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Legal Terminology > Business Chapter 1 > Flashcards

Business Chapter 1 Flashcards

1
Q

actual authority

A

In the law of agency, the right and power to act that a principal (often an employer) intentionally gives to an agent (often an employee), or at least allows the agent to believe he has been given.

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2
Q

agency

A

A relationship in which one person acts for or represents another by the latter’s authority.

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3
Q

agency at will

A

An agency relationship that exists at the will of both parties and may be canceled by either the principal or agent at any time.

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4
Q

agent

A

A person authorized (requested or permitted) by another person to act for him or her; a person entrusted with another’s business.

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5
Q

apparent authority

A

The authority an agent seems to have, judged by the words or actions of the person who gave the authority or by the agent’s own words or actions.

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6
Q

attorney in fact

A

A person who acts formally for another person. An attorney in fact is usually appointed by a power of attorney.

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7
Q

conflict of interest

A

Being in a position where your own needs and desires could possibly lead you to violate your duty to a person who has a right to depend on you, or being in a position where you try to serve competing masters or clients.

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8
Q

consideration

A

The reason or main cause for a person to make a contract; something of value received or promised to induce (convince) a person to make a deal.

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9
Q

contract

A

An agreement that affects or creates legal relationships between two or more persons. To be a contract, an agreement must involve: at least one promise, consideration (something of value promised or given), persons legally capable of making binding agreements, and a reasonable certainty about the meaning of the terms.

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10
Q

corporation

A

An organization that is formed under state or federal law and exists, for legal purposes, as a separate being or an “artificial person.”

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11
Q

durable power of attorney

A

A power of attorney that lasts as long as a person remains incapable of making decisions, usually about health care.

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12
Q

estoppel

A

Being stopped by your own prior acts from claiming a right against another person who has legitimately relied on those acts.

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13
Q

express

A

Clear, definite, direct, or actual (as opposed to implied); known by explicit words.

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14
Q

express authority

A

Authority delegated to an agent by words that expressly authorize him or her to do a delegable act; authority that is directly granted to or conferred upon an agent in express terms; that authority that principal intentionally confers upon his or her agent by manifestations to him or her.

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15
Q

fiduciary

A
  1. A person who manages money or property for another person and in whom that other person has a right to place great trust.
  2. A relationship like that in definition no. 1.
  3. Any relationship between persons in which one person acts for another in a position of trust; for example, lawyer and client or parent and child.
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16
Q

general agent

A

One who is authorized to act for his or her principal in all matters concerning a particular business or employment of a particular nature.

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17
Q

general partnership

A

A typical partnership in which all partners are general partners. Elements of partnership: association of two or more persons; carry on; co-ownership; business; for profit.

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18
Q

general power of attorney

A

A power of attorney authorizing the attorney in fact to act on behalf of the principal in all matters.

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19
Q

implied

A

Known indirectly; known by analyzing surrounding circumstances or the actions of the persons involved.

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20
Q

implied authority

A

The authority one person gives to another to do a job, even if the authority is not given directly.

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21
Q

indemnification

A

The act of compensating or promising to compensate a person who has suffered a loss or may suffer a future loss.

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22
Q

independent contractor

A

A person who contracts with an “employer” to do a particular piece of work by his or her own methods and under his or her own control.

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23
Q

limited liability company

A

A cross between a partnership and a corporation owned by members who may manage the company directly or delegate to officers or managers who are similar to a corporation’s directors. Governing documents are usually publicly filed articles of organization and a private operating agreement. Members are not usually liable for company debts, and company income and losses are usually divided among and taxed to the members individually according to share.

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24
Q

limited liability limited partnership

A

A type of limited partnership permissible in some states in which the general partners have less than full liability for the actions of other general partners.

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25
Q

limited partnership

A

A partnership formed by general partners (who run the business and have liability for all partnership debts) and limited partners (who partly or fully finance the business, take no part in running it, and have no liability for partnership debts beyond the money they put in or promise to put in).

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26
Q

power of attorney

A

A document authorizing a person to act as attorney in fact for the person signing the document.

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27
Q

principal

A

An employer or anyone else who has another person (an agent) do things for him or her.

28
Q

ratification

A

The confirmation and acceptance of a previous act done by you or by another person.

29
Q

registered agent

A

Individual or organization designated by a corporation as agent to receive service of process for the corporation within the state where the agent is located. A corporation may appoint a registered agent in its state of domicile and an agent in each state where it is authorized to transact business.

30
Q

respondeat superior

A

Individual or organization designated by a corporation as agent to receive service of process for the corporation within the state where the agent is located. A corporation may appoint a registered agent in its state of domicile and an agent in each state where it is authorized to transact business.

31
Q

sole proprietorship

A

An unincorporated business owned by one person.

32
Q

special agent

A

One employed to conduct a particular transaction or piece of business for his or her principal or authorized to perform a specified act.

33
Q

special power of attorney

A

A power of attorney authorizing the attorney in fact to act for the principal with regard to a specific action or a specific transaction.

34
Q

tort

A

A civil (as opposed to a criminal) wrong, other than a breach of contract. For an act to be a tort, there must be: a legal duty owed by one person to another; a breach (breaking) of that duty; and harm done as a direct result of the action. Examples of torts are negligence, battery, and libel.

35
Q

assumed name

A

An alias that may be used to transact business; usually requires filing or notification at the state or local level; same as fictitious name.

