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270 Cards in this Set
- Front
- Back
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A _____ is an agreement between two or more parties that can be enforced in a court of law or a court of equity
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contract
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A contract can be enforced in a court of ___ or _____
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law or equity
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____ is an agreement between 2 or more parties, upon sufficient consideration, to perform or refrain from performing some act now or in the future
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contract
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T/F - contract law is different from tort law
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True - contract law deals w/ protecting promises that were made
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_______ - person making the promise or proposal to another to enter into the contract
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Offeror
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_______ - person to whom the offer or proposal is being made
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Offeree
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_________ contract - promise for a promise (ex. - offer car for sale to friend for $10000)
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Bilateral
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__________ contract - promise is for completion of a task (cash rewarded for return of lost dog)
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Unilateral
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_______ contract - terms of offer and acceptance specifically stated or written ("I'll sell my car for $500)
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Express
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_____ ___ ______ - requires that contracts for sale of land be written to be enforceable
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Statute of Frauds
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______ contract - terms of the contract are created by the parties conducted (shopping, doctor's visit)
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Implied contract
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Land contract has to be in _______
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writing
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_______ contract - "contract that is statutary" (ex. - land contracts, negotiable instruments, letters of credit)
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Formal
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_______ contract - contract which doesn't have requirements set by statutes. Can be WRITTEN or ORAL and can still be very specific.
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Informal
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Most contracts today are _______
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informal
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______ contract - meets the elements required to be enforced in court
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Valid contract
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_____ contract - one party to the contract may disaffirm the contract due to special circumstances (ex - minor engaging in contract w/ adult)
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Voidable
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________ contract - started as legal contract, but now cannot be enforced against one or both of the parties (ex. - bankruptcy)
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Unenforceable
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_____ __________ - will not be enforced in court. (ex - purpose of contract is illegal)
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void agreement
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________ contract - contract has been fully performed ($5000 for car - SOLD and given car)
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executed
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_______ contract - contract that has not been performed ($5000 for car - gave $5000 but didn't receive car)
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executory
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O
A C C L W |
1. Offer
2. Acceptance 3. Consideration 4. Capacity 5. Legality 6. Writing (if applicable) |
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______ is promise to do, or refrain from doing something now or in the future
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offer
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Requirement of an Offer
______ - person making offer must objectively want to be bound by the offer |
Intent
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T/F - offers made in jest, anger, or excitement do meet the test of intent
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FALSE - Do Not
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Requirement of an Offer
_______ - offer must have reasonably definite terms so that the parties can know the acts are necessary to perform their part of contract (where, when, how, who) |
Definite
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3 elements to look for to determine if contract has definite terms
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1. price
2. time limit 3. starting/ending dates |
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Requirement of an Offer
______ - contract must be _______ to the person for the contract to be legal. If person does the act without knowledge that contract or promise existed, contract is NOT enforceable (found dog, didn't know about reward) |
communication
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Requirements of an Offer
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1. intent
2. definite 3. communication 4. termination |
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Requirements for an Offer
An offer can be _____ by: revocation of the offer by the offeror, Rejection of the offer by the offeree, Counteroffer by the offeree |
Terminated
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T/F - once counter offer is made, original offer is now dead
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TRUE
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Most offers are _____ if they have not been accepted
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revocable
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An option and promissory estoppel are ________ offers
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irrevocable
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Rejection of the offer by the offeree
Rejection is effective when the _______ learns of the rejection |
offeror
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_____ ______ ____ - the acceptance must math the offer that has been made. Any variation is a counteroffer and the original contract is revoked.
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Mirror Image Rule
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Lapse of Time - if time limit has expired, offer becomes _____. (If no time stated, time limit is a "reasonable time" to accept
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revoked
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If the subject mater of the offer becomes illegal after the offer has been made, the offer is ______
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terminated
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T/F - if you buy a car for $500, but within that time the car gets stripped, the offer is terminated
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TRUE
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__________ - voluntary agreement, indicated by words or conduct, to the terms of the offer
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Acceptance
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T/F - only the person to whom the offer is made can accept the offer
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TRUE
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_______ contract - acceptance is evident because the act of acceptance is completed
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Unilateral
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_______ contract - acceptance must be communicated by words or conduct. Acceptance occurs when the return promise is given.
