LWC1 – Fundamentals of Business Law ; Ethics – Flashcards

philosophy that the courts should take an active role in solving problems

no

a one-sided agreement whereby you promise to do (or refrain from doing) something in return for a performance (not a promise)

oral proof of contract terms which are not contained within the written contract document

(law) the replacement of one obligation by another by mutual agreement of both parties

a contract provision that specifies what will happen in case of breach

the requirement that the goods delivered exactly meet the contractual specifications

Each party that transfers an instrument and receives consideration warrants that: 1. they are entitled to enforce the instrument, 2. that all signatures on the instrument are authentic and authorized, and 3. the instrument has not been altered, and 4. that no defense or claim of any party is good against the warrantor, and 5. that the warrantor has no knowledge of any insolvency proceeding that has been instituted against the maker, acceptor, or drawer.

A good faith purchaser, without knowledge that the sale is in violation of the security interest, who buys goods in the ordinary course of business from a merchant, other than a pawnbroker, will TAKE FREE OF ANY SECURITY INTEREST (even a perfected security interest).

A court's grant of assistance to a complainant. In bankruptcy proceedings, the order relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.

Some states require that an authorized agent's agreement be in writing

part of 1964 Civil Rights Act - prohibits discrimination on the basis of race, color, religion, sex, or national origin; also prohibits discrimination against an individual because of his or her association with another individual of a particular race, color, religion, sex, or national origin

The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved, it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.