ACCT 215 Exam 4
secondary boycott
A ...is a practice by union employees who threaten adverse actions such as a strike or a refusal to work with a second company that does not have a dispute with the union
nexus
A ...is a substantial presence in a state
value-added tax (VAT)
A ...is a tax assessed against the value added by a manufacturer or a distributor
sales tax
A ...is a tax levied on the gross price of a sale of a good or service
general agent
A ...is an agent who has the authority to provide all the business services a principal would need for a given purpose or at a given location
closed shop
A ...is an employer's requirement that an employee be a member of a union before being hired
trade fixture
A ...is an item of personal property attached by a tenant who wishes to carry out a trade or business in a leased area
life estate
A ...is an ownership interest that will lapse at the time the owner dies
joint tenancy with right of survivorship
A ...is an ownership interest where two or more persons own an undivided interest in property
debt collector
A ...is anyone who routinely collects debts that are owed to another party
merchant
A ...is defined in most states as someone who routinely sells goods of this nature or holds himself out as having specific knowledge or skill related to the product
gift
A ...is different from a sales contract since a ...requires no consideration
gift causa mortis
A ...is given by a donor who believes death is imminent
gratuitous agency relationship
A ...is one in which the agent is not compensated by the principal
partially disclosed principal
A ...is one whom the agent does not disclose the identity of to a third party but does inform the third party the agent is acting on behalf of a principal. If an agent represents a partially disclosed principal, state law differs from state to state on whether the agent may be held liable for breach of contract on the part of the principal
secured debt
A ...is one, where in addition to suing on the borrower's promise to pay, in the event of default, the lender can also take possession of specified collateral because the creditor has a security interest in those assets
tenancy for years
A ...is tenancy that ends after a certain date. A tenancy for years does not require notice the tenancy will be ending
donor, donee
A ...is the person giving a gift to a recipient who is the...
cease and desist
A ...letter informs a party they are engaging in unlawful behavior and must immediately stop such actions
warranty deed
A ...makes the promise the seller has good title free from lien or owner-ship claims by another party
fee simple
A ...ownership interest is an estate of land that may last perpetually
corporation's
A ...taxable income is assessed an income tax by the federal government as well as the state government if the state in which it derives taxable income has an income tax
fully disclosed principal
A ..is one whom an agent discloses the existence and identity of to a third party. A fully disclosed principal alleviates the agent from liability from third parties in regard to contractual breach
Chapter 13
According to the textbook, which of the following chapters is only available to individuals and not corporations?
A marketing call to Tim's cell phone made by Tiffany who manually dialed his phone number
According to the textbook, which of the following marketing calls would be lawful under federal law?
Prima facie
...is a Latin term meaning "on first appearance" and has the effect of creating a presumption the party has met their burden of proof with the evidence provided
Business necessity
...is a defense allowed by courts in regard to a claim of disparate-impact discrimination
Disparate treatment
...is intentional discrimination
National origin
...is interpreted as encompassing those who are born in a certain nation or descendants of someone who was born in a certain nation
Abandoned property
...is property that an owner intentionally leaves or discards
Direct marketing
...is the process by which marketing is made directly to a consumer
Bankruptcy
...of a principal will terminate the agency relationship. The bankruptcy of an agent may terminate an agency relationship as well in certain circumstances if the agent's financial situation is of importance to the agency
Chapter 11
...of the Bankruptcy Code is designed to allow debtors the opportunity to reorganize their debts instead of liquidating their assets
LLCs create flow through taxation and limited liability for their members
An LLC may be more favorable than a corporation without an S election for an entrepreneur because
nonprofit
A ...business entity is a business entity that does not intend to make a profit, as it spends its revenues and other sources of income on its designated programs
sole proprietorship
A ...cannot have more than one owner
union shop
A ...does not require union membership before an employee can be hired but it does require the employee eventually join the union
voluntary petition
A ...is a bankruptcy petition filed by an individual or business at their own option
sole proprietorship
A ...is a business that has no separate legal existence from its single owner
common carrier
A ...is a carrier who agrees to carry property or persons for anyone who requests
bona fide occupational qualification
A ...is a defense that employers can raise by proving their discriminatory policy is necessary to the normal operation of a business
will
A ...is a legal document that governs the distribution of property of a person upon their death
deed, grantor, grantee
A ...is a legal instrument that allows the ...., person transferring an interest in real property, to transfer an interest in real property to a ...., the person to whom the ownership interest in real property is being transferred
debtor
A ...is a party who owes money to another
fixture
A ...is a piece of personal property that has been attached to real property in such a manner that the personal property becomes a part of the real property
devise
To ....property means to transfer ownership by use of a will
vest
To ...means to achieve the requirements for non-forfeiture of an employment benefit
convey
To ...property means a grantor transfers legal title to a grantee
Held by the Debtor in Possession to operate the business or be liquidated for the benefit of creditors
What happens to assets in a Chapter 11?
Revested back in the Debtor.
What happens to assets in a Chapter 13?
Liquidated by the Trustee
What happens to assets in a Chapter 7?
Plan of reorganization is proposed to allow for repayment of creditors while business continues to operate.
What happens to debt in a Chapter 11?
Payment plan to repay debts based on equity in assets and disposable income. Remaining debt discharged.
What happens to debt in a Chapter 13?
Proceeds of liquidation of assets used to pay off debt; remaining debts are generally discharged. Reaffirmation also possible.
What happens to debt in a Chapter 7?
Advertising which misleads a consumer about a material fact
What is deceptive advertising?
Joint liability
What is it called when all partners share liability, but any one partner can be required to pay the full amount of debt?
Double taxation
What is one of the disadvantages of forming a corporation?
Order for relief granted or petition dismissed
What is the second step in the process for filing bankruptcy?
8am-9pm
What is the time frame that telemarketing calls can be made within to a personal residence?
Claims arising from certain fraud or willful misconduct Fines, penalties, and taxes due to the government Most student loan obligations
What items aren't dischargeable in bankruptcy?
Federal bankruptcy courts
What kind of courts hear bankruptcy cases?
Respondeat superior
What might a court use to hold employers liable for the actions of employees when the employee is acting within the scope of their employment?
Employees to turnover lost property to employer
What might some states require with lost property?
State Law
What often dictates how ownership passes for certain items such as a car or real property?
Automatic stay
What prevents creditors from starting proceedings such as a repossession proceeding?
Montana
What state does not apply "employment at will"?
Whistleblowing
What term describes an employee's disclosure to government, the press, or upper-management authorities that their employer is engaged in unsafe or illegal activities
S Corporation
What type of corporation must have fewer than 100 shareholders, a single class of stock and only individuals or certain trusts as shareholders?
Strike
When a union and an employer cannot reach a collective bargaining agreement, a ________ may occur
They collect the assets of the debtor to redistribute them
When filing for bankruptcy what role does a trustee play?
vesting
When the requirements have been met so that an employee is guaranteed benefits under their pension plan, this is called...
Federal Communication Commission
Which agency regulates communication made through television, radio, and telephone?
Chapter 12
Which chapter of bankruptcy applies to adjustment of debts for family farmers and family fisherman?
Chapter 13
Which form of bankruptcy is the least complicated to file?
Limited liability
Which is NOT an advantage to a sole proprietorship?
Number of servings
Which is an element of the minimum requirements for food packaging created by the Nutrition, Labeling, and Education Act of 1990?
Claims arising from certain fraud or willful misconduct Fines, penalties, and taxes due to government Most student loan obligations
Which items are not dischargeable in a bankruptcy proceeding?
Requires the clear disclosure of all credit terms
Which of the follow is true regarding Regulation Z?
Express agency
Which of the following agencies would arise from a written agreement creating the agency relationship?
C Corporation S Corporation
Which of the following allows a company to raise capital by issuing stocks
COBRA
Which of the following allows workers to purchase health insurance through an employer-sponsored health insurance program after they leave employment with their employer?
When a protected group of people is adversely affected by an employer's employment practices
Which of the following best describes disparate-impact discrimination?
In re Jha
Which of the following cases, involved a legal issue arising because an automatic stay was violated?
ERISA
Which of the following created the popular 401(k) programs?
Federal tax debt
Which of the following debts would be least likely to be discharged as part of a chapter 7 bankruptcy proceeding?
Deceptive advertising
Which of the following does the textbook define as omitting a fact or misrepresenting a fact that may mislead a reasonable consumer?
Insanity Impossibility Death
Which of the following events would terminate agency authority automatically?
Individual has worked for the hiring firm for a long period of time
Which of the following factors would indicate to a court that an individual is an employee and not an independent contractor?
Closed shop
Which of the following has been made unlawful under federal employment law?
Trustee
Which of the following is a court appointed official?
Social security
Which of the following is a government sponsored program which provides workers with a wage supplement when they retire?
Unemployment compensation
Which of the following is a program for workers who are let go for no fault of their own and is sponsored by both the federal government and the state governments?
Strike
Which of the following is a term used to describe the process by which workers voluntarily leave their job in order to help their union gain an advantage in negotiation with their employer?
Businesses may take unnecessary financial risks because they know they can file bankruptcy
Which of the following is an argument against allowing for federal bankruptcy as a form of a relief?
Principal must grant agent the power to represent her on her behalf
Which of the following is necessary to create an agency relationship?
The stockholders don't ever pay income taxes
Which of the following is not an advantage of a C Corporation?
Mandatory vacation time
Which of the following is not provided for by the Fair Labor Standards Act?
Employee is fired for being in a protected class Employee is fired for being a whistleblower Employee is fired but can prove they were part of an implied-in-fact contract
Which of the following is provided by the textbook as a reason an employer may face liability for firing an at-will employee?
It is irrevocable once completed
Which of the following is true regarding a gift inter vivos?
Corporations may file under chapter 7
Which of the following is true regarding chapter 7 bankruptcy filings?
Purpose achieved
Which of the following means Kerry will no longer be Mike's real estate agent once she finds Mike a house to buy?
Reporting an unpaid debt to a credit rating agency
Debt collection agencies are prohibited from doing all of the following, except
Derrick will have ownership of the ring if Aimee intended to abandon it
Derrick is walking in the park one day when he finds a diamond ring laying in the grass. The diamond ring was thrown into the grassy area by Aimee who had broken up with her fiancé hours earlier. Aimee had broken up with her fiancé when she found out he did not want to have a dog after they got married. Based upon these facts alone, which of the following statements is true under the common law?