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Bilateral
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______ ______ - acceptance is effective when sent by the same manner in which the offer was made. Acceptance is effective when sent.
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Mailbox Rule
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Mailbox Rule
________ can state how acceptance is to be received |
Offeror
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Element of a Contract - Acceptance
Without _____ _______, the contract may not be enforceable (meeting of minds) |
mutual assent
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______ ________ - can't revoke the offer if the offeree in reliance on the promise changes his position in order to accept the offer
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Promissory Estoppel
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T/F - Mutual Assent still exists when there's fraud, mistake, duress, or undue influence
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FALSE - DOESN'T EXIST
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_________ - forced into contract by fear, or threat of physical or economic harm (if threat is illegal, contract is void. If economic harm, contract is voidable)
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Duress
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______ ________ - relationship caused one party to overcome the other party's free will to voluntarily accept. Question is whether the party had free will to enter into contract.
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Undue Influence
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T/F - a legally enforceable agreement must contain consideration
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TRUE
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Two Elements of Consideration
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1. one party must exchange something of legal value for the other's promise
2. the parties must bargain for and exchange the promises |
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In a ______ contract, each party is both promisor and promisee
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Bilateral
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T/F - Consideration - Must show either a legal detriment to the promisee or the promisor
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TRUE
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Elements of Consideration (Contract) - ____ ______ - promising to do something that he had no prior legal obligation to do or gives up a legal right
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Legal Detriment
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Elements of Consideration (Contract) - ______ ______ - receives something that he had no prior legal right to obtain
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Legal Benefit
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Elements of Consideration (Contract) ______ ______ _____ - there is NO consideration if you already had the legal duty to do or not to do something
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Prior Existing Duty
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Elements of Consideration (Contract) _______ ___ ______ - the type and amount of consideration will not be questioned unless claim of fraud or mistake arise. Go to the benefit of the bargain
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Adequacy of Consideration
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_____ ________ - a promise which the promisor should reasonably expect to induce action or forbearance on the part of the promisee..and which does induce such action or forbearance is binding if injustice can be avoided only by enforcement of the promise
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Promissory Estoppel
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To have a contract, the parties must have ______ ______, legal ability to enter into a contract
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Contractual Capacity
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____ contract is one that does not exist in the law and cannot be enforced
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Void
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_________ - one party to the contract has the right to avoid the legal obligation in the contract
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Voidable
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Contract entered into by a minor is _____ at the option of the minor. Minor may ratify the contract once he/she reaches the age of majority
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Voidable
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_______ - the subject matter of the contract must be lawful
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legality
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__________ contracts- contracts that violate law even if the contract is legal when it was created
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unenforceable contracts
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T/F - contract can be voided if obtained by fraud
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True
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elements of fraud
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1. misrepresentation of a material fact
2. knowledge that the fact was false 3. intent to deceive 4. reliance by the victim 5. damages suffered |
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_____ ______ ______ - sufficiency of writing: writing must give the material terms of the contract and be signed by at least one defendant. Courts usually require the name of the parties, the consideration offered, the subject matter and other material terms
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Parol Evidence Rule
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_____ _______ restricts the use of oral statements at trial when the evidence is contrary to the terms of the written contract
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Parol Evidence
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Parol Evidence
T/F - you can contradict, add or change terms of writing |
FALSE
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Parol Evidence
It limits any additional ______ if you have it in writing |
evidence
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Statute of Frauds - contracts in writing REQUIRED if:
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1. contracts involving land, included leases and sales
2. contracts that can't be performed within one year 3. collateral contracts - guarantor contracts |
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__________ - transfer of rights under contract to a third party
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assignment
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__________ - transfer of duties under the contract to a third party
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delegation
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______ __ _________ - discharged by full or substantial performance
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discharge by pefromance
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________ ________ _______ - parties may agree to discharge the contract. Settlement is example of this
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discharge by agreement