36
Q

certificate of assumed name, trade name, or fictitious name

A

A certificate issued by the proper state authority to an individual or an entity that grants the right to use an assumed or fictitious name for the transaction of business in that state.

37
Q

conversion

A

Any act that deprives an owner of property without that owner’s permission and without just cause. For example, it is conversion to refuse to return a borrowed book.

38
Q

copyright

A

The right to control the copying, distributing, performing, displaying, and adapting of works (including paintings, music, books, and movies). The right belongs to the creator, or to persons employing the creator, or to persons who buy the right from the creator. The right is created, regulated, and limited by the Federal Copyright Act of 1976 and by the Constitution. The symbol for copyright is ©. The legal life (duration) of a copyright is the author’s life plus 50 years, or 75 years from publication date, or 100 years from creation, depending on the circumstances.

39
Q

demurrer

A

A legal pleading that says, in effect, “even if, for the sake of argument, the facts presented by the other side are correct, those facts do not give the other side a legal argument that can possibly stand up in court.” The demurrer has been replaced in many courts by a motion to dismiss.

40
Q

fictitious

A

An alias that may be used to transact business; usually requires filing or notification at the state or local level; same as assumed name.

41
Q

goodwill

A

The reputation and patronage of a company. The monetary worth of a company’s goodwill is roughly what a company would sell for over the value of its physical property, money owed to it, and other assets.

42
Q

heir

A

A person who inherits property; a person who has a right to inherit property; or a person who has a right to inherit property only if another person dies without leaving a valid, complete will.

43
Q

intellectual property

A
  1. A copyright, patent trademark, trade secret, or similar intangible right in an original tangible or perceivable work. 2. The works themselves in no. 1. 3. The right to obtain a copyright, patent, and so on for the works in no. 1.
44
Q

nomenclature

A

Designation, title, or name of something.

45
Q

patent

A

An exclusive right granted by the federal government to a person for a limited number of years (usually 20) for the manufacture and sale of something that person has discovered or invented.

46
Q

trade name

A

The name of a business. It will usually be legally protected in the area where the company operates and for the types of products in which it deals.

47
Q

trademark

A

A distinctive mark, brand name, motto, or symbol used by a company to identify or advertise the products it makes or sells. Trademarks (and service marks) can be federally registered and protected against use by other companies if the marks meet certain criteria. A federally registered mark bears the symbol ®.

48
Q

aggregate theory

A

A theory regarding partnerships suggesting that a partnership is the totality of the partners rather than a separate entity.

49
Q

civil law

A
  1. Law that originated from ancient Rome rather than from the common law or from canon law. 2. The law governing private rights and remedies, as opposed to criminal law, military law, international law, natural law, and so on.
50
Q

Commission on Uniform State Laws

A

An organization that, along with the American Law Institute, proposes various model acts and uniform acts for adoption by the states.

51
Q

common law

A
  1. Judge-made law (based on ancient customs, mores, usages, and principles handed down through the ages) in the absence of controlling statutory or other enacted law. 2. All the statutory and case law of England and the American colonies before the American Revolution.
52
Q

dissociation

A

The event that occurs when a partner withdraws or otherwise ceases to be associated in the carrying on of the partnership business.

53
Q

dissolution

A

The termination of a corporation, partnership, or other business entity’s existence.

54
Q

entity theory

A

A theory suggesting that a partnership is an entity separate from its partners, much like a corporation.

55
Q

fidicuary

A
  1. A person who manages money or property for another person and in whom that other person has a right to place great trust. 2. A relationship like that in definition no. 1. 3. Any relationship between persons in which one person acts for another in a position of trust; for example, lawyer and client or parent and child.
56
Q

general partner

A
  1. Synonymous with partner. A partner in a general partnership, or limited partnership, who typically has unlimited personal liability for the debts and liabilities of the partnership. 2. A member of a general or limited partnership who shares in the profits and losses of the partnership and may participate fully in the management of the partnership. General partners are usually personally liable for the debts and obligations of the partnership.
57
Q

general partnership

A

A typical partnership in which all partners are general partners. Elements of partnership: association of two or more persons; carry on; co-ownership; business; for profit.

58
Q

joint and several

A

Both together and individually. For example, a liability or debt is joint and several if the creditor may sue the debtors either together as a group (with the result that the debtors would have to split the loss) or individually (with the result that one debtor might have to pay the whole thing).

59
Q

joint venture

A

Sometimes referred to as a “joint adventure”; the relationship created when two or more persons combine jointly in a business enterprise with the understanding that they will share in the profits or losses and that each will have a voice in its management. Although a joint venture is a form of partnership, it customarily involves a single business project rather than an ongoing business relationship.

60
Q

limited liability partnership

A

A partnership in which the partners have less than full liability for the actions of other partners, but full liability for their own actions.

61
Q

statement of authority

A

A statement filed for public record by the partners of a partnership to expand or limit the agency authority of a partner, to deny the authority or status of a partner, or to give notice of certain events such as the dissociation of a partner or the dissolution of the partnership.

62
Q

statement of denial

A

A statement filed for public record by a partner or other interested party to contradict the information included in a statement of authority.

63
Q

tenancy in partnership

A

A form of ownership provided for under the Uniform Partnership Act whereby all partners are co-owners with the other partners. Each partner has an equal right to possess the property for partnership purposes, but has no right to possess the property for any other purpose without the consent of the other partners.

63
Q

partnership at will

A

A partnership formed for an indefinite period of time, without a designated date for termination.

64
Q
A

Legal Terminology (6 decks)

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