Depending on their agreement, most courts would state the agency relation-ship was terminated
Dexter hire Melissa to purchase an industrial-sized oven for Dexter's new restaurant business. Melissa is then informed Dexter did not receive a license from his city to operate a restaurant. ......when Melissa had notice Dexter would not be opening a restaurant as this would frustrate the purpose of the agency relationship
amount of money a franchisee must pay in the form of an upfront investment and/or royalties
Disadvantages of a franchise contract often include the....
To be a member of a protected class
Disparate-Treatment discrimination requires a person:
Yes, under all circumstances
Do you have to take a drug test if your employer asks for one?
Buyer's remorse
Door to door sales my be subject to a cooling off period referred to as:
Duty to abide by orders
Even if an agent thinks she knows a better way of accomplishing a task, she must follow the directions of the principal
Open and notorious possession
For a person to show adverse possession they must meet which of the following requirements?
Defendant intentionally told an untruth Material fact was used that made a difference in the decision making process Plaintiff was justified in relying on the misrepresentation
Fraud requires a plaintiff to prove which of the following?
1) Easy to form 2) Partners can pool capital and share responsibility 3) No double income taxation 4) Ability to use partnership debt to increase the use of losses at the individual level subject to certain income tax limitations
General partnership advantages
1) Unlimited liability 2) Partners may face Social Security and Medicare taxes on all profits
General partnership disadvantages
An employee who finds property in some states must turn the property over to his or her employer
General rules regarding lost property (1)
A guest at a private home must generally turn the property over to the homeowner
General rules regarding lost property (2)
State law may impose duties on the finder of lost property such as requiring the finder to advertise the found property in an attempt to locate the true owner
General rules regarding lost property (3)
Age Discrimination in Employment Act
Gilbert is sixty-seven years old and applies for a job at Quick Decision Corp. Quick denies his employment application and hires Patricia who is only forty-three years old. Quick informs Gilbert that he was not hired because he was "too old and probably not going to work for very many years before retiring." Gilbert has faced an adverse employment decision based on his age and he has a claim under the....
undisclosed principal
Hailey is interested in buying a piece of property next to her business. Assume the owner of the land dislikes Hailey because her customers almost always park on his land. Hailey hires her friend Mark to approach the seller as her agent. She tells Mark not to disclose the fact he is working on behalf of a principal. Mark follows her instructions and signs a purchase contract with the seller. Hailey is an ....in this situation and Mark would be liable to the seller for contractual breach if Hailey changes her mind and decides not to purchase the land
disclosed principal
Hailey is interested in buying a piece of property next to her business. Assume the same facts but when the seller asks Mark if he is acting on behalf of a principal, Mark says he is acting on behalf of a principal. The seller refuses to sell the land unless he discloses the name of the principal. Mark does and the seller raises the price, but the purchase price is still within the price range Hailey agreed to pay, so Mark signs the contract. Hailey is now a ..., and as a general rule, Mark will not be subject to liability for breach of contract by Hailey if she refuses to purchase the land
partially disclosed principal
Hailey is interested in buying a piece of property next to her business. Assume the same facts except the seller asks Mark if he will use the land or whether he is actually acting on behalf of a principal. Mark cannot lie and says, "I am acting on behalf of a principal but I can't disclose their name." The seller agrees to sign the purchase contract. Hailey is now a ....and Mark may be liable for breach of contract if Hailey refuses to buy the property. Mark's liability will depend on the applicable state law
Hostile-Enviornment
Hannah and Joe work at a bank. Joe has a crush on Hannah. Joe is always asking her out on dates. He will also put his hand on her back when they talk. She is married and it makes her uncomfortable. She goes to talk to her boss about the situation and her boss agrees to talk to Joe about stopping. After two weeks, Joe still has not stopped even though Hannah has brought her concerns to the boss twice more. What kind of case does Hannah have?
agency by estoppel
Horace is a successful businessman. He volunteers to participate in a mentorship program. He is paired with Silva. Silva is a very bright and promising young professional. Horace takes Silva to meet each one of his customers. While meeting with his customers, Horace makes statements such as, "Silva is the brightest young professional I know. I hope she will take over my business someday." He makes other statements of praise and his customers start to believe Silva is in his employ and has authority to act as his agent. An ....may have been created by Horace.
Voluntary Involuntary
How it is initiated in a Chapter 11?
Voluntary
How it is initiated in a Chapter 13?
Voluntary Involuntary
How it is initiated in a Chapter 7?
gift inter vivos
However, Rick can then make a ...to Luke if he so wishes
reasonable
However, if Farmer Brown attempts to transport the water and irrigate a field far from his house, the use might not be considered ....by a court
Lost property
If Alex's phone falls from his bag on the way to the gym, what is this called?
A fraudulent transfer
If Frank sells his car to a friend for $5 before filling bankruptcy, what did he commit?
secured claim, unsecured debt
If Mike buys a $2,500 flat screen television from Appliance Retail Company and grants Appliance Retail Company a security interest in the television. Eventually Mike finds himself unable to make his debt payments He files bankruptcy. At the time he files bankruptcy he owes Appliance Retail Company $2,000. However, the television is only worth $800. Appliance Retail Company's ...is limited to $800, the value of the television serving as collateral. The remaining debt of $1,200 ($2,000 debt - $800) would be considered...
use tax
If Rhonda were to purchase a new television from an Internet retailer, she would be responsible for paying a ...if the Internet retailer did not collect the appropriate sales tax from her
$1.45
If Rick earns $100 of wages, he will also owe ....of Medicare tax in addition to his $6.20 of Social Security tax. His employer will have to pay a matching amount of Medicare tax. Rick's net paycheck after taxes are withheld would be $100 - 6.20 - .... = $92.35. Rick's employer would also have to pay a matching amount of $6.20 and .... of Social Security and Medicare tax to the government.
Bailment
If Tricia takes her car to a mechanic for repairs Tricia has created a...?
Farmer Brown and Farmer McDonald store their soybeans in the same storage bin. Each maintains a proportionate interest but loses the ownership interest in the actual soybeans they placed in the storage bin
If X and Y commingle their goods, then both become owners of a proportionate share (general rules in regard to creation of property)
Marissa finds what she believes to be an abandoned wheel from a car. The wheel is worth about $10 and the true owner is Daniel. If Marissa adds a significant amount of materials and labor making the wheel a home decoration worth $1,000, Marissa is awarded ownership although she may be liable to Daniel for the amount of $10
If Y adds labor and materials to the property of X, Y becomes the owner as long as the amount of labor and materials added by Y were substantial and Y was acting in good faith (general rules in regard to creation of property)
David fixes Amy's car by adjusting the engine settings. Amy is still the owner of the car. However, Amy may be liable to David for compensation for services
If Y adds labor to X's materials, X is considered the owner unless Y substantially in-creased the value of X's materials (general rules in regard to creation of property)
Optional Sales Tax
If a city has been affected by an earthquake they may impose a what to help recover?
$0
If bank is notified of a lost ATM card immediately, how much are you liable for?
Death or incapacitation of party
If either the principal or agent dies or becomes incapacitated, then the agency terminates
Just Compensation
If the Government is planning on confiscating land for public purposes they must provide _________ ?
the union becomes the official bargaining representative of the workers
If the National Labor Relations Board certifies a union...
the hiring individual or business will be responsible
If the activity to be performed by the independent contractor is inherently dangerous,....
FTC
If your identity is stolen which government agency should you contact?
actual authority
Implied authority and express authority are often referred to as ..since the principal actually gives authority to the agent before the agent acts on her behalf
continuous
In Iowa, a party must adversely possess property for a period of ten years. The ...requirement means if Jake, an Iowa resident, moves off the land he is adversely possessing in Iowa, his period of adverse possession has ended and the ten-year period would start over again when he moves back onto the real property
Remaining debts are discharged
In a chapter 7 liquidation, what step comes after the trustee liquidated and distributes nonexempt assets?
Copies of pay stubs from last 6 months
In a petition for a voluntary bankruptcy proceeding, what does NOT need to be included?
Equal Pay Act of 1963
In addition, the ...also prohibits a company from providing unequal pay between men and women performing substantially the same job functions
"this for that"
quid pro quo, which means...
Chapter 9
In bankruptcy, which chapter type talks about adjustments of a municipalities debts?
1. the salesperson and marketing department must know what disclosure statements are required, 2. the disclosure statement may provide proof of a misrepresentation on the part of a seller, and 3. the buyer should beware of undisclosed defects and inspect a product carefully before purchasing
In regard to disclosure statements:
absolute ownership
In some states the English rule of ....is followed
reasonably accommodated
In the event an employee has a disability, the employer cannot make adverse employment decisions against the employee if the employee could be ....without an undue hardship
Employee acted intentionally while not at work
In which of the following situations would an employer not be held liable for the actions of their employee?
Chapter 7 of the Bankruptcy Code
Individuals, partnerships, and corporations can all make use of the provisions in...
Clemens v. Lesnek
Involved the purchase and sale of a home House was sold "as is" Court says there are two exceptions to the principle of caveat emptor under the common law Must disclose concealed dangers which could be an unreasonable danger Seller remains liable to 3rd parties for dangerous conditions until buyer has time to remedy Court says an "as is" clause will not preclude a claim for fraud
Only certain student loans in rare situations
Is it possible to discharge student loans?
quid pro quo
Jerry is told by his supervisor (the person whom he reports to) that in order for him to be promoted, he must have a sexual affair with his supervisor. Jerry has been subject to sexual harassment in the form of...
Buff will also be liable to the customer for his intentional act
Jimmy hires Buff to be a bouncer at his bar. Jimmy orders Buff to strike an unruly customer in the jaw. Buff does so. Since Buff was acting for Jimmy as his agent, Jimmy may be held liable for battery....