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_________ breach - performance substantially less than requirements of contract
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Material
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________ breach - breach occurs before contract takes place
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Anticipatory
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Discharge by Agreement
______ ___ __ ____ - agreement by one side not to sue the other side. Usually as part of a settlement |
Covenant not to sue
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Discharge by Agreement
_________ - outside party substituted for one of the original parties to the contract. The discharged party is no longer part of the contract. Without novation, the original party still on the hook. |
Novation
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Discharge by Agreement
_________ - both parties agree that contract should be terminated w/o performance |
Rescission
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This is the element of a contract that distinguishes it from a gift
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Consideration
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This is the element of a contract that distinguishes it from a gift
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Consideration
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_____ _____ is an enforceable promise without consideration
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promissory estoppel
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_____ _____ is an enforceable promise without consideration
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promissory estoppel
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A party claiming __________ has the burden of proving it
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incapacity
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A party claiming __________ has the burden of proving it
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incapacity
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Section 2 of the UCC covers ________
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commercial transactions involving goods
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Section 2 of the UCC covers ________
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commercial transactions involving goods
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______ are defined as all items that are movable at the time they are identified to a specific contract
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Goods
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______ are defined as all items that are movable at the time they are identified to a specific contract
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Goods
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T/F - goods don't include crops and livestock
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FALSE - DO
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T/F - goods don't include crops and livestock
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FALSE - DO
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T/F - goods do include money, securities, or negotiable instruments
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False - DONT
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T/F - goods do include money, securities, or negotiable instruments
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False - DONT
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Purpose of ____ is to provide clarity and uniformity in commerical transactions to ensure regularity and encourage business transactions with a minimum of confusion
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UCC
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Purpose of ____ is to provide clarity and uniformity in commerical transactions to ensure regularity and encourage business transactions with a minimum of confusion
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UCC
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____ UCC 2-104 - person who deals in goods or holds out himself or an agent employed as having knowledge about the goods or skills peculiar to the practices involved in the contract
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Merchant
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____ UCC 2-104 - person who deals in goods or holds out himself or an agent employed as having knowledge about the goods or skills peculiar to the practices involved in the contract
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Merchant
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UCC applies to contracts for the ____ ___ ______
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sale of goods
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UCC applies to contracts for the ____ ___ ______
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sale of goods
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____ under UCC occur when there is a passing of title from the buyer to the seller
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Sales
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UCC 2-401 says a person holds a title if....
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1. the good exists
2. the good has been identified by contract or description or number 3. question is when title passes |
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UCC
____ __ ______ - application of rules specific to a particular trade (ex. Baker's Dozen) |
Usage of Trade
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UCC
_____ ___ ______ - application of the way that previous contract provisions were interpreted and enforced by the parties (ex. "I need a bunch of ipods" - know "a bunch" means 100) |
Course of Dealing
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UCC
If no statutes apply when court looks at contract subject matter, the court will apply the ______ ___ |
common law
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UCC modifies the elements of a binding contract when the sale involves ____
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goods
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Under UCC, ______ may be made in any manner suffiecient to show agreement
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acceptance
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UCC 2-206 - _______ - an offer may be ______ in any manner and by any medium reasonable under the circumstances
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Acceptance
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Under UCC, ______ is effective when sent
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acceptance
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UCC
Order to purchase goods can be a ______ or ______ contract |
unilateral or bilateral
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______ has the obligation to communicate acceptance to the offeror within reasonable period of time or offer lapses. UCC 2-206
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Offeree
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T/F - UCC 2-204 - Offer DOES have to be definite and certain
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FALSE - DOESNT
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T/f - UCC 2-204 - If the parties intended to enter into a contract and a reasonably certain basis exists to find an appropriate remedy, the court will supply or clarify missing terms.
