

149

person in possession of a negotiable instrument who accepts the negotiable instrument in good faith and for value; “innocent purchaser”

holder in due course

150

What are the requirements of the holder in due course?

The Holder: • Must take instrument in good faith and for value • Must have no notice that instrument is overdue or has been dishonored • At time of negotiation, no notice of any defense against or adverse claim to the instrument

151

What are the rights of the holder in due course?

• Right to collect amount due • Right to be free from defense of no consideration

152

liability for payment of negotiable instruments

• Requirements to qualify as a holder in due course • Rights of a holder in due course

153

transferor's warranties

• Transfer of commercial paper • Warrants existence of certain facts • Specified by UCC • Transferor entitled to enforce the instrument • All signatures genuine or authorized • Instrument has not been altered • Instrument not subject to defense or claim of any party • Transferor has no knowledge or insolvency proceedings with maker, acceptor, or drawer of unaccepted draft

154

transfer of possessions, but not title of personal property by one party to another, under agreement EXAMPLE:Leaving a car with garage for repairStoring furniture in a warehouseStudent borrowing a tuxedo

bailment

155

party who gives up possession, but not title or property

bailor

156

party who acquires possession, but not title of personal property

bailee

157

those held to “normal” standard of care for bailed property

ordinary bailment

158

those held to higher than normal standard of care for bailed property Such as:• Common carriers • Hotel keepers • Funeral directors

extraordinary bailment

159

conditions of bailment

• Bailor delivers property to bailee • Bailee accepts property from bailor • Both parties agree that property will be returned to bailor

160

types of bailment

• Sole benefit of bailor • Sole benefit of bailee • Mutual benefit

161

• Bailment benefits only property owner • Bailee must exercise “slight care” • Liable only for gross negligence

sole benefit of bailor

162

occurs when borrowing someone’s property Bailee must exercise “great care”

sole benefit of bailee

163

• Bailee renders a service • Charges for the service • Bailee must exercise “reasonable care under the circumstances”

mutual benefit

164

Transports under special arrangements for a fee • Moving van • Delivery services • Funeral home A transports body for funeral home B

private carriers

165

one that undertakes transport without discrimination for all who apply for service • Airline • Bus • Train

public carriers

166

one who ships goods by a common carrier, (i.e. - forwarding funeral home).

consignor

167

one to whom goods are shipped to by a common carrier

consignee

168

contract between consignor and carrier Is receipt and contract existing between consignor and carrier?Is documentary evidence of title of goods?

bill of lading

169

• Describing the freight for ID • States the name of the consignor • The terms of the contract for carriage • Directing location of delivery

elements of bill of lading

170

person in possession of a COMMERCIAL check

bearer

171

public carrier is the same as...

common carrier

172

person in possession of an INSTRUMENT

holder

173

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

agency

174

Party who appoints a second party to serve as an agent

principal

175

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

agent

176

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

delegation of powers

177

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

general agent

178

authorized to transact specific act or act(s).

special agent

179

three types of agent's authority

Express authorityImplied authorityApparent authority

180

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

express authority

181

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.

implied authority

182

Authority agent believed to have because of principal’s behavior

apparent authority

183

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

independent contractor

184

Party who hires employees to do certain work

employer

185

Person hired to perform work

employee

186

Need to know information for employer and employee relationships

 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.

187

agent's duty to principal

Loyalty and good faithObedience Reasonable skill and diligenceAccounting Information

188

principal's duty to agent

Compensation WagesReimbursement of expenses incurred during course of employment.

189

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

indemnification

190

Termination of agency by act of the parties

Original agreement Subsequent agreementRevocation Renunciation by agent

191

Termination of agency by operation of law

Subsequent illegality of subject matterDeath or incapacity of either partyDestruction of subject matterBankruptcy of principalDissolution of the corporation

192

Types of business organization

1. Proprietorship (sole proprietorship) 2. Partnership 3. Corporation

193

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

Proprietorship

194

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

Proprietorship

195

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

partnership

196

Kinds of partners

general, silent, and limited

197

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

general partner

198

- individual who takes no active part in management of a business, but has capital invested in the business

silent partner

199

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

limited partner

200

Duties of a partner

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

201

Rights of a partner

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

202

Liabilities of a partner

 For contracts of the partnership For torts

203

three types of dissolutions of a partnership

By acts of the partiesBy court decreeBy operation of law

204

Dissolution of a partnership by acts of the parties

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

205

Dissolution of a partnership by court decree

 Insanity  Incapacity  Misconduct Futility - not making money  Bankruptcy

206

Dissolution of a partnership by operation of law -

 Illegality / Death

207

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.

corporation

208

Formed to carry out government functions

public corporation

209

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

private corporation

210

types of public corporations

 State university  Public hospitals Public utilities

211

types of private corporations

 For profit or  Non-profit (not-for-profit)

212

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.

articles of incorporation

213

grant of authority from a government to exist as a corporation

charter

214

corporate structure

Stock holders / Board of Directors / Officers

215

 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.

stockholders

216

rights of the stockholders

 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.

217

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

proxy

218

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

board of directors

219

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

officers

220

types of dissolution of corporations

voluntary involuntary

221

voluntary dissolution of corporation

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

222

involuntary dissolution of corporation

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.

223

manner of dissolution of a corporation

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

224

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

answering service, embalming agency, livery company

225

What is unique about independent contractors?

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

226

Are county hospitals usually corporated or incorporated?

incorporated