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20 Cards in this Set
- Front
- Back
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Who is a merchant (there is 3 of them)?
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A. A person who deals in goods of the kind involved in the sales contract.
B. A person who, by occupation, holds himself or herself out as having knowledge and skill unique to the practices or goods involved in the transaction. C. A person who employs a merchant as a broker, agent, or other intermediary has the status of merchant in that transaction. |
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Define open-price term and open-delivery term?
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Open-Price term- If the parties have not agreed on a price, the court will determine a “reasonable price at the time for delivery”.
Open-Delivery term-When no delivery terms are specified, the buyer normally takes delivery at the seller’s place of business. Open-Payment term-When parties do not specify payment terms, payment is due at the time and place at which the buyer receive the goods. |
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List and describe 2 methods of acceptance?
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Any reasonable means-When the offeror does not specify a means of acceptance, the UCC provides that acceptance can be made by any means of communication that is reasonable under the circumstances.
Promise to Ship or Prompt Shipment-The UCC permits a seller to accept an offer to buy goods "either by a prompt promise to ship or by the prompt or current shipment of conforming or nonconforming goods". |
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What are 3 exceptions to the writing requirement of the statue of frauds?
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A.Specially Manufactured Goods
B.Admissions C.Partial Performance |
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What is a perfect tender rule? Give an example?
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The seller or lessor has an obligation to ship or tender conforming goods, and the buyer or lessee is required to accept and pay for the goods according to the terms of the contract.
Example: A company signs a contract to get 50 computers shipped to them by the 1st of October but the company only has 30 in stock. The company will get another shipment in 2 weeks. The company deliverers the 30 computers with a statement saying the will delivery the rest in 2 weeks. The buyer can then reject the whole transaction. |
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What are the remedies of a seller when a buyer breaches a contract?
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A.The right to cancel the contract.
B.The right to withhold delivery. C.The right to resell or dispose of the goods. D.The right to recover the purchase price or the lease payments due. E.The right to recover damages. |
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List the defenses to product liability?
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A.Preemption
B.Assumption of Risk C.Product Misuse D.Comparative Negligence E.Commonly Known Dangers |
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The UCC specifies 4 types of negotiable instruments?
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Drafts, checks, Promissory notes, and Certificates of deposit
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For an instrument to be negotiable it must meet what requirements?
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A.Be in writing.
B.Be signed by the maker or the drawer. C.Be an unconditional promise or order to pay. D.State a fixed amount of money. E.Be payable on demand or at a definite time. F.Be payable to order or to bearer, unless it is a check. |
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List the criteria used in courts to employee status?
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1.How much control can the employer exercise over the details of the work?
2.Is the worker engaged in an occupation or business distinct from that of the employer? 3.Is the work usually done under the employer’s direction or by a specialist without supervision? 4.Does the employer supply the tools at the place of work? 5.For how long is the person employed? 6.What is the method of payment-by time period or at the completion of the job? 7.What degree of skill is required of the worker? |
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What are the agents duties to the principle?
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Performance, notification, loyalty, obedience, and accounting.
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How may an agency be terminated by the parties?
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A.Lapse of time
B.Purpose Achieved C.Occurrence of a Specific event D.Mutual agreement E.Termination by one party F.Notice of Termination |
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What are the provisions for child labor under the FLSA?
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Children under 14 are allowed to do certain types of work such as deliver newspapers, work with there parents, and work in the entertainment and (with some exceptions) agricultural areas. Children 14 to 15 are allowed to work, but not in hazardous occupations but there is restrictions on how many hours they can work per day and week.
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What is covered under FMLA and what are the benefits for those covered?
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To allow private and public (government) employees to take time off from work for family or medical reasons. Benefits are to allow employees with up to 12 weeks of unpaid family or medical leave during any 12 month period.
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List 3 types of businesses and give advantages and disadvantages of each?
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A.Sole Proprietorship- Adv. All profits; Disadv. Liability
B.Partnership-Adv. Share profits and losses, joint ownership; Disadv. Joint management C.Limited partnership- Adv. Liability; Disadv. Not involved in management |
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Discuss how a corporation is formed?
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1.Select a State of incorporation.
2.Secure the corporate name by confirming its availability. 3. Prepare the articles of incorporation. 4.File the articles of incorporation with the secretary of state accompanied by payment of the specified fees. |
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Describe 3 ownership interests in real property?
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Ownership in Fee Simple-owner has the greatest aggregation of rights, priveleges, and power possible
Life Estates-lasts for the life of some specified individual Nonpossessory Interests-easements, profits, licenses |
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Discuss 4 methods of transferring ownership in real property?
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1.Gift-require deeds
2.Will or Inheritance-property that is transferred by an owners death 3.Possession-obtaining title to land without delivery of a deed 4.Eminent Domain-Condemnation power of Government to take land for public use |
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4 areas of concern between landlords and tenants?
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Possession, use, maintenance, rent of leased property
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What is Tenancy at Will? Adv. Disadv?
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When a leasehold interest is created in which either party can terminate the tenancy without notice. Adv. The leasehold can throw out
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