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True
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T/f - under UCC, firms ARE revocable
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FALSE - NOT REVOCABLE
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____ ______ is a signed offer to buy or sell goods for stated period of time or "reasonable time period"
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Firm Offer
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T/F - Under UCC, no consideration from the other side is needed
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TRUE
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T/F - UCC is different from other common contract laws b/c no consideration is needed from other side
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TRUE
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T/F - UCC modifies mirror image rule
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True
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T/F - UCC 2-207 - If contract is for goods and both parties are merchants, contract is formed when the offeree accepts the offer, even though his acceptance (confirmation form) modifies the original contract
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True
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Under UCC, new terms become part of contract if approved by the ________
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offeror
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UCC - if one of the parties is not a merchant, the contract is formed according to the _______ terms, not the additional language.
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offeror's
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UCC - New language is considered _______, and if offeror does nothing, new terms are rejected.
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Proposals
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UCC - contract for more than ___ has to be in writing
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$500
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UCC - between merchants, if a writing in confirmation of the contract is received and the party receiving it has reason to know its contents, it satisfies the writing requirements unless there is a written objection to its contents within ___ days
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10
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UCC _______ _______ - oral evidence allowed more often to clarify the disputed terms of a contract unless the court finds that the writing was intended to be the complete contract
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Parol Evidence
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UCC _______ _____ relaxes standard that they had under normal contract law
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parol evidence
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Under UCC, for firm offers no_________ from the other side is needed
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consideration
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Under UCC, the price is a ______ price
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reasonable
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UCC generally requires the contract ______ the quantity to be bought
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specify
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If delivery time not specified, the UCC states the time for delivery is to be a _______ _____
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reasonable time
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Under UCC, _____ is to be at seller's place of business
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delivery
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UCC
______ ______ - goods that have been manufactured and are tangible |
existing goods
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UCC
_____ ______ - existing goods tied to a particular contract |
identified goods
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T/F - UCC - seller CAN subsitute until it notifies buyer that specific goods have been identified to the contract
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TRUE
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T/F - UCC - Parties CANNOT negotiate on when title passes from the seller to the buyer
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FALSE - CAN
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T/F - UCC - Title cannot pass prior to the identification of the goods to a particular contract
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TRUE
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T/F - If nothing in contract about titles, UCC provides when title passes in various situations
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True
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UCC
_____ retains risk of loss until al duties under contract completed |
seller
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UCC
Contract for ____ _____ - once manufactured, they are identified when shipped, marked or otherwise designated by the seller |
future goods
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T/F - In the absence of a breach of provision where to deliver goods, risk of loss passes to buyer when seller delivers the goods, FOB to the carrier. Rule the same even if goods sent COD
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True
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UCC - If no documents, title passes at the time and place of _______ once the goods are identified to the contract
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contracting
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UCC - T/F - if buyer rejects, there is still a sale and title reverts back to the seller
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FALSE _ there is NO sale
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UCC - ____ has rights to inspect the goods before accepting
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Buyer
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UCC - ___ has right to revoke if the breach impairs value of goods
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buyer
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UCC - ____ basic obligation is to transfer and deliver goods to the buyer
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seller's
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UCC
T/F - Seller has right to cure an improper tender of goods |
True - if
1. time for performance under the contract has not passed 2. seller notifies the buyer of the intent to cure the defect 3. seller repairs or replaces the defective goods within the time allowed for performance |
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Warranty of Title UCC
____ Must warrant that it has good title to the goods they sell |
seller
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Warranty of Title UCC
can only sell whatever interest you have in the _____ |
goods
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UCC - ______ ______ ____ _________ - that the goods are reasonably fit for the ordinary purposes for which the goods are used..applies to merchants selling the product
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implied warranty of merchantability
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________ - defense may be available to the seller if the buyer actually examines the goods
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disclaimer
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T/F - Disclaimer modified by usage of trade and previous course of conduct
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true
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Remedies for Buyers
_____ - obtaining goods similar to the ones purchased from other sources. Can recover the difference and other damages |
Cover
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Remedies for Buyers
______ _______ - costs of transportation, reasonable charges, and commissions and expenses |
incidental damages
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Remedies for Buyers
______ _______ - loss of business profits. Requires knowledge by seller that business would close if there was a breach |
Consequential damages
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_____________ - if seller cannot perform the contract due to unforeseen circumstances, court will find no breach of contract (ex. sale of crops, construction projects)
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Impracticability
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4 main types of business enterprises
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1. sole propreitorship
2. partnership 3. limited partnership 4. corporation |
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______ - two or more people control the business and have an undivided(and perhaps unequal) ownership interest
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partnership
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______ - two or more people own the company. One person, the general partner has unlimited liabillity, the other partners have limited liability
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Limited partnership
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_____ - owned by sharedholders with board of directors controlling
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corporation
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Sole proprietorship considerations:
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1. license to collect taxes
2. trade name or fictitious name to be registered if not using own name |
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____ ________ - start doing business for a profit. Same considerations as sole proprietorship.