Fair Packaging and Labeling Act
Juice Box company does not have the nutritional facts on the their juice packaging , this violates what act?
adversely possessing
Katie asks Carol if Katie can park her recreational vehicle on Carol's land and live in it for the summer. Carol says Katie may until Carol decides it is no longer appropriate. Katie is not ....the land, because Carol has given Katie permission.
implied warranty of merchantability
Katie buys a new computer from Big Box Store Inc. The ....provides the computer should start and work for normal computing purposes
tenancy by the entirety
Keith and April buy a house after they are legally married in their state. If Keith and April's state recognizes ...., they will be presumed to own the house as part of a ..... If Keith owes money to a creditor and the creditor tries to take possession of Keith's interest in the house, the creditor could not do so under the common law
disability, provide reasonable accommodations
Kendall is disabled and uses a wheelchair. He applies to work as an accountant at Fast Figure Accounting PLC. If Fast Figures could easily accommodate Kendall by installing a ramp to their office, Fast Figure cannot deny Kendall employment based on his ..... Courts have ruled an economic hardship does not have to be incurred to....
quitclaim deed
Kenny creates a ....for the university president's house. The deed would convey Kenny's ownership interest in said house even though Kenny presumably has no ownership interest!
liable
Kenny works for Fast Construction Inc. Kenny's boss tells him to remove a section of sidewalk using a jackhammer. Kenny does this but in the process damages a passing car with flying debris. Fast Construction Inc. is ...for Kenny's actions, as he was acting within the scope of his employment
partnership
Kerry and Kristin form K&K .... Kristen is allocated 60 percent of all profit and loss. Kerry is allocated the other 40 percent of all profit and loss. ...are often popular because partners believe the duties of operating a business will be shared equally
Franchisor
Kerry would like to open a franchise hair salon. She would most likely form the business an LLC or S corporation and then use the name of the ....on her storefront
special warranty
Kristen provides a deed to Katie that states she has title and is conveying her ownership interest to Katie. Kristen warrants no claims have arisen while she has owned the property. However, she does not make any covenants or warranties in regard to time periods before she owned the property. Kristen's deed to Katie would be an example of a ....deed and not a general warranty deed
violate public policy
Lacorsha is terminated from her job after she misses work because of jury duty. Most courts would find Lacorsha's termination to ....if she properly notified her employer of her jury duty
1) Partners can pool capital and share responsibility 2) No double income taxation 3) Limited partners will enjoy limited liability 4) Ability to use partnership debt to increase the use of losses for tax purposes at the individual level subject to certain limitations
Limited partnership advantages
Duty of care
Lisa is a bus driver for a local elementry school. She must not drive the school bus full of children in an erratic manner. What duty is Lisa following?
bailment for the sole benefit of the bailee
Lori gives her car to Dilini so Dilini can drive the car to get groceries. This is an example of a .....Dilini
eligible to keep her health insurance plan
Mariah leaves her job at Borong Corporation. Before leaving she was able to benefit from a health insurance policy for herself, her spouse and her children. The cost of the health insurance policy was $325 per month. If Mariah leaves her employment and meets the requirements of COBRA she will be .....
hostile work environment
Mark harasses Michelle one day. The next day Mark returns and smiles at Michelle while making an obscene gesture. Michelle feels uncomfortable. Michelle decides to do nothing about the situation and quits. Michelle might not have a claim against her employer on the grounds of a ....because she did not inform her employer of her belief the harassment was going to continue and the employer had tried to prevent the behavior by reprimanding Mark
Antique boat
Mark is filing for bankruptcy. Which of the following is not considered exempt property in Iowa?
S corporation
Melanie and Todd form a business named Fast Clean. If they have $100,000 of taxable income and form a general partnership sharing profits and losses at 50 percent, then they will both be subject to individual income tax as well as Social Security and Medicare tax on their $50,000 share of taxable income. If they form as an ..., they could each be paid a $20,000 salary, which would be subject to individual income tax as well as Social Security and Medicare tax
vests
Michelle has a 401(k) plan. She contributes 3 percent of her wages toward the plan. Her employer matches her 3 percent contribution, resulting in a potential 100 percent return for Michelle. Michelle's employer will impose restrictions on how long Michelle must work for the employer before the employer's contribution ....and legally becomes her property
easement
Mindy has a gas station that is located behind a retail shoe store. The only way to get to Mindy's gas station is by driving over the retail store's parking lot. The owners of the shoe store might agree to grant an ...to Mindy. The ....might specify Mindy may use a portion of the shoe store's land to form a driveway
tenancy for years
Nathan rents a home from Rebecca for a period of one year. Nathan's rental lease is a ....and Rebecca does not have to give him notice that his lease will end
Cooperation
One of the duties of principals toward agents includes...
Debtor-in-possession Creditors Trustee (If appointed)
Participants in a Chapter 11?
Debtor Creditors Trustee
Participants in a Chapter 13?
Debtor Creditors Trustee
Participants in a Chapter 7?
If Nancy has a contractual duty to perform, she may be sued for breach of contract due to her resignation
Patricia hires Nancy to act as her agent for the period of one year. The two enter into a written contract regarding the agency. After six months, the agent Nancy decides she wants to change careers so she resigns as Patricia's agent. ...... Therefore, even though she had the power to terminate the agency relationship, liability still existed
Abandoned Property
Property that an owner intentionally leaves or discards is?
They the principal commit them They order an agent to commit them The agent commits them and the principal should have known the agent could act in such a manner
Regarding intentional torts, a principal is liable when...
partnership
Ryan could form a ...with Orange Computer Corporation in which Ryan receives 75 percent of all profits and Orange Corporation receives 25 percent
OSHA (Occupational Safety and Health Administration)
Sarah, an employee of Kibble Equipment, obtained a work-related injury. Kibble Equipment must report this directly to...
life estate
Sherri grants Mary the right to possess and occupy her land during Mary's life. Mary has a...
1) Easy to form 2) Owner has total control 3) No double income taxation
Sole proprietorship advantages
1) Unlimited liability 2) Limited ability to raise capital
Sole proprietorship disadvantages
optional sales tax
Some counties and cities may levy an ...., which is an additional amount of sales tax imposed in conjunction with a state sales tax that the taxing jurisdiction elects to impose
debt workout
Some creditors may prefer to settle their claims for payment through a private negotiation with the debtor through a process generally referred to as a workout or...
priority unsecured creditors
Some unsecured creditors are given priority over other unsecured creditors under bankruptcy law and these creditors are often referred to as...
interfering with the formation of a union, discriminating against employees be-cause of their affiliation with a union, and refusing to collectively bargain with a union
Specifically, the law prohibits employers from...
joint tenancy
Steve and Cherie own property as joint tenants. Steve dies. Steve's interest in the property transfers to Cherie upon his death. A ...can be severed (ended) by a sale of an ownership interest by a joint tenant. It can also be severed by agreement of the parties or by court order
Doner
Taylor gave a present to her sister for Christmas. The present was intentional and Taylor wanted her sister to be the new owner of the present. Which of the following describes Taylor's title in this situation?
express authority
Terri is hired by Martin to help Martin purchase a home. Terri has the ..., under a written contract with Martin, to call prospective sellers and arrange showings. She also has the ....to submit offers that Martin wishes to make. Upon acceptance of an offer, it may be customary for an agent such as Terri to schedule inspections even though her contract with Martin is silent on the issue of arranging inspections
disclosure statement
The ..., if answered untruthfully by the seller, may provide evidence of a misrepresentation
sole proprietorship
The ....creates no additional level of taxation for the owner
US Department of Labor
The ....is a federal agency tasked with helping pro-mote the welfare of workers in the United States both while employed and after they leave employment
Magnuson-Moss Warranty Act
The ....is a federal law that provides detailed rules regarding express warranties in the context of the sale of consumer goods
Federal Trade Commission (FTC)
The ....is an independent federal government agency that was created in 1914
1. Insurance companies cannot impose lifetime limits on benefits 2. Insurance plans must provide certain preventive procedures cost-free to the insured 3. Insurance companies cannot exclude benefits for preexisting conditions for those under age nineteen 4. Insurance companies must cover beneficiaries until age twenty-six 5. Insurance companies are limited to approximately a 20 percent profit margin on most plans
The ACA provided several statutory prohibitions regarding insurance plans
Colors are not deceptive
The Discount Tobacco City & Lottery v. USA case found that
the rates of hiring
The EEOC, and ultimately a court, may look at ....to determine if a job application requirement or another employment qualification is discriminatory in effect
unfair advertising
The FTC defines ....as advertising that causes or is likely to cause substantial consumer injury that cannot be avoided and is not outweighed by the benefits it produces
the Bureau ofConsumer Protection, the Bureau ofEconomics, and the Bureau ofCompetition
The FTC has three bureaus....
Obscene
The Miller test is used to measure whether or not communication is:
Affordable Care Act of 2010 (ACA)
The Patient Protection and ...requires employers to withhold an additional .9 percent Medicare tax on individuals who earned more than $200,000
mild, light, low tar
The Tabacco Control Act of 2009 prohibits the use of what words on tabacco packages?
Food and Drug Administration (FDA)
The US ...is a division of the US Department of Health and Human Services
Vaccums
The Vulcan Metals Co v. Simmons Mfg Co case was about the sale of what product?
indemnification
The act of seeking reimbursement arising from a legal liability is referred to as...
collateral
The assets that a creditor holds a security interest in are called....
If the auto workers were to strike
The auto workers at the Green Car Company threaten to strike because it gets its supplies from Parts Manufacturing Company. Parts Manufacturing Company currently has a labor dispute with its workers. ....at Green Car Company to help the union at Parts Manufacturing Company, this would put unlawful pressure on Parts Manufacturing Company to negotiate with its own union
have a legitimate goal other than discrimination and be based on length of service
The bona fide seniority system must...
Express warranty
The claim that a product is "one size fits all, guaranteed" would be considered a/n:
respondent superior
The common law doctrine of ...held masters strictly liable for the actions of their servants
trustee
The court will appoint a ...to administer the bankruptcy estate
unsecured creditor
The creditor which does not have a security interest is referred to as an...
choose
The debtor generally can ...the state law exemptions only of the state in which he or she is a resident
Debtor makes a preferential transfer Debtor does not make scheduled payments Debtor withheld information from the court
The debtor may lose protection of bankruptcy proceedings in which of the following cases?
estate
The debtor's property is referred to by the court as the bankruptcy...
proof of claim
The document submitted by the creditors to verify their claim is called a...
implied license
The driver of a delivery truck has the ...to drive their truck onto the recipient's property
Cooperation Reimbursement
The duties of principals toward agents include:
1. Amount of outstanding debt 2. History of making timely payments 3. History of maintaining credit accounts (example: number of years you maintained a credit card with a specific bank) 4. How many inquiries a consumer has had (example: how many creditors have done credit checks) 5. Types of outstanding debt (home mortgages and student loan debt generally have less of a negative effect as opposed to credit card debt)
The exact formula for determining a consumer's credit score is difficult to determine because it is not public knowledge but is known to be largely based on the following factors:
Tenancy in common
The fact that two parties own real property together without a right of survivorship means they most likely hold the property through a
Passive activity loss limitations for tax purposes
The following are the advantages of Limited Liability Company except:
Implied Warranties
The following is a definition of what? - Nonverbal or non-written assertions about a product or a service at the time they are sold
1. The amount of control the contracting company exercises over the individual worker 2. The classification given the individual worker by contracts or other business agreements 3. The length of the relationship 4. Whether the individual worker supplies their own tools or uses the tools of the contracting company 5. Whether the individual worker is paid by the hour or by completed job 6. Whether the individual worker is engaged in a distinct trade separate from the contracting company 7. Whether the individual worker incurs unreimbursed expenses 8. Whether the individual worker serves other clients
The following is the list of the most common factors used by the courts and the Internal Revenue Service...
