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BA 3010 > Test 3 > Flashcards

Test 3 Flashcards

(72 cards)

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1
Q

This Article identifies the 4 kinds of Negotiable instruments governed by the UCC

A

Article 3

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2
Q

The 4 kinds of Negotiable instruments governed by the UCC

A

Drafts, Checks, Notes, and CDs

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3
Q

The three functions of Negotiable instruments

A

Substitute for Money
Credit Device
For Record Keeping Purposes

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4
Q

The person who sign/issues or makes the order to pay

A

Drawer

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5
Q

The person to whom the order to pay is made; The person who is holding the money; The bank

A

Drawee

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6
Q

The person to whom payment is ordered; The person who is getting the money

A

Payee

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7
Q

Requirements for Negotiable Instruments: Must be on material such that writing must be:

A

Permanent and Portable

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8
Q

Unconditional promise vs. Conditional promise

A

Unconditional promise is simply an express promise or order. Conditional promise requires a condition to be made.

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9
Q

An indorsement where you simply sign your name

A

Blank Indorsement

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10
Q

An indorsement that is indorse to a specific person(s); Ex.) “Pay to Leroy”

A

Special Indorsement

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11
Q

An indorsement without recourse; “Pay to Leroy Without Recourse”

A

Qualified Indorsement

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12
Q

An indorsement that is for deposit only; “For Deposit Only”

A

Restrictive Indorsement

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13
Q

A holder who takes a negotiable instrument by giving value and taking in good faith and without having notice that “anything is wrong with the instrument

A

Holder in Due Courses

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14
Q

The bank agrees in advance to accept these check when it is presented and to pay with money set aside from the customer’s account.

A

Certified checks

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15
Q

Who makes the request for certified checks?

A

The Bank’s customers

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16
Q

Someone pays the bank to issue these checks. The bank has no relationship with the person requesting this type of check.

A

Cashier’s check

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17
Q

Checks that have been outstanding for more than 6 months: the bank can or cannot pay it

A

Stale checks

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18
Q

The amount of a check over the amount of the money that the depositor has in his account

A

Overdraft

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19
Q

Characteristics of a Sovereign Nation

A
  • It is independent of other nations
  • It has an effective government
  • It has a permanent population
  • It has an identifiable economy
  • It has a defined territory
  • It engages in foreign relations
  • It is recognized by other sovereign states
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20
Q

Rights of Sovereign Nations

A
  • able to act independently of each other
  • are equal to other sovereign nations
  • are allowed the management of their own internal affairs
  • not subject to the compulsory jurisdiction of international law without consent
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21
Q

The most binding form of international agreement that exists

A

Treaties

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22
Q

The judicial branch of the United Nations; Also known as World Court.

A

International Court of Justice

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23
Q

Is there a single world legislative to enact international laws

A

NO

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24
Q

Is there a single executive power to enforce international laws

A

NO

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25
Is there a single judiciary power to resolve international disputes
NO
26
The concept of respect for each nation's actions
Comity
27
The General Agreement on Trade in Services
GATS
28
The basic concepts of GATT is to
Liberalize world trade by: * Tariff bargaining * Quantitative restrictive * Settlement of disputes
29
Most important point of the GATT
To achieve the fullest non-discrimination of trade practices possible
30
Kind of tariff that are assessed according to the value of the goods being imported
Ad valorem
31
Kind of tariff that are assessed according to the number of the goods being imported
Spcific
32
Kind of tariff that are assessed according to both the value and the number of goods being imported
Mixed
33
any thing besides a tax that raises the barriers for goods to be imported; Quotas, Enbargoes, marketing regulations, etc.
Non-tariff trade barriers
34
numeric limits as to the number of goods a country will allow to be imported in
Quotas
35
Phohibitions of transfer of goods or services to or from a country
Embargoes
36
The four Freedoms of the EU
The freedom of movement of people, goods, services, and capital
37
For a court's jurisdiction to be valid over a foreign defendant, there must be...
a connection between country and the alleged defendent
38
Law that is based in English history
Common Law
39
Law that is based in the civil code, originating in Persia centuries ago
Civil Law
40
reflects the privilages granted by vitue of the individual's membership in the political community
Citizenship
41
related to one's birthplace: privilages are acheived by birth in the political community.
Nationality
42
the process by which a person becomes a citizen
Naturalization
43
the international equivalent of the UCC
The Convention for Contracts for the International Sales of Goods (CISG)
44
clause that relate to who will bear the risk of loss if the shipment is destroyed
Risk of Loss Clause
45
clause that relate to the law that will be used in the event that a dispute arises
Choice of Law clause
46
clause that relates to the geographic location/court that will be used in the event that a dispute arises
Choice of forum
47
clause that relate to the language that will be used in the event a dispute arises
Choice of language
48
property that was voluntarily placed and then forgotten. Ownership does not change
Mislaid property
49
property that was involuntarily placed and left. Ownership does not change
Lost property
50
property that was left purposely. Ownership changes
Abandoned property
51
4 majors classifications of real property
* Land * Airspace (planes, zoning) * Materials below the surface (Minerals, Water, Oil) * Crops and timber
52
each owner owns an undivided interest in the property and when one owner dies, his share goes to his heirs
Tenancy in common
53
each owner owns an undivide interest in the property and when one owner dies, his share goes to the other owner(s)
Joint tenancy with right of survivorship
54
Tenancy that endsat the end of lease without notice; fixed term tendency
Tendency for years
55
tendency that is automatically renewed at the end of the lease period; a periodic tenancy
Tenancy from period to period
56
tendency without a lease. It can be ended without notice of either party
Tendency at will
57
Possession of land without rights
Tendency by sufferance
58
The government wants and takes your property, compensation is required
Eminent domain
59
The government does not want yet takes your property. Compensation is not required
Condemnation or confiscation
60
The law establishing the relationship and circumscribing the behaviors between the principal and agent
Agency law
61
This relationship forms when an employer hires an employee and gives him authority to act and enter into contracts on his behalf
Principal/Agent Relationship
62
This relationship forms when an employer hires an employee to perform tasks or services but the employee has not been authorized to act and enter into contracts on his behalf
Employer/Employee Relationship
63
This relationship forms when the principal hires an independent contractor who is not an employee
Principal/Independent contractor
64
duties of trust and confidence due by one party to another
fiduciary
65
express agreement with specific instructions in words, orally or in writing, between the principal and agent
Expressed agreement
66
implied by the cirucumstances; there is not express creation of the relationship
Implied agreement
67
a formal express agency agreement often used to give an agent the power to sign legal documents on behalf of the principal
Power of attorney
68
occurs when the agent had no authorization or when the agent "crossed the line"
Agency by ratification
69
occurs when a principal leads third person to believe another person is his agent when he is not
Agency by estoppel
70
Duty where the principal pay the agreed upon amount to the agent due to completion of duties
Duty of compensation
71
Duty where the principal pays for the agents expenses
Duty of reimbursement
72
Duty where the principal pays for the agent damages that occured on the principal behalf
Duty of imdemnification

BA 3010 (1 decks)

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