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General Partnership
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For corporations and limited partnerships, there are ________ requirements for creating these entities.
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statutory
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T/F - you DONT need state approval to start corporation or limited partnership
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FALSE - DO
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A ______ _______ can be oral or in writing
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general partnership
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While forming a general Partnership, it covers the following:
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1. basics
2. finances 3. management 4. dissolution |
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Partners owe a ______ duty to the other partners
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fiduciary
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T/F - Partner must act in good faith for the benefit of the partnership, even ahead of personal benefits
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TRUE
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T/F - in general partnerships, each partner has a EQUAL management and control responsibilites
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true
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Sole proprietorships and general partnerships have ________ liability
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unlimited
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In limited liability partnership, the ______ ______ is liable only to the amount of his investment
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limited partner
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Corporation - limited liability for _______
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shareholders
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____ ______ - no tax advantages and files no separate return
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sole proprietorship
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______ _______ - report income but pay no specific income tax. Income passes through to the individual partner
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Both partnerships
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______ have double taxation (disadvantage)
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corporations
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______ _______ -exists as long as the owner runs the business. What is normally sold is the assets of the business
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Sole Proprietorship
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______ ______ - dissolves when a new partner is added or current partner leaves the busienss. May continue under new entity
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Both Partnerships
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Financing
_____________ - obtain loan based on the personal and business assets of the owner |
sole proprietorship
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Financing
___________ - same as sole proprietorship. The difference is in how much a _____ partner will be liable for on the loan |
Both Partnerships - (limited partner)
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Financing
_________ - raises money by selling shares. Can also obtain loans based on the strength of the corporation. Issue is whether personal guarantees will be required. |
Corporation
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Partnership by _______ - lead 3rd party to believe a partnership exists
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estoppel
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Partnership agreement is by ______
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contract
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T/F - partnership does NOT have to be in writing
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True (but should)
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Statute of frauds requires writing if the partnership is to last for more than ____ year.
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1
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Without writing, it is a partnership at ____ and can be terminated at any time by one of the partners
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will
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Partnerships are funded through _______ _______, or credit or loans
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partner's contribution
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Each partner has ____ right to manage and control the partnership, including use of the property
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equal
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Each partner has a ______ duty to act for benefit of partnership
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fiduciary
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T/F - in partnerships, you dont need unanimous consent of partners on issues significanly altering the nature of the business
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FALSE - YOU DO NEED
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T/F - all partners are liable for entire amount of partnership debt.