US Trustee
The goal of the ...is to "promote the efficiency and protect the integrity of the Federal bankruptcy system."
federal income tax; Social Security tax; Medicare tax; and if applicable, and state income tax
The income from the sole proprietor will be subject to...
Chapter 13
The individual must also have regular income
an act of God, an enemy of the government, the bailor's actions, or the goods themselves
The innkeeper is responsible for any damages to property of guests unless the goods were damaged by...
a bailment for the sole benefit of the bailee, a bailment for the sole benefit of the bailor, and a bailment for the benefit of both the bailor and the bailee
The law recognizes three types of bailments.....
Chapter 13 payment plan
The length of the ...is between 36 and 60 months, depending on the income of the debtor
license
The mail delivery person is not trespassing when he delivers a package to Kristen's house
(1) serving size or other common household unit; (2) number of servings per container; (3) number of calories per serving and derived from total fat and saturated fat; (4) amount of total fat, saturated fat, cholesterol, sodium, total carbohydrates, complex carbohydrates, sugars, total protein, and dietary fiber per serving or other unit; and (5) amount of vitamins, minerals, or other nutrients.
The minimum requirements of Nutrition Facts are:
testator
The person who creates a will is often referred to as a...
whistle-blower
The person who notifies proper authorities of a violation of law by a company or its employees is referred to as a....
Agreement
The principal and agent mutually decide to terminate their agency relationship
Cooperation
The principal cannot interfere with the agent's completion of required duties
Reimbursement
The principal must provide reimbursement for expenses incurred by the agent on behalf of the principal. In addition, the agent may seek reimbursement for liabilities incurred because of tortious or unlawful acts by the principal.
collective bargaining
The process of ...is when the worker's union, on the behalf of its individual members, negotiates workplace matters with the owners or managers of a company
Estate
The property of debtor is referred to as their...
Truth in Lending Act of 1968 (TILA)
The purpose of the ...was to provide consumers with certain minimum disclosures so consumers could compare one credit opportunity (for example, a loan or credit card account) against another
requiring certain employers to provide health insurance programs, incentivizing individuals who are not covered by an employer-sponsored plan to enroll in a health insurance plan operated by a state or federal exchange, and expanding state-run Medicaid programs. Medicaid is a federally subsidized state-run program, which provides insurance to low-income individuals
The purpose of the ACA was to expand health insurance coverage in the United States by....
antinepotism
The refusal to hire family members or spouses is referred to as an ....policy
same religious beliefs
The requirement by a church or religious institution that certain employees such as a priest have the ...as those held by the religious institution
Actual entry and exclusive possession
The requirements for proving adverse possession include (1)
Open and notorious possession
The requirements for proving adverse possession include (2)
Adverse or hostile possession
The requirements for proving adverse possession include (3)
Continuous possession
The requirements for proving adverse possession include (4)
truth in advertising rules
The rules that advertising cannot be (1) deceptive, (2) unfair, or (3) contain claims unsupported by sufficient evidence are referred to as the....
agent of the principal
The subagent acts on behalf of the?
race
The term ...is not defined by Title VII but has been interpreted as encompassing ancestry, cultural identification, cultural association, or a perceived belief that a person is associated with a certain ancestry or culture
intent, possession, and physical control by the bailee
The three major requirements for a bailment are....
intent to make a gift by the donor, delivery to the donee, and acceptance by the donee
The three requirements for a valid gift are...
Commodity Futures Trading Commission v. Weintraub et al.
The trustee of a corporation in bankruptcy has the power to waive the corporation's attorney-client privilege with respect to prebankruptcy communications
liquidate
The trustee's job is to ...the debtor's assets.
credit card loan
The typical example of an unsecured debt is a...
percolating water
The water that exists underneath the surface of land is referred to as...
Those under age fourteen may hold only certain jobs, such as agricultural related, newspaper delivery, acting, babysitting, or in a business owned by their parents unless it is a manufacturing, mining, or a labeled hazardous job. It should be noted that children under the age of 14 who work in an eligible job are expected to work only a few hours at such job
There are multiple limitations for those under age eighteen who enter the workforce (1)
Children ages fourteen and fifteen may work in most jobs as long as the jobs are not considered manufacturing or labeled as hazardous by the US Department of Labor. They may work up to three hours on a school day, eight hours on a nonschool day, up to eighteen hours a week while school is in session, and forty hours when school is not in session
There are multiple limitations for those under age eighteen who enter the workforce (2)
Children ages sixteen and seventeen may work an unlimited number of hours in any job that is not labeled as hazardous by the Department of Labor
There are multiple limitations for those under age eighteen who enter the workforce (3)
technical defenses
There are several ...that an employer may raise in regard to a lawsuit regarding discrimination
1. The principal must create the power for the agent to act on his behalf. This power can be created expressly or in another manner such as by an operation of law. 2. The agent must consent to the agency relationship and agree to act on the behalf of the principal and under the control of the principal
There are several important aspects of the agency relationship....
TransUnion, Equifax, and Experian
There are three main credit-reporting agencies (companies):
Technical Defense (3)
There is no required number of employees under the Equal Pay Act
Food and Drug Administration (FDA)
This government agency enforces the Fair Packaging and Labeling Act for food, drugs, cosmetics, and medical devices
Genetic Information Nondiscrimination
This is an example of: 2013 Fabricut Corporation settled with the EEOC for $50,000 after it had asked a job applicant for her medical history as part of a physical she underwent after being offered a job. The applicant had told Fabricut she had carpal tunnel syndrome. Employers often request employees to undergo a physical. Employers must instruct the doctor's office not to request family medical information as is often required when a new patient enters a medical office. If the doctor has done so, the employer should avoid viewing such information
lost property
This is an example of: Renetta's diamond ring slipped from her finger at a movie theatre. Cory finds the ring while sitting in the same seat a week later. Under the common law, Cory became the owner of the ring but would be subject to a superior property right interest held by Renetta
VII of the Civil Rights Act of 1964
Title ...makes it unlawful for an employer to discriminate against an existing employee or job applicant based on their race, color, national origin, sex, or religion
Tenancy in Common
Type of tenancy that exists for multiple owners who own a distinct share of an undivided piece of property is called
common enemy doctrine
Under common law concept of the ..., a landowner could use any means possible to divert surface water from their property
30 days
Under the workers' compensation laws, an injured employee must notify her or his employer within how many days of the accident?
petition
Upon the filing of a bankruptcy ...., is instituted
Surface Water
Water that has no natural stream or way of passage is called:
If the principal or agent dies or is declared insane
When is an agency terminated by law?
CFTC v Weintraub
Which of the following cases arose because of a trustee's actions?
Express warranties
Which of the following does not need to be identified in commercial emails?
Cable Television
Which of the following is usually NOT subject to restrictions on profane language?
Boat
Which of these items is NOT considered exempt property during a bankruptcy proceeding?
Agent
Who is the person who agrees to act on behalf of a principal and is subject to the control of the principal?
The employer is liable if they knew, or should have known about the harassment
f a employee harasses another employee:
21 years
"In regards to the rule against perpetuities, it prevents a person from devising property unless it vests within how many years?"
Tenancy by Entirety
"Mary and Roger just got married. They now own a beautiful home together in Des Moines, Iowa. What type of tenancy is this?"
Implied authority
....arises from (1) express authority or (2) custom
trust
A ....is a form of ownership, applicable to both real and personal property, where the trustee holds legal title to the property for the benefit of beneficiaries who enjoy equitable rights
license
A ...is the right to go onto another's land
adequate protection payments
A car lender may receive payments in order to protect it from loss in value due to depreciation of the car between the time a bankruptcy is filed and the time a plan that provides for payment to the car lender is confirmed. These payments are called...
Personal Property
A car would be considered
an act of God, an enemy of the government, the bailor's actions, or the goods themselves
A common carrier is responsible for any damages to bailed goods unless the goods were damaged by....
secured creditor
A creditor which has a security interest is referred to as a....
Reasonable use standard
A farming family from Wisconsin uses percolating water on their property to hydrate their farm animals. This is an example of what?
May last perpetually
A fee simple ownership interest is an interest in land that
"general partnership"
A partnership that does not provide limited liability to any of its members is often referred to as a...
riparian
A person with ....rights is a person who owns land that adjoins or butts up against the stream or lake
A person who owns land next to a stream or lake
A person with riparian rights is:
Technical Defense (1)
A plaintiff basing a claim of discrimination on federal law must first file a claim with the EEOC unless the basis for the lawsuit is the Equal Pay Act
Principal's action
A principal may terminate the agency relationship by notifying the agent of their desire to terminate the relationship or by conduct that notifies the agent of the termination
Does not create double taxation for its single owner
A sole proprietorship
use tax
A tax on goods purchased that is required to be remitted by the buyer is referred to as a...
Use tax
A tax paid by a buyer instead of a seller is called what?
Ellish v. Airport Parking Co.
A woman parked her automobile in an airport lot operated by the defendant. When she returned, some five days later, her automobile had disappeared. Claiming that defendant was responsible for the loss, she brought a lawsuit. The court found that the nature of the circumstances themselves leads to the determination whether the transaction should be considered a bailment, in which event defendant was liable to plaintiff, or whether the transaction should be considered a license to occupy space, in which event defendant was not liable to plaintiff. The lower court determined that no bailment had been created and defendant was not liable for plaintiff's loss.
Americans With Disabilities Act
ADA stands for:
between 3 and 5 years
According to Chapter 13, how long will the payment plan require the debtor to turn over their disposable income?
