Test Answers on Business Law Flashcards

Chapter 15 – Managerial Accounting Review

Managers’ Activities and Responsibilities can be Classified into Three broad Functions: 1. Planning – requires managers to look ahead and to establish objectives. These objectives are often diverse: maximizing short-term profits and market share, maintaining a commitment to environmental protection, and contributing to social programs 2. Directing – involves coordinating a company’s diverse activities and […]

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IMBA International Business Law

Law rules of order that dictate some minimum expectation for how to live in a society for civility and reduced chaos with reasonable protections of rights and minimal interference of others rights Burden of Proof (2) obligation to prove one’s assertion, always rests on plaintiff Types of Law (2) criminal, civil Main civil theories (2) […]

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Business Law 1 (first exam review)

1. Jurisdiction The authority of a court to hear and decide a case. To make a legally valid decision in a case, a court must have both “subject matter jurisdiction” (power to hear the type of case in question, which is granted by the state legislatures and Congress). 2. Venue The appropriate location according to […]

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Business Law Vocabulary List (001)

Acquisition The process of taking possession of something, e.g., acquiring another business by purchasing it Annual report A document outlining the financial status of a business Asset(s) Anything of value that a business or individual owns Better Business Bureau A consumer organization that monitors complaints against businesses Business-format franchise A franchise arrangement in which the […]

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Business Law (Ch. 5 —> Ch. 12)

Contract Any agreement enforceable by law Equity Theory Exchange of items of equal value What do contracts do? Create both moral and legal obligations. Social Arrangements Are not contracts and not enforceable by law. (Prom date). Will Theory Wether the parties agreed to the terms set forth by the contract without duress. Formalist Theory What […]

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Business Law Definitions

Act Legislation adopted by Congress or a state legislature. Administrative Law The legal principles involved in the workings of administrative agencies with the regulatory process Breach of Contract A party’s failure to perform some contracted-for or agreed-upon act, or failure to comply w/ a duty imposed by law. Citation the reference identifying how to find […]

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Business Law Chapters 11-19 Test Answers

Promisor Person making the promise Promisee Person to whom the promise is made Objective Theory of Contracts intent to form a contract will be judged by outward, objective facts as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions Requirements of a valid contract Agreement, Consideration, Contractual Capacity, Legality Offeror […]

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Business Law Critical Test Answers

The characteristics of the law is that the law is: Powerful, Important, & Fascinating The sources of contemporary law is the: US Constitution, State Constitution, Statute, Common Law, Administrative, Treaties and Executive order The reason why one bothers with ethics is because: Society as a whole benefits by encouraging economic competition. People feel better when […]

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Business Law Cecilia Cook Test 4

4 Considerations for a Business Ability to raise capital, how easy it is to form, tax considerations, and liability Sole Proprietorship One owner, owner is the business. Sole Proprietorship Advantages Simplest form of business, very easy to form. 2/3 of all American businesses are this, no strict liability. Complete autonomy (all mine, all profits belong […]

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Business Law Terms

Consideration Parties must have this to be considered a contract Unilateral Contract formed by an offer on one side for an act to be done on the other, and a doing of the act by the other by way of acceptance of the offer; that is, a contract wherein the only acceptance of the offer […]

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Business Law – Funeral Service

Acceptance an agreement to an offer resulting in a contract Accord and Satisfaction an agreement made and executed in satisfaction of the rights one has from a previous contract Agent the party appointed by the principal to enter into a contract with a third party on behalf of the principal Alien Corporation one that is […]

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BUSINESS LAW GLOSSARY Test Answers

Acceptance an agreement to an offer resulting in a contract. Accord and Satisfaction an agreement made and executed in satisfaction of the rights one has from a previous contract. Agent the party appointed by the principal to enter into a contract with a third party on behalf of the principal. Alien corporation one that is […]

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Business Law II DSST #2

Fungible Being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind. Bona Fide “In good faith”. Warranty of Title Automatic and guarantees the title is legally owned by the seller, free of lien, and good in question is not an […]

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Business Law I: Chapters 1-9

Chapter #1 Law Protect persons and property through rules/principles and dispute resolution mechanisms. Business Law Rules governing commercial relationships, including the enforcement of rights. Breach of Contract Failure to comply with a contractual promise. Contract Law Rules that make agreements binding and therefore facilitate planning and enforcement of expectations. Litigation The process involved when one […]

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Business Law text and cases Chapter 2 Vocab

Judicial review process of determining whether laws or actions of other two branches are constitutional (checks and balances) Jurisdiction the official power to make legal decisions and judgments; before hearing case court must have jurisdiction over defendant or property involved in suit In personam jurisdiction personal jurisdiction over any person/business that resides in certain geographic […]

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Business Law- Ch. 20 Vocab

Decedent debts if a person who passes away Intestate people who die without a will Administrator personal representative of the estate Estate property of the deceased Restate to state or affirm again or in a new way Will The mental faculty by which one deliberately chooses or decides upon a course of action after death […]

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DePaul Business Law Midterm Review

Definition of Law ”a rule of civil conduct prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong” (William Blackstone) Functions of Law to maintain stability in the social, political, and economic system through dispute resolution, protection of property, and the preservation of the state, while simultaneously permitting […]

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Introductory Business Law (CLEP)

law a representation of a set of rules or principles established by government or other controlling body that members of society must follow and obey legal system a system of established laws civil law (code law) a legal system which has a single comprehensive code as the core of its law common law (case law) […]

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Business law 2: Key nouns

nominee назначенное лицо выдвинутый кандидат (на должность) franchise франшиза, особый контракт (на использование торговой марки) коммерческая концессия франшизное предприятие привилегия, льгота to grant a franchise предоставлять франшизу to have a franchise; to hold a franchise иметь франшизу to withdraw a franchise лишать франшизы nominee shareholder ombudsman омбудсмен, уполномоченный по рассмотрению жалоб breach нарушение acceptance акцепт, […]

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Business Law Terms Test Questions

Law A body of enforceable rules governing relationships among individuals and between individuals and society Breach The failure to perform a legal obligation Primary Source of law: A document that establishes the law on a particular issue, such as a constitution, a statute, an administrative rule, or a court decision Secondary Source of Law A […]

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Business Law Test

enforceable rules of conduct in a society laws laws that are grouped into an organized form code law based on the current standard or customs of the people common law law dictates by the central authority figure to prevent disputes and wrongs positive law power to decide a case jurisdiction fairness equity when constitutions are […]

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