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TRUE
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In partnership, liability based on _______ theory
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agency
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To satisfy judgement, look first to the _____ assets, then ____ assets
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1. partnership
2. personal |
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T/F - if new partner joins partnership, there are no personal liability for prior debts of partnership
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TRUE
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______ duration in partnership unless stated
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Indefinite
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Ending a partnership
________ - partnership discontinued but continues to proceed (does not mean business is automatically terminated, but may continue under new entity) |
dissolution
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Ending a partnership
_____ _____ - no new liability created. Complete transactions that were yet to be finished. Collect and preserve partnership assets, pay debts and prepare accounting |
Winding Up
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Ending a partnership
________ - assets distributed |
termination
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______ ______ consists of one general partner and one/more limited partners
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limited partnership
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______ _______ manage the day to day activities in limited partnership
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general partner
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_____ ____ and ______ authorized by statute
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limited partnership & corporation
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______ partners share profits according to the agreement, share losses to the amount they contributed
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limited
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_______ ______ has day to day control but cannot act contrary to the partnership certificate
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general partner
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T/F - limited partners have right to access books and records
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True
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T/F - limited partners dont have right to accounting of assets
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false
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T/f - limited partners dont have rights to receive share of profits
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false
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General partner has ______ ______
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unlimited liability
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Limited partner has ________ _______ to the amount of the contribution paid into partnership
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limited liability
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T/F - limited partner can be fully liable if he participates in the management of the partnership
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True
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T/F - limited partnership is a taxable entity
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FALSE - IS NOT
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State laws determine the __________ of incorporating the particular state (CORPORATION)
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advantages
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_________ corporation - corporation in the state it was incorporated in (Allstate in Illinois)
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domestic
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_____ corporation - all other states that the corporation will do business in (Scheels in NE)
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foreign
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____ corporation - corporation from outside the US doing business in the US
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alien
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_________ - persons who start the corporation. They prepare the filings and decide which state to file in
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incorporators
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_______ MUST file with the state the articles of incorporation. This is a public filing which defines and describes the corporation
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Incorporators
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After corporate charter is issued, incorporator elect the ______ __ _______
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board of directors
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______ are the governing documents of the corporation
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bylaws
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_____ ____ _____ meets and adopts bylaws
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board of directors
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Bylaws include
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1. management of the corporation
2. voting requirements for shareholders and directors 3. requirements for directors and officers |
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Corporations are person within the meaning of the ____ amendment
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4th (NOT THE 5th)
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T/F - corporations dont have status separate and apart from the shareholders
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FALSE - DO
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____ of the shareholder is the amount of his investment in the stock
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liability
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____ ____ ______ are responsible for policies and management in a corporation
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board of directors
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duty of ______ - follow the law, articles of incorporation and the bylaws
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obedience
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duty of _____ - fiduciary duty to the company. Can't personally profit from the business (insider trading)
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loyalty
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duty of ____ - act in good faith, reasonably prudent, in the corporations best interest
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care
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_____ are day to day operators of the corporation (Pres, CEO, CFO)
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managers
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_________ - corporation ceases its business, except those matters to complete the termination of the business
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dissolution
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_______ - assets are sold and converted to cash proceeds, to pay debts of the corporation and any surplus to the shareholders
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liquidation
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Corporation
_____ ___ _______ - company resolution to start the process of termination and liquidation. Filed with the state |
articles of dissolution
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______ _____ ______ - a creation of state law. Hybrid between corporation and partnership. Advantages are limited liability similar to corporation and favorable tax treatment of a partnership
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Limited Liability Companies
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T/F - in an agency law, the agent has the power to control the conduct of the principal
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FALSE - Principal has power to control agent
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_____ agent - someone who can do all acts legally granted to the agent (ex. power of attorney)
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universal
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______ agent - authorized to execute all transactions related to a business
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general
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_______ agent - authority for a specific contract (real estate agreement)
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special
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Agency coupled with an interest - ____ pays for the right to have authority for a business
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Agent
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_____ agent - agent volunteers to provide the service without any expectations of compensation
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gratuitous
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____ agent - agent authorized to delegate authority to other agents to assist the agent (Business agent - hires marketing, advertising, finance chair)
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subagents
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____ ___ ______ - common agency agreement. Grants a person authority to perform acts on your behalf. WRITTEN (ex. opening accounts, signing documents, making purchases)
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power of attorney
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T/F - agency agreements are contracts, and rules of contracts apply (statute of frauds)
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TRUE
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____ ___ ______ - if agent acts outside the scope of the agency agreement & without the authority of the principal. If principal approves the conduct of agent, then agency agreement is bound by what agent did.