Your salary, occupation, title, employer, date employed or employment history
All of the following are factors that influence your credit score except?
Chapter 11
Although the provisions of this chapter are generally used by corporations, they are also available to certain individuals
automatic stay
An ...prevents creditors from taking any collection action such as repossessions of cars and foreclosures on houses
Acts within the control of a principal
An Agent's distinguishing characteristic is....
His or her own boss
An Independent Contractor's distinguishing characteristic is....
exempt from the overtime pay requirements
An accountant who is paid a salary of $80,000 by his employer would be.... Some companies offer time and one-half pay or even double pay on holidays or weekends, but this is not required by federal law. Only hours worked in excess of forty hours during a consecutive seven-day period are eligible for time-and-a-half pay under the FLSA
Predefined event occurs
An agency may terminate once an agreed-upon event takes place
Impossibility or frustration of purpose
An agency may terminate once it becomes impossible for the purpose of the agency relationship to be achieved or if a change in events frustrates the purpose of the relationship
Duty to abide by orders
An agent has the duty of abiding by a principal's instructions
Duty of care
An agent must exercise reasonable care when representing the principal
Duty of care
An agent operating a forklift at the factory of a principal must not drive the machinery in a...
Special agent
An agent who is authorized by the principal to perform a specific undertaking is called a what?
Nudity
An example of indecent material is...?
Variance
An exception granted to a landowner by a municipality is:
negligent in hiring, supervising, or instructing the independent contractor
An individual or business can be liable for the actions of an independent contractor if the individual or business was...
non-delegable duty
An individual or business hiring an independent contractor can be liable for the actions of an independent contractor when the independent contractor is performing a ....of the hiring individual
Creditor
An individual who is owed a debt is referred to as a
A debtor
An individual who owes an amount to a creditor is referred to as
Life Estate
An ownership intererst which allows a person to possess real property for their lifetime?
Neither expressed or implied
Apparent authority is
Implied agency
Arising from facts and and circumstances that results in the parties believing an agency has been formed. This describes which type of agency?
variance
Arlene wants to build a garage but the garage will be only fourteen feet from the edge of her property. The municipality might allow her a ....that allows her to build the garage even though it would normally violate the local zoning laws
revocable
As a general rule, a license is....
He was not an at-will employee
As reported by the textbook, in the Torosyan case the plaintiff attempted to recover damages by proving
Exempt assets
Assets that an individual may keep, after declaring bankruptcy, are called?
Fraudulent transfer
Assume Natalie gives her sister a valuable antique because Natalie is about to file bankruptcy and does not want to lose the property. Natalie does not owe her sister any money. According to the textbook, which of the following terms should be used to describe this situation?
She completed the purpose of the agency
Assume Natalie was Mike's agent. Natalie was supposed to find Mike a house to buy. She was successful. Based upon these facts alone, Natalie is most likely not Mike's agent anymore because
Quitclaim deed
Assume Nathan sells his home to Daniel providing Daniel a deed containing no promises other than he is transferring the interest he has in the home. Based upon these facts alone, it appears Nathan has provided Daniel a
An easement
Assume Rick and Veronica own adjacent homes. The two properties share a driveway which is located on Veronica's property. Rick has a legal right to use the shared driveway. The shared driveway can best be described as
They are fired outside the terms of their implied contract
Based on the contract theory, in an implied contract, an employee may succeed in an action for breach of contract if?
Subagent
Bob is hired by Carol to collect outstanding balances owed to her by her customers, however Bob is not an attorney and cannot file a lawsuit against those who don't pay. Bob hires Mike, who is licensed to practice law, to help him file a lawsuit against those who don't pay. Mike is a...
perpetuities
Brad devises ownership to his house to the first descendant of his who graduates from college. If none of Brad's children go to college, then it may very well be more than twenty-one years after Brad's death before any of his descendants attend college. Therefore, the conveyance by Brad is void under the rule against .....
1) Ability to raise capital by issuing stock certificates to investors 2) Stockholders will enjoy limited liability 3) Can be traded on a public exchange
C corporation advantages
Yes, if sent on devices and systems furnished by the employer
Can employers look at employees personal electronic communications?
$6,325
Chris files for Chapter 7 bankruptcy. He owns a car worth $10,000 against which no creditors have a claim, so he has $10,000 of equity in his car. This is above the federal exemption amount for equity in his car, which was $3,675 in 2014. He would have to pay the bankruptcy trustee the value of equity he has in the car that is above the federal motor vehicle exemption, ...., or the bankruptcy trustee would take his car and sell it, pay him the exemption amount of $3,675, and then distribute the rest to his other creditors
$20,000
Chris' house is worth approximately $80,000 and he owes $60,000 on his mortgage debt contract for the house. This means he has ...in equity in his house.
A 30 MB size limit
Commercial email do NOT require what?
child support or taxes
Common examples of priority unsecured creditors are creditors who are owed...
Shareholders Board of Directors Executives Management Staff
Corporation
Affirmative Action
Cortez wants to go to college and is an excellent student. What action has the government taken to ensure he has a fair opportunity for enrollment at a university?
real covenants
Covenants that apply to real property are called....
capture(s)
Craig is pursuing a wild deer. Charlie comes along toward the end of the chase and ...the wild deer. It does not matter if Craig had been pursuing the deer for three days, and Charlie only for two hours. Charlie becomes the owner, as he is the first to...
$500
Crystal loses her ATM card. She does not tell the bank until the next week because she was busy at work. When she tells the bank about her card, she may be liable for up to what amount of unauthorized transactions?
Has liability for their own actions
An Independent Contractor's personal liability
Bill of Sale
A written statement from a seller that evinces transfer of ownership is called a?
innkeeper
The ...is somewhat like the common carrier because the innkeeper is held to higher duty of care
Covenant
A(n) ______ is a restriction of ownership, which is a promise to do or not to do an action that is written in the deed
Telemarketing
....is a common form of direct marketing and involves the use of a phone or similar electronic device to make a sale of a product or service
Caveat emptor
...is a Latin phrase that means "buyer beware."
Cassano v. Aschoff, DeCarlo & Manor Beverages Inc.
- Plaintiff worked for a tree removal service as an employee - Plaintiff's employer was hired as an independent contractor to remove a tree - Plaintiff was injured while working on removing the tree - Plaintiff sued the companies who hired his employer - Court stated the hiring firms would not be liable unless 1) they were negligent in hiring the independent contractor, 2) they had a non delegable duty, or 3) they exercised control over the work of the independent contractor to a level that justifies holding them responsible - Court found no liability on the part of the hiring firms
Rembert v. Citibank South Dakota
- Benethel Rembert had a gambling problem - Ms. Rembert begins to suffer gambling losses. - Takes out credit cards to get cash advances - Takes out a second mortgage - Bankruptcy court found some of her credit card debt was not dischargeable because she had fraudulent intent when she took out the credit cards - On appeal the District Court stated gambling is risky venture but since she thought she could win, it was not a fraudulent activity to take out the credit cards - District court says starting a business is also risky and we allow those folks to file bankruptcy if their business fails
In re Johnson
- Debtors purchased land and granted the bank a security interest in the land. - Debtors parked a mobile home on the land. - Debtors did not make timely payments to the bank for the land - Bank claimed its security interest had attached to the mobile home because it was real property - Bankruptcy court said the mobile home was not permanently affixed to the land and so the bank could not have a security interest in the mobile home
In re Miller
- Miller couple files for bankruptcy. - Trustee alleges abuse based upon - Voluntary contributions to retirement plan - Payments on a mortgage for family member - Excessive voluntary withholdings from paycheck for income tax - Court did not find "bad faith" but did find the Miller's had sufficient income to repay their debts
Ohio v. Kovacs
- State of Ohio obtained an injunction against Mr. Kovacs because he failed to clean up hazardous waste at his business - Mr. Kovacs argued the injunction was "debt" or a "liability on a claim" which could be discharged - Supreme Court stated Mr. Kovacs would owe the state money if he did not clean up the site so he technically owed a "debt" which could be discharged
Color
....has been interpreted as encompassing a person's skin pigmentation or the general shade of their complexion
Marriage of Heinzman
-Beth and William moved in together. -William buys a house and then deeds it to both himself and Beth as joint tenants -They get engaged but never marry -Beth later moves and sues William claiming they had a common law marriage -The court disagrees and says the gift of the joint tenancy was made in contemplation of marriage -Court states Beth was a trustee not a co-owner
Counter advertising
....includes advertising refuting, clarifying or correcting the content in potentially deceptive advertising
Coca-Cola Co v. Tropicana Products
-Commercial depicts orange juice being made by an athlete (Bruce Jenner) squeezing oranges into a carton -The audio portion of the commercial states "]i]t's pure, pasteurized juice as it comes from the orange.." -Court finds the advertisement to be an instance of false advertising and institutes an injunction
Stewart v. Judy
-Donald Stewart and his wife farmed a 3.1 acre tract of land which they thought was a part of a larger plot of land they owned -The Stewarts encompassed the land with a fence -The 3.1 acre tract of land was later found to be the property of another -Mr. Stewart said he would not quit farming it -The Iowa Appellate Court said the Stewarts possessed the land in an hostile, actual, exclusive, open and continuous manner.
