Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
27 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
Being in accordance with the accepted principles of right and wrong that govern the conduct of a profession
|
Ethical Behavior
|
|
|
|
What is Professionalism?
|
Professional status, methods, character, or standards
|
|
|
|
Learning what is right or wrong, and then doing the "right thing"
|
Ethics
|
|
|
|
Knowing what is right or wrong in the workplace and then following the principles of what is morally right.
|
Business Ethics
|
|
|
|
The rate at which goods or services are produced especially output
per unit of labor |
Productivity
|
|
|
|
Deception deliberately practiced with a view to gaining an unlawful or unfair advantage; artifice by which the right or interest of another is injured; injurious stratagem; deceit; trick
|
Statute of Frauds
|
|
|
|
What is Duress?
|
Duress is
a. Coercion illegally applied. b. Forcible confinement |
|
|
|
In law, an agent is a person authorized to do some act or acts in the name of
another |
His principal
|
|
|
|
Are used in Article 3 of the Uniform Commercial Code (UCC); and is mainly governed by state statutory law
|
Negotiable instruments
|
|
|
|
Define Negotiable instruments
|
A negotiable instrument is an unconditioned writing that promises
or orders the payment of a fixed amount of money. |
|
|
|
Name two categories types of Negotiable instruments
|
Drafts and notes
are the two categories of negotiable instruments. |
|
|
|
This is an instrument that orders a payment to be made
|
A draft (check)
|
|
|
|
Every state has adopted Article 3 what is it?
|
Uniform Commercial Code (UCC),
|
|
|
|
This type of instrument promises that a payment will be made by a given time
|
A note
Certificates of deposit (CD's) are notes |
|
|
|
Name some of the negotiable instruments that do not meet the requirements stated in Article 4a and Article 8 of the UCC
|
a) Article 4A dose not include:
Money or payment orders governed by fund transfers b) Article 8 dose not include: Investment securities. |
|
|
|
This rule does not allow a property owner to transfer rights in a piece of property greater than his own.
|
The rule of derivative title
|
|
|
|
Is part of the UCC and provides for warranties to protect the parties in transactions involving negotiable instruments.
|
Article 3
|
Example: A good faith
purchaser, who does not have any knowledge of a defect in the title or claim against it, takes title to the instrument free of any defects or claims |
|
|
Checks are considered negotiable instruments but are mainly covered by this article of the UCC
|
Article 4
|
|
|
|
In the common law, it is considered a wrong for which the law provides a remedy
|
A tort
|
|
|
|
Is the body of civil law or private law that covers the various legal (money damages and equity remedy) which the law provides for civil wrongs arising from extra-contractual liability, i.e., other than those wrongs which arise from a breach of contractual obligations.
|
The "law of torts"
|
|
|
|
Under United States law, torts are generally divided into two categories. What are they?
|
intentional torts and non-intentional torts
|
|
|
|
These actions are intentional and voluntary and include: battery, assault (apprehension of harmful or offensive contact), false imprisonment, intentional
infliction of emotional distress, the real property tort of trespass to land, and the personal property torts of conversion and trespass to chattels. |
Intentional torts
|
|
|
|
This tort is a form negligence which is considered most common source of litigation in most American courts.This form of extra-contractual liability is based upon a duty of care of a reasonable person, who, being the proximate cause of damages, and but for the tortfeasor's act, is the cause of damages to the plaintiff. Other non-intentional torts include negligent infliction of emotional harm.
|
Unintentional torts
|
|
|
|
What are some of the remedies for torts?
|
Remedies for torts can take the form of:
"compensation" for damages or injunctive relief. Remedies for a criminal prosecution would usually result in the: "imposition of a sentence", such as a fine and/or incarceration |
|
|
|
Provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors
|
Bankruptcy law
|
|
|
|
Bankruptcy Law
|
Is federal statutory law contained in Title 11 of the United States Code.
U.S. Constitution Article I, Section 8. States may not regulate bankruptcy though they may pass laws that govern various aspects of the debtor-creditor relationship. |
|
|
|
What are the two basic types of Bankruptcy proceedings?
|
A filing under Chapter 7 is called liquidation
Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. Bankruptcy proceedings under Chapters 11, 12, and 13 involves the rehabilitation of the debtor to allow him or her to use future earnings to pay off creditors |
A bankruptcy proceeding can
either be entered into voluntarily by a debtor or initiated by creditors |