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Agency by Ratification
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If principal approves and affirms the unknown conduct of the agent by word or action, the agency agreement it created by _______
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ratification
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_____ binds the principal to the act of the agent and relates back to the time of unauthorized act
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ratification
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______ ___ ______ - principal leads a third party to believe that another person is his agent. Principal will be barred from arguing that there was no agency relationship.
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Agency by Estoppel
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Agency by ____ ___ _____ may be determined by court when an emergency exists and principal is not available (Ex. hurricane coming, owner is out of town, manager boards up hotel)
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operation of law
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______ - _______ relationship: agent acts on behalf of and with the authority of the principal
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principal - agent
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____ - _______ relationship: employee's physical conduct is controlled by the employer (employee can also be an agent)
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employer - employee
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_________ authority - authority must come from the principal. Principal liable to third parties for agent's acts based upon that authority
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Derivative
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Scope of agent's authority comes from:
______ authority - power to act comes from agreement or operation of law |
actual
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_____ authority - granted orally or in writing stating the specific authority of the agent (I want you to sell my house)
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Express
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_____ authority - power that is inherent in the customary agency agreement "Do your job"
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implied
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____ authority called "title authority" because the apparent authority exists by virtue of the title the person holds
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Apparent authority
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T/f - professional agents DONT have to be licensed by state
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FALSE - DO
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AGENTS DUTY TO PRINCIPAL
duty of _____ - agent must use reasonable diligence and skill in performing the work |
performance
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AGENTS DUTY TO PRINCIPAL
duty of ______ - loyalty must be undivided. No personal dealings that detract form the good of the principal. Must act solely for the benefit of the principal |
loyalty
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AGENTS DUTY TO PRINCIPAL
duty of _____ - agent must obey all lawful and stated instructions of the principal. If nothing stated, must act in good faith. |
Obedience
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AGENTS DUTY TO PRINCIPAL
duty of _______ - agent must keep records and make available all property and money received or paid on behalf of the principal. Principal entitled to receive all gifts collected by the agent |
Duty of accounting
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AGENTS DUTY TO PRINCIPAL
duty of _______ - agent must notify principal of all matters that come to his attention concerning the agreement |
notification
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_____ knowledge - what the agent knows, the principal knows. Even if the agent didn't reveal info to the principal, the principal is presumed to know the knowledge
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Constructive
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Principals duties to agent
duty of ________ - payment (gratuitous agency - no payment) |
compensation
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Principals duties to agent
duty of ________ - pay the agent back. Indemnify agent for any losses except for losses due to negligence by the agent |
reimbursment
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principals are classified as..
________ - known to the third party when contract made with the agent Smith v. Russel |
disclosed
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principals are classified as..
____ ________ - third party knows agent is working for someone, but doesn't know the identity Smith v. Agent/Russell |
partially disclosed
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principals are classified as..
________ - principal is unknown and third party doesnt know that agent is acting as an agent Smith v. Agent....v. Russel |
undisclosed
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T/F - termination of agency relationships is the same as termination of contract laws
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TRUE
|
|
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Agency Relationships
If termination due to ______ __ _____, no duty to notify third parties |
operation of law
|
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Agency Relationships
If termination due to _____ ____ ______, third persons must be notified. Burden is on principal to notify. (Direct Notifaction best way) |
agreement by parties
|
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____ _____ - not an employee but may be an agent
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independent contractor
|
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T/f - person who hires IC has control over quality of final product, but NOT how it gets there
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TRUE
|
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T/f - employer not liable for negligence or intentional torts of IC
|
True
|
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T/F - UCC still requires to list # of goods you sell (quantity) unless usage of trade is involved
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TRUE
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