In re Jha
-Mr. Jha filed chapter 13 bankruptcy -IRS received notice of the filing -IRS sends letters of intent to levy on his assets which violated the automatic stay -Mr. Jha claimed the IRS actions caused him distress to the extent he missed work and had to cancel a family vacation -Court awarded him $20 for extra medication costs but found he did not prove damages regarding lost wages
Torosyan v. Boehringer Ingelheim Pharmaceuticals
-Mr. Torosyan was hired by Boehringer as a chemist. -Mr. Torosyan was wrongfully accused by supervisors of submitting false expense reports -Mr. Torosyan was fired without cause -Trial court found an implied-in-fact contract existed. -The appellate court found the words "just do a good job and Boehringer will take care of you" constituted the potential basis for an express employment contract which was not at-will
Vande Zande v. Wisconsin
-Plaintiff Vande Zande was employed by the state of Wisconsin -Plaintiff was paralyzed from the waist down and suffered pain from certain ulcers -State argued ulcers were not a disability because it caused pain in episodes not continuously and court disagreed because the pain was a symptom of her disability -Court did agree that the state did not have to allow her to work from home
Diamond v. Oreamuno et al
-Shareholders of Management Assistance, Inc (MAI) filed suit against some of the officers and directors of MAI -The shareholders alleged the defendants sold their stock right before MAI released negative information about the profitability of the company. The defendants knew about the negative information. -Restatement 2d of Agency Section 388 states "an agent who acquires confidential information in course of his employment or in violation of his duties has a duty *** to account for any profits made" -The court found federal securities law had not been violated but the defendants breached their fiduciary duty to the company by using inside information
Discount Tobacco City & Lottery v. USA
-The Family Smoking Prevention and Tobacco Control Act of 2009 became an issue in this case -Refers to misleading advertising as including speech that "is inherently likely to deceive or where the record indicate that a particular form or method of advertising has in fact been deceptive." (black and white colors) -Use of certain colors is not deceptive in this court's mind
Vulcan Metals Co v. Simmons Mfg. Co
-Vulcan purchases vacuum cleaners from Simmons -Vulcan sues Simmons claiming Simmons misrepresented the capabilities of the vacuums as well as whether or not they had been sold before on the open market -Court says the buyer was allowed to inspect the vacuums so they were not justified in relying upon the representations of Simmons -Court says the buyer may have been justified in relying upon the representations regarding prior sales
S corporations
.....are more popular for profitable business entities that have owners who work for the company
Franchise
.....is a term used to describe a contract that allows one business entity to enjoy benefits such as advertising, access to products, and use of trademarks and trade names provided by another business entity
Water rights
....are becoming an important issue for many locations throughout the United States, including the areas of the southwestern United States where water is scarce
Implied warranties
....are nonverbal or non-written assertions about a product or a service at the time they are sold
Express warranties
....are written or oral assertions (promises) about a product or a service made by a seller
Mislaid property
....does not become the property of the person finding it
Apparent authority
....exists when a principal leads a third party to reasonably believe an agent possesses authority to perform an action or actions on behalf of the principal
The Equal Employment Opportunity Commission (EEOC)
....is a federal agency that enforces federal law governing employment related discrimination based on a person's race, religion, sex, pregnancy, age, national origin, color, disability, or genetic information
Title insurance
....is a form of an insurance policy that provides insurance protection in regard to whether the buyer is taking good title
Title
....is a term often defined in the context of property law as the bundle of rights enjoyed by the owner of property
Medicare
....is a term used to refer to a government health insurance program offered to qualified individuals
Social Security
....is a term used to refer to a wage supplement paid to eligible individuals who have paid ...tax
Fraud
....is a tort that requires a plaintiff to prove (1) the defendant intentionally made a false representation of a material fact, (2) the defendant knew the representation was false, (3) the defendant intended to either induce the plaintiff into acting or refrain from acting, and (4) the plaintiff was justified in relying on the misrepresentation
A bill of sale
....is a written statement from a seller that proves the seller has transferred ownership to the buyer
Express authority
....is authority that was given in written or verbal form
Personal property
....is defined as all property that is not real property
Real property
....is defined as land and everything permanently attached to the land
Profane language
....is language that is grossly offensive and constitutes a nuisance to the general public (6am-10pm)
Indecent material
....is less offensive than obscene material and is not allowed to be aired on television or radio broadcasts during times when a child might regularly be exposed to such programming (6am-10pm)
Mislaid property
....is property that was intentionally placed but subsequently forgotten by the person who placed the property
Lost property
....is property that was unintentionally lost, which means the owner accidentally lost possession of the object and did not misplace the property
Equitable title
....is the ownership of property that provides benefits to the owner such as use of the property
Zoning
....is the process by which municipalities divide their geographic locations and limit the permissible uses by landowners for their property
Mobile marketing
....is the process by which sellers market to a consumer through a mo-bile device such as a cell phone
Reaffirmation
....is the process by which the debtor agrees to the non-discharge of debts that would normally be dischargeable
Eminent domain
....is the process by which the government confiscates the real property of a landowner for a public purpose and provides just compensation in return
Surface water
....is water that has no natural stream or way of passage
Vicarious liability
....means a court may impose liability on an individual who did not commit the act that caused injury but who has a special relationship with the person who did commit the act that caused injury
Joint liability
....means all partners share liability but any one partner can be required to pay the full amount of the debt
Absolute ownership
....means the ownership of personal property and the ownership interest will last perpetually
Legal title
....means the ownership of property that is granted by the government and respected by a court
Authority by ratification
....occurs when a principal grants authority after the agent has acted on her behalf without authority
Constructive discharge
....occurs when an employee quits their job because their work-place was a hostile work environment
Chapter 13
....petition can only be made voluntarily by the debtor
Harassing
...an employee because of their age, disability, genetic information, race, color, sex, religion, or national origin may result in liability for an employer under federal law as well as state law
Limited partnerships
...are partnerships with one or more general partners and one or more limited partners
Preferential transfers
...are payments of cash or a transfer of assets in payment of a pre-existing debt that favors one creditor over another by providing the creditor more than they would have received under the Bankruptcy Code
Reasonable accommodations
...are required to accommodate those who have a disability and those who may have a religious objection to a job duty or requirement
Emergency agency powers
...arise when an emergency situation arises and an agent must act without actual authority
Chapter 13
...bankruptcy, individual debtors are able to adjust the amount of their debt through a court sanctioned repayment plan
Quid pro quo
...harassment means an employment decision is based on a protected class being subject to offensive behavior as a condition of employment
Hostile work environment
...harassment occurs when a workplace becomes hostile be-cause of an employee's membership in a protected class and the reasonable person would ind the workplace intimidating
Discrimination
...in the employment context means treating an applicant differently from others in regard to work-related matters because the employee or job applicant belongs to a protected class
bailment
A ....occurs when a piece of property is possessed lawfully by someone other than the owner
quitclaim deed
A ....promises and warrants nothing besides the fact the seller is giving their interest in said property to the buyer
title opinion
A ....traces the record of ownership as far back in time as possible
Chapter 7
A ...bankruptcy is a complete liquidation of a debtor's assets
Chapter 11
A ...bankruptcy is a reorganization of the debtor's business with the goal of enabling it to pay its existing debts while it continues to operate as a business
covenant
A ...., in the context of property, is a promise to do something or refrain from doing something with one's property
special warranty
A .....deed makes the same covenants as a general warranty deed but limits the covenants to the time period during which the seller owned the property
professional service corporation
A .....is a corporation form required by state law for certain professionals such as doctors, lawyers, and accountants.
subagent
A .....is an agent of an agent authorized by the principal to perform acts as part of the agency agreement
tenancy in common
A ....exists when multiple owners own a distinct share of an undivided interest in property
leasehold estate
A ....gives a tenant the right to possess an estate for a period of time, such as one year, or until the tenant and landlord desire it to end
partnership
A ....is a business entity formed by two or more persons who engage in a profit-seeking activity and share the profit and loss of such activity
contract carrier
A ....is a carrier who routinely transports property or persons for a select group of customers
private carrier
A ....is a carrier who selects its customers and often does not have any customers at all
nutrition content claim
A ....is a claim that directly or indirectly states a food product has a certain characteristic
fiduciary duty
A ....is a duty that requires one party act in the best interest of another party
gift inter vivos
A ....is a gift made during the lifetime of the donor
testamentary gift
A ....is a gift of property made through a will
worker's union
A ....is a group of workers who have organized for the purpose of representing their interests in workplace matters such as pay rates, benefits, and working conditions
cease and desist order
A ....is a legal order issued by an administrative agency and has the effect of an injunctive order stating to stop engaging in certain conduct.
creditor
A ....is a party to whom money is owed
limited liability company (LLC)
A ....is a separate legal entity that provides limited liability protection to its owners like a corporation while preserving pass-through taxation similar to that of a partnership
corporation
A ....is a separate legal entity that provides limited liability to its owners who are called stockholders
special agent
A ....is an agent who is authorized by the principal to perform a specific undertaking
variance
A ....is an exception granted to a landowner by the municipality.
tenancy by the entirety
A ....is an ownership interest held by a husband and wife as one person
periodic tenancy
A ....is for a fixed period of time but it automatically renews until either the landlord or tenant gives notice of their intent to quit the lease
principal
A ....is the one on whose behalf an agent acts
student loans
A Chapter 7 bankruptcy will discharge certain debts but others, such as ...., will not be dischargeable
equity in a motor vehicle, equity in a home, and tools used in a trade
A Chapter 7 debtor is allowed to maintain ownership of certain exempt assets. Common examples include a certain amount of ..., a certain amount of ..., and a certain amount of...
1. Call debtors at inconvenient times, such as before 8:00 a.m. and after 9:00 p.m., unless a debtor agrees 2. Call the debtor at any time if the debtor is being represented by an attorney 3. Call the debtor at work if the debtor's employer objects 4. Engage in harassment such as using abusive language 5. Contact the debtor if the debtor asks for verification of the debt or if the debtor states he or she does not owe any or all of the debt
A debt collector cannot do any of the following:
debtor-in-possession
A debtor who is operating under a Chapter 11 plan is called a ...and continues to operate the business
Only hires union members, and requires current employees to join the union
A closed shop agreement is one in which the employer
Franchise
A contract that allows one business entity to enjoy benefits such as advertising, access to products, and use of trademarks and trade names is called?
a physical or mental impairment that substantially limits one or more major activities of an individual, where the impairment has been documented, and the impairment is ongoing
A disability is defined as...
The third party knows of the principal's existence but not identity
A partially disclosed principal means
Creates unlimited liability for its general partners
A partnership
fraudulent transfer
A payment of cash or transfer of assets made within two years of the filing of the petition for less than adequate consideration is presumed to be a....
safety and performance concerns
A police department may require mandatory retirement at age 55 because of ..., which would normally be considered age discrimination
Both nutritional content and caloric content
According to the law, food labeling must consist of
A petition being filed
According to the textbook, Chapter 7 bankruptcy proceedings generally begin with
A discharge of debt
According to the textbook, Chapter 7 bankruptcy proceedings generally conclude with
Limited partnership
Adam wants to form a plumbing business with his best friend Juliana. They decided to split the profits 80/20. However, Juliana does not want to be a general partner and would prefer to be limited partner whereas Adam says he wants to be the general partner. What type of business entity do they have? "
disparate treatment
Ali is told he will not be hired because of his religious affiliation to Islam. Ali has suffered...
bankruptcy courts
All bankruptcy cases are then heard by judges in federal....
