Business Law Comp Review 2

termination of a contract and substitution of a new one with same terms but new party

complete, written contract may not be modified by oral testimony unless evidence of fraud, accident, or mistake exists

total amount paid for credit

unilateral act of holder giving up rights in the instrument or against a party to it

government entity has authority to require name of a product be changed if misleads public regarding nature or quality

factor who sells on credit & guarantees to the principal that the purchase price will be paid by purchasor or by factor

individual has authorization that cover just 1 act, (buying house), or cover series of repetitious act like adm. tickets

public body with powers similar to corporations; school boards and boards of county commissioners

third party beneficiary for whom performance is a gift

order to produce record of case

judicial correction of a contract

which best describes a POA

a case of someone finding and taking possession of lost property is an example of

activity that is illegal regardless of its efffect

realty left by will

which of the following is a duty a principal has to an agent

difference between a sale and a contract to sell is that

a force majeure clause in a contract is a contract provision that excuses the performance by a party when

an agency is terminated by operation of the law if which of the following conditions

proportionate reduction in monetary bequest because of insufficient funds

distribution among heirs according to relationship of deceased

courts permanent order forbidding an action

refraining from doing something

one party lead second to false conclusion 2nd party relies on; the 2nd party would be harmed if later allow shown false

paper so firmly attached to instrument as to be part of it

obligation entered into before a court to do an act required by law

contract exceeding corporations powers

goods of a homogenous nature sold by weight or measure

maximum insurer pays for a loss

right to free property from lien of mortgage

agent that has been appointed by a sealed written auth. which states that the agent is to act in the principals behalf

monthly cash benefits made by the government to disabled people under the age of sixty five and their families

a principal owes which of the following duties to the agent

which of the following is an example of a bailment for the sole benefit of the bailor

which statements is true of contracts of agency

will written out by testator

which of the following tasks cannot be delegated to agent

addition to land by gradual water deposit

binding promise to hold an offer open

this act provides payments to the dependents of covered workers who die before retirement age

contract provision excursing performance when extraordinary

termination of a corporations operation except for activities needed for liquidation

the simplest form of stock and normal type insured, stock that entitles owner to vote for members of board of directors

agent with job of bringing two parties together

government entity/action may order a halt to the manufacturing of unsafe products

a person in relationship of trust and confidence

oral will made during last illness

the most common method of creating an agency is by

factor who sells on credit and guarantees price will be paid

private wrong for which damages may be recovered

termination of corporations operation except activities needed for liquidation

one who receives possession of ones property for the purpose of sale on commission

multiple ownership in which at death of one that share passes to remaining owners

a partner who takes no active part in the management of the business, but possibly may be known as a partner is

payroll tax used to pay the life insurance and annuity insurance benefits of the Social Security Act

factors del credere are

right of guarantor to be reimbursed by principal

to end or put to an end

one who receives anothers property for sale on commission

any contract entered into by a corporation that goes beyond its powers

negligent driver recovers if other driver had one last clear chance to avoid injury

of the following which is an agents duty to a principal

whether or not tenant has children

two or more people jointly liable for anothers obligations

act is designed to ensure safe and healthful working conditions

reorganization plan imposed by court in spite of creditors objections

which of the following is a duty of an employer towards an employee

when a contract can be terminated at any time by both an employer and employee, the situation is known as

repudiation of a voidable contract

party appointed by another to act in his/her name in forming contracts with third parties

person who receives a gift

normally, the agent or principal terminate the agency by

principle that court decision controls the decision of a similar future case

prohibition on doing business with government

writing that modifies a will

one receiving realty in will

let the buyer beware

law requiring certain contracts to be in writing

most important law governing employment discrimination & harassment on the basis of race, color, religion, sex & origin

oral testimony