Business Law For Mccabe Exam Ii

Front 1

The primary document that evidences corporate existence.

Back 1

Certificate of incorporation

Hint 1

Referred to as articles of incorporation in some states.

Front 2

The basic document filed with a designated state official by which a limited partnership is formed.

Back 2

Certificate of limited partnership

Front 3

In limited partnership, a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.

Back 3

General partner

Front 4

A joint undertaking of a specific commercial enterprise by an association of persons.

Back 4

Joint venture

Hint 4

Normally not a legal entity and is treated like a partnership for federal income tax purposes.

Front 5

A corporation that has met certain requirements as set out by the Internal Revenue Code and thus qualifies for special income tax treatment.

Back 5

S corporation

Hint 5

Essentially it is taxed the same as a partnership, but its owners enjoy the privilege of limited liability.

Front 6

The simplest form of business, in which the owners is the business; the owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.

Back 6

Sole proprietorship

Front 7

In contract law, the offeree’s notification to the offeror that is the offeree agrees to bound by the terms of the offeror’s proposal.

Back 7

Acceptance

Front 8

A meeting of the minds in regard to the terms of a contract.

Back 8

Agreement

Hint 8

Usually broken down into two events – an offer by one party to form a contract, and an acceptance of the offer by the person whom the offer is made.

Front 9

The failure, without legal excuse, of a promisor to perform the obligations of a contract.

Back 9

Breach of contract

Front 10

An agreement that can be enforced in court; formed by two or more parties, each of whom agrees to perform or to refrain from performing some act now or in the future.

Back 10

Contract

Front 11

An offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.

Back 11

Counteroffer

Front 12

Any misrepresentation, either by misstatement or omission of a material fact, knowingly made with the intention of deceiving another and on which a reasonable person would and does rely to his or her detriment.

Back 12

Fraudulent Misrepresentation

Hint 12

Fraud

Front 13

Knowingly and voluntary assent to the terms of a contract.

Back 13

Genuineness of Assent

Hint 13

If a contract is formed as a result of a mistake, misrepresentation, undue influence, or duress, it is lacking, and the contract will be voidable.

Front 14

A rule providing that an acceptance of an offer becomes effective on dispatch, if mail is expressly or impliedly, an authorized means of communication of acceptance to the offeror.

Back 14

Mailbox rule

Hint 14

on being placed in a mailbox

Front 15

An agreement between the parties to cancel their contract, releasing the parties from further obligations under the contract. The object of the agreement is to restore the parties to the positions they would have occupied had no contract ever been formed.

Back 15

Mutual rescission

Front 16

An act done before the contract is made, which ordinarily, by itself, cannot be a consideration for a later promise to pay for the act.

Back 16

Past Consideration

Front 17

A fictional contract imposed on parties by a court in the interests of fairness and justice.

Back 17

Quasi contract

Hint 17

Usually they are imposed to avoid the unjust enrichment of one part at the expense of another.

Front 18

A state statute under which certain types of contracts must be in writing to be enforceable.

Back 18

Statute of Frauds

Front 19

One for whose benefit a promise is made in a contract but who is not a party to the contract.

Back 19

Third party beneficiary

Front 20

The exclusive rights of authors to publish, print, or sell an intellectual production for a statutory period of time.

Back 20

Copyright

Hint 20

Differs from a patent or a trademark in that it applies exclusively to works of art, literature, and other works of authorship, including computer programs.

Front 21

A trademark in cyberspace.

Back 21

Cyber mark

Front 22

Property resulting from intellectual, creative processes.

Back 22

Intellectual property

Hint 22

Examples are: Patents, trademarks, and copyrights.

Front 23

A term that is used to indicate part or all of a business’s name and that is directly related to the business’s reputation and goodwill.

Back 23

Trade name

Hint 23

Trade names are protected under the common law (and under trademark law, if the name is the same as the firm’s trademarked property).

Front 24

A distinctive mark, motto, device, or implement that a manufacturer stamps, prints, or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known.

Back 24

Trademark

Hint 24

Once established (under the common law or through registration), the owner is entitled to its exclusive use.

Front 25

A principal whose identity is known to a third party at the time the agent makes a contract with the third party.

Back 25

Disclosed principle

Front 26

The lowest wage, either by government regulation or union contract, that an employer may pay an hourly worker.

Back 26

Minimum wage

Front 27

State statues establishing an administrative procedure for compensating workers’ injuries that arise out of or in the course of their employment, regardless of fault.

Back 27

Workers’ compensation laws

Front 28

Job-hiring and admissions policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.

Back 28

Affirmative action

Front 29

Identifiable characteristics reasonably necessary to the normal operation of a particular business.

Back 29

Bona fide occupational qualification (BFOQ)

Hint 29

These characteristics can include gender, national origin, and religion, but not race or color.

Front 30

In regard to employment relationships, a system in which those who have worked longest for the company are first in line for promotions, salary increases, and other benefits; they are also the last to be laid off if the work force must be reduced.

Back 30

Seniority system