Principal liable for agent's act when agent was acting within authority
An Agent's hiring firm's liability
Has liability for their own actions
An Agent's personal liability
Reports to a boss (employer)
An Employee's distinguishing characteristic is....
Vicarious liability when employee acting within the scope of their employment
An Employee's hiring firm's liability
Has liability for their own actions
An Employee's personal liability
Generally, no liability for independent contractor unless 1) negligent when hiring, supervising or giving orders 2) engaged in an inherently risk activity or 3) the duty is nondelegable.
An Independent Contractor's hiring firm's liability
implied warranty of fitness for a particular use
Amanda told a truck salesman she needed a large truck to routinely carry ten thousand pounds of rock. The salesman then showed Amanda a particular truck to consider. The salesman remained silent as to the capabilities of the truck to carry such a weight. Amanda purchased the truck. The truck's rear axle then broke while carrying ten thousand pounds of rock. The ...has been breached. The salesman implied the truck could carry ten thousand pounds of rock even though he did not expressly state it could
at-will employment
An ....agreement allows an employer to terminate an employment relationship with-out providing a cause to the employee and without legal liability as a general rule
S corporation
An ....is a corporation that was formed under state law like a C corporation but that makes an election under subchapter S of the Internal Revenue Code
unsecured debt
An ....is a debt for which the creditor did not obtain a security interest
express agency
An ....is an agency that is formed either through a written agreement or an oral agreement
employee
An ....is defined as one who provides services for another, generally on a continuing basis, under the direction of the hiring person, and subject to the control of the hiring person
agency by ratification
An ....is formed when an agent acts without authority from a principal but the principal ratifies the action afterward
independent contractor
An ....is not an employee because an ....does not work under the direct control or supervision of the hiring person but is instead hired to perform a task or complete a project
undisclosed principal
An ....is one whom the agent does not make known to a third party in a manner that results in the third party believing they are contracting with the agent
agent
An ....is the one who agrees to act on behalf of a principal and subject to the control of the principal
implied agency
An ...arises from facts and circumstances that result in the parties believing an agency has been formed
endangered species
An ...is a species that may face extinction (complete elimination) if not protected
easement
An ...is an interest in a land that allows the holder of the easement to use the land even though they are not the owner
involuntary petition
An ...is filed by creditors who are concerned the debtor may incur more debt and lose more assets if legal action is not taken to protect the debtor's assets
agency by estoppel
An ...occurs when a principal acts in a manner that leads a third party to reasonably believe an agency relationship exists
Completion of purpose
An agency may have been created to achieve a specific purpose such as the purchase of a rare coin collection. Once the purpose has been achieved, the agency terminates
By agreement By agent's resignation By principal's action Completion of purpose Predefined event occurs Death or incapacitation of party Impossibility or frustration of purpose Bankruptcy
An agency may terminate in a variety of ways
Agent's resignation
An agent may terminate an agency relationship by informing the principal of their resignation or taking action that notifies the principal the agency relationship has been terminated
the cap is the same for all employees regardless if they are disabled or not
An employer can put a cap on the amount of health care a disabled employee gets as long as...
gender
An employer cannot engage in disparate treatment by refusing to hire members of one ...or by providing different job opportunities and benefits for employees of one ....as opposed to another
Job reinstatement Promotion, if a promotion has been denied Damages to compensate the employee for lost wages and benefits
An employer that violates the FMLA can be required to provide various remedies. Which of the terms below qualifies as a remedy?
Title VII of The Civil Rights Act of 1964
An employer who fires someone based on their race has violated ...., even if the employee was hired under an at-will employment contract
surface water
An example of ...is the water that flows across a parking lot after a large rain
Vacation home
An interest in which of the following is least likely considered exempt property for purposes of federal bankruptcy law?
The agency is terminated upon the occurrence of this event
An owner of a business hires an agent to sell his business. Before any offers are accepted, the seller of the business becomes mentally incapacitated....
Death or incapacitation of party
An owner of a small business hires an agent to sell his house. Before any offers are accepted, the seller of the business becomes mentally incapacitated. What is the reason for the contract being terminated?
unsecured personal loan
Andrew took out a $100,000 ....from Fast Lane Bank. He repaid about $20,000 of the personal loan before filing for Chapter 7 bankruptcy. He is granted a discharge under Chapter 7 of the $80,000 he owed on his personal loan to Fast Lane Bank before he filed Chapter 7 bankruptcy. Due to the discharge of his debt to Fast Lane Bank, he no longer owes Fast Lane Bank any money. Thus, Fast Lane cannot pursue Andrew for the $80,000 he owed on the personal loan before the Chapter 7 bankruptcy and discharge
liable for harassment
Anita is a bank teller. Rod comes in and makes an inappropriate remark about Anita's body. The bank supervisor hears the statement but does not say anything to Rod. The bank now has notice of Rod's behavior and may be ....on the part of Rod if Rod acts in this manner again
monitoring employees after providing notice
As the manager of a company, which actions below can be taken, legally?
Bailment
Assume Danica visits a local rental car store and rents a car to drive on vacation. According to the textbook, the fact that Danica has possession and control of the car makes this a
Secured creditor
Assume First Bank has a security interest in collateral arising out of a debt arrangement with FastTimes Corporation. Based upon these facts alone, First Bank would be considered a (an)
Concrete Company damages the city sewer and Norton Enterprises had been negligent in hiring Concrete Company
Assume Norton Enterprises hires Concrete Company to pour a new cement driveway for its main office building. Which of the following actions by Concrete Company would most likely create liability for Norton Enterprises? Assume Concrete Company is an independent contractor of Norton Enterprises.
discharged
At the end of a Chapter 7 case, debtors are discharged of unpaid liabilities that are allowed to be ....under the Bankruptcy Code
least age sixty-five
At the present time, a qualified individual must generally be at ....in order to participate in Medicare or suffer from a specified disease in order to qualify
65
At what age is a person qualified for Medicare?
Express authority
Authority given in written or verbal form is...
private carrier
Balli Furniture Incorporated has ten trucks that it uses to deliver furniture it has sold to customers. Balli Furniture is a....
US Congress. Article I, Section 8 of the US Constitution
Bankruptcy legislation is promulgated by the ....authorizes Congress to establish the federal bankruptcy courts
Independent Contractor
Barry owns ASC company. Mike works with Barry, but Barry is not in control of Mike's performance of his duties. Mike is a what to Barry?"
employer continued to seek applicants or hired someone who is not in the protected class
Beatrice believes she has been discriminated against and she wants to sue based on disparate treatment discrimination. Which of the following does she have to prove?
automatic stay
Brenda files Chapter 7 bankruptcy. She is four months behind on her mortgage payments. The moment she files her Chapter 7 bankruptcy petition, the ....comes into place and the bank that holds her mortgage cannot foreclose on her house
1) Double taxation on profits in most cases 2) Corporate losses will not flow through to the stockholders' individual tax returns 3) More complicated and expensive to form than other types of business entity forms
C corporation disadvantages
Unlimited Liability
Chad is the sole proprietor of a construction company. One day, one of his machines malfunctions and drops a beam onto a person outside of the construction zone, injuring them. For the accident, Chad has what kind of liability?
implied agency
CARLES Corporation accidentally ships two thousand units of its product to Fast Retail Company. The shipment was actually to be sent to Bellflower Distribution Company. Fast Retail Company takes the delivery and sends notice to CARLES who responds and states it will recover the goods within five business days. In the meantime, an .....has arisen regarding the product
Emergency agency powers
Carl works in an oil field and is instructed not to dial 911 in an emergency. But one day Carl sees a man who has caught on fire, so he calls 911. What type of agency is Carl evoking?
special agent
Cassie is hired by Danielle to help sell Danielle's farmland. Since there is only one transaction, she is considered a....
exempt property
Certain property of the debtor is exempt from being used to pay creditors and is referred to as....
Reconstruct or Reorganize
Chapter 11 and 13
Reorganization of debt
Chapter 11 bankruptcy includes...
corporations
Chapter 11 is commonly used by ...that have difficulty meeting their obligations to creditors
individuals
Chapter 13 is available only to...
Liquidate or Discharge
Chapter 7
Petition Filed Automatic Stay Results Trustee Gathers Assets Liquidation of non exempt assets Distribution of proceeds to creditors Discharge of remaining debts
Chapter 7 Steps
apparent authority
Charlie hires Erika to help him sells copies of the computer software he developed. After Erika demands more compensation, Charlie becomes angry and terminates their agency relationship. In an effort to win back Charlie's approval, Erika contacts customers who have purchased the software in the past and offers them additional copies at a reduced price. Erika may be exercising ...and Charlie may be bound by her actions. If he is going to terminate the relationship, he would do well to inform his customers of the termination
trade fixture
Cindy rents an office in which she intends to do accounting work for customers. The office does not have carpet, so Cindy has carpet installed. The carpet is considered a...
cooperating
Clint hires Jessica to be his agent in negotiations between Clint's company and its employees. On at least five occasions, Jessica has reached an agreement with the employees that Clint said he would accept and each time Clint has refused to consider the agreement. Clint is not ...with Jessica.
The important point is that Jerry must act within Cree's control
Cree is a famous football player. He requests that Jerry Mac represent him as his agent in contract negotiations with a professional football team. Cree is the principal and Jerry is his agent if Jerry agrees to the agency relationship. Since Cree's contract will determine his compensation and benefits, Cree might want to limit the power Jerry has in negotiating with the football team. For example, Cree might inform Jerry that Jerry cannot sign a contract on his behalf but instead can only negotiate on his behalf.....
Regulates anti-competitive behavior and consumer fraud
What does the Federal Trade Commission (FTC) regulate?
Dan would be liable to third parties for any damages caused by his negligence in maintaining the truck
Dan hires an agent to deliver products for his business on Saturdays. Dan provides the agent a truck to use. The truck has faulty brakes because of negligence on the part of Dan....
