Business Law Bankruptcy

insolvent unable to pay debts owed liquidation assets of company that has been brought to an end are divvied up among creditors and shareholders reorganization attempt to extend the life of a company facing bankruptcy through special arrangements and restructuring in order to minimize the possibility of past situations reoccurring. Read more…

Business Law Chapters 1-8

What is law? rules that regulate conduct of individuals, businesses, and other organizations in society What is the purpose of law? – intended to protect persons from unwanted interference from others -often fair -must be flexible -forbids persons from engaging in certain undesirable activities What are the functions of law? Read more…

Business law Business Organizations

Sole Proprietor (How is it taxed/liability) – An unincorporated business owned and run by one individual with no distinction between the business and the owner. – Because there is no distinction between the business and the owner, the business is not taxed separately from the owner. – Responsible for all Read more…

BUS 206 – Business Law

Primary Sources of Law Sources that establish the law. 1. The U.S. Constitution and the various state Constitutions. 2. Statutory Law – including laws passed by Congress, state legislatures, or local governing bodies. 3. Regulations created by administrative agencies, such as the Food and Drug Administration. 4. Case law and Read more…

AAMI – Business Law

Stare Decisis doctrine relying on previous decisions 2 types of powers found in the federal constitution express & implied Statutes adopted by federal and state government ordinances adopted by local government robbery taking property in the possession of another person against that persons will and under threat of bodily harm Read more…

Business Law Theories

Egoism rights or acceptable behavior in terms of its consequences for the individual Relativism holds the ethical behaviors are derived subjectively from the experiences of individuals and groups Utilitarianism is concerned with the greatest good for the greatest number of people Deontology focuses on the rights of the individuals, and Read more…

Business Law 2 Chapter 27 Vocab

Articles of Incorporation Application to a state for a corporate charter. Bond Written promises to pay back money borrowed by the corporation. Business Judgement Rule Rule that protects management and other parties involved in a corporation from being held personally liable (Criminally or civilly) for honest errors in judgment made Read more…

Business Law Today (Chapter 4)

actionable Capable of serving as the basis of a lawsuit. An actionable claim can be pursued in a lawsuit or other court action. actual malice The deliberate intent to cause harm, which exists when a person makes a statement either knowing that it is false or showing a reckless disregard Read more…

Business Law Chapter 7 Vocabulary

duress occurs when one party uses an improper threat or act to obtain an expression of agreement fraud intentional misrepresentation of an existing, important fact fraudulent misrepresentation party to a contract knows that a statement he or she made is untrue genuine assent agreement to enter into a contract that Read more…

Business Law Capacity

necessaries Items that are required to maintain life disaffirmance Refusal to be bound by a previous legal commitment minority The age of 18 or younger minors A name for people under the age of 18 emancipation The severing of the child-parent relationship age of majority The age of 18 in Read more…

Beatty Business Law Vocabulary

accord and satisfaction agreement to settle a debt for less than the sum claimed additional terms raise issues not covered in an affair adhesion contract standard form of contract prepared by one party and presented to the other side on a “take it” or “leave it” basis alternative dispute resolution Read more…