No, because his friend didn't accept the vehicle
Dan's old car breaks down at his friend's house. The vehicle would cost more to fix than its worth, so Dan tells his friend to keep it and walks away. His friend doesn't want it and doesn't want to pay for towing either. Was this a gift?
preferential transfer if the supplier received more than it would have as part of the bankruptcy proceedings
Daniel is considering filing Chapter 7 bankruptcy. He decides to pay a supplier the full amount he owes the supplier. Daniel hopes this will keep the supplier happy and that the supplier will continue to do business with him after his bankruptcy proceedings are complete. Daniel's actions may be considered a...
commercial
Daniel owns a farm. He can use the water from a river that runs between his land and Terry's land if such use is ..., such as watering his crops (not a small garden), unless his use will reduce the water level to a point where his neighbor Terry cannot obtain enough water for domestic purposes such as drinking, washing clothes, or irrigating a small garden of vegetables
thirty days'
Daniel rents a home from Kevin as part of a month-to-month lease. The lease will automatically renew each month. As a general rule, either Kevin or Daniel can quit the lease, but they must give at least ...notice
No, Dave committed puffery
Dave works at a sporting goods store. Dave tell Joe that the Bass Master 3000 is the best lure he has used in 20 years. If the Bass Master 3000 does not live up to the hype can Dave's claim be considered misrepresentation?
Implied warranty of merchantability
Dave works for US Cellular and sells Joe a phone, no contract was made orally or written down between the two. Joe's new phone can not make calls. This is an example of a...?
reasonable use
Farmer Brown creates a well underneath his land. If Farmer Brown uses the water from his well for his family and the animals he has on his land, he will be considered to have engaged in ....even if it causes his neighbor's well to go dry.
but could also be required to use personal assets to satisfy the rest of the liability since he is a general partner
Delilah and Sampson form the D&K Limited Partnership Stronghold Partnership. Sampson is a general partner and Delilah is a limited partner. Sampson and Delilah both contribute $10,000 in cash to start the partnership and its business activities. Sampson can be liable in excess of his $10,000 investment but Delilah will not be liable in excess of her $10,000 investment as a general rule. Assume the partnership secures an additional $80,000 loan from a bank in the name of the partnership. Stronghold partnership then defaults on its $80,000 loan. At most, Delilah can lose her $10,000 investment since she is a limited partner. Sampson may lose his $10,000...
EEOC
Donald believes he was passed over for promotion because he is male and the company owner is a female who prefers to work with females on a daily basis. If Donald wants to enforce federal law against his employer, he will need to first register his complaint with the .... If the ...decides not to pursue legal recourse against the employer, the employee can then commence a legal proceeding against the employer
lien on the property
Dorthy is interested in buying a piece of property from Larry. Larry refused to pay a plumber's bill four years before. The plumber filed a lawsuit against Larry and placed a.... As a general rule, a bank will not finance Dorthy's purchase unless Larry pays off the lien
the employer tried to prevent the harassment and the employee did not attempt to use the company's resources in relation to the harassment
Employers are also liable for a hostile work environment created by a supervisor unless....
professional employees white collar workers who make over $100 K a year managers
Employers are not required to pay overtime wages to exempt employees, such as...?
inherently dangerous
Fast Dig Mining Company hires an independent contractor to use dynamite to blast a large rock from a mine shaft. This activity is ...and a court would likely hold Fast Dig Mining Company responsible for any damages resulting from the blasting because the activity is dangerous and the company should be responsible for any damages
National Labor Relations Act of 1935
The ...created additional rights in regard to unions and is often referred to as the "Wagner Act" because its sponsor was Robert Wagner
Perpetual Real Estate Services, Inc. v. Michaelson Prop
FACTS: Perpetual Real Estate Services, Inc. ("PRES") and defendants, Michaelson Properties, Inc. ("MPI") and sole shareholder Aaron Michaelson, were business partners. PRES filed suit against defendants over business matters, and sought to pierce MPI's corporate veil to impose liability on Michaelson. The jury found for PRES and Michaelson appealed. ISSUE: Was PRES able to establish that MPI was a sham to disguise legal wrongs by Michaelson? ANSWER: No CONCLUSION: The court reversed, holding that PRES was required to establish that MPI was a sham used by Michaelson to disguise some wrongdoing or crime. The jury instruction failed to state the applicable burden of proof and PRES' evidence failed to show that Michaelson used the corporate form to disguise legal wrongs.
A Medicare tax of 1.45 percent is levied against wages of workers
FICA contributions are composed of two taxes
First, a Social Security tax of 6.2 percent is levied against the wages of an employee.
FICA contributions are composed of two taxes
50
FMLA applies to employers with at least _______ employees
If the employee's best friend suffers from any serious health problems, so the employee is unable to work
FMLA requires that an eligible employee can have up to 12 weeks of time off within a 12 months period for various reasons. Which of the following is not a reason?
Rationally related to a conceivable public purpose
For the governement to take property under eminent domain, the purpose must be
open and notorious possession
Gale enters on the farmland of Harry. Gale builds a small home and puts a sign up on the property that reads, "Gale's House." Gale is engaging in ....of the land.
paid one year after they are initially due
Gary buys a home from Louise and the closing date is July 1. The state where they live requires property taxes be ..... The state's fiscal year ends on July 1. Louise will have to provide payment for the year's worth of property taxes that are accrued as of the date of closing
sex discrimination
Gender discrimination is also referred to as ....and may occur in a variety of ways
liable to Jerry because he was at fault for giving instructions to Hunter on which trees to cut down
Harlan hires Hunter to cut down some trees on his property. Hunter is an independent contractor. Harlan mistakenly believes trees owned by Jerry are actually on Harlan's property. At Harlan's instruction, Hunter cuts down the trees belonging to Jerry. Harlan is.....
express agency
Harrison hires Melody to negotiate the purchase of a piece of real estate. Melody and Harrison sign a written contract that details the duties of each party
Duty of notification
Harry manages a dairy cow farm for Eleanor. One day Harry notices a rising river is about to start flooding the pasture where the cows graze. Harry must notify Eleanor of the potential for the flood
Taft-Hartley Act of 1947
The ...created rights for nonunion employees and employers in regard to unions and union activities
(1) The consumer should contact the reporting agencies and alert the agencies of the potential theft of identity (2) the consumer should then file a report with the FTC (3) the consumer should file a police report
If a consumer becomes a victim of identity theft, the FTC provides the following guidance:
Liability for the Acts of Agents
If a court finds (1) an agency relationship existed and (2) the agent was exercising some form of authority as discussed above, the agent will create liability for the principal in regard to a third party
Automatic stay
If a creditor learns a debtor has filed bankruptcy, the creditor will be prohibited from pursuing payment directly from the debtor because of the
(1) sue the customer for nonpayment, (2) contract with a collection agency to recover the debt, and (3) report the outstanding debt to a credit-reporting agency
If a customer does not pay in a timely fashion, a company may:
substantial abuse
If a debtor spent $10,000 on lottery tickets in bad faith in the month preceding his filing for bankruptcy, the court could conclude that the debtor engaged in ..... The court might want to prevent him from receiving the benefits of bankruptcy after spending his money in such an unwise manner
reimbursement
If a principal breaches a contract when the principal was undisclosed, the agent may be liable to the third party. The agent may sue the principal for.....
collateral
If a restaurant owner borrows money to buy a pizza oven, the lender can require that the pizza oven serve as ...for the loan. The lender then holds a security interest in the ...., here the pizza oven. If the borrower defaults on the payments to the lender or files bankruptcy, the lender has the right to recover lost payments on the loan by taking possession of the ...., the pizza oven
300 to 850
In a "FICO" credit report, scores range from
between 3 and 5 years
In a Chapter 13 bankruptcy, how long is a typical repayment plan, depending on the income of the debtor?
At least 24 hours
In most states landlords must give notice how much time before entering onto a leased property?
Chapter 13 bankruptcy
In order to qualify for a ...., an individual must have unsecured debt of less than $394,725 and secured debts of less than $1,184,200
reasonable use standard
In other states, the use of percolating water is subject to a ...., where the water can be used only to benefit the property where the water source is located and the use must be reasonable
limited liability limited partnership
In states that recognize a ...., all partners in the ....receive limited liability protection
The defendants had lied verbally to the seller
In the Clemens case,
Had engaged in fraud
In the Vulcan Metals Co case, the court found that the defendant
1. whether the action was one the employee was hired to do; 2. whether the action took place at the place of employment and during work hours; 3. whether the action benefited the employer; 4. whether the employer furnished an instrumentality used to commit the act (for ex-ample, an employer-owned car); and 5. whether the employer had reason to know the employee might commit the act if an intentional act occurred.
In the event of vicarious liability Courts will often ask....
The plaintiff was justified in relying on the misrepresentation The defendant intentionally misrepresented their product or service A material fact that would have made a difference in the decision-making process
Intentional misrepresentation, or fraud, requires:
choose the state exemptions if she believes them to be more favorable than the federal exemptions
Iowa allows a unique list of exempted assets, including clothing, a shotgun and a rifle or musket, a wedding or engagement ring, farming equipment, and the family Bible. A resident of Iowa might....
Chapter 13
It is the least expensive method of seeking the protection of the Bankruptcy Code and is also the least complicated
gratuitous bailment
Ivan uses Harry's tractor to plant his field. Ivan the bailee may have to pay Harry for the use of his property unless the parties had agreed it would be a.....
General partner
Jack and Jill's business goes under and Jack got saddled with a mountain of debt because he had unlimited liability for the partnership. What type of partner is Jack?
Eminent Domain
Jack owns a farm in the middle of the country. One day the city comes out to his farm and tells him they are going to take 2 acres of his land for a road and provide just compensation for his property. What domain is associated with this situation?
Zoning
Jamie buys a new home. Under local city law, Jamie is prohibited from building a second home on her parcel of land. This prohibition by the city is referred to be the textbook as
Medicare
Jane is 67 years old and needs health-insurance, which of the following will help her get health insurance?
not require payment
Jeannie believes her credit card was charged for a good she did not purchase. She must notify her credit card company within sixty days of issuance of the first statement showing the charge (state law or a credit card company may extend the 60-day period). The company must then notify her of their findings in regard to the disputed amount. The credit card company may ....on the disputed amount and it cannot assess finance charges on the disputed amount until a resolution is reached.
Chapter 13 Case
Jim Jackson has been divorced three times and works as an accountant in Daytona Beach. His monthly income is about $5,850 after taxes. He has one child from each marriage, which results in $250 a month in child and spousal support. He is currently in arrears on support payments in the amount of $3,600. For each of his marriages, he went to Jerry's Diamonds and bought a $4,000 engagement and wedding ring set. He financed the ring purchases with an unsecured loan. He makes monthly payments of $50 on the unsecured debt for each ring. Since his third and most recent wife kicked him out of the house that he bought, he has been renting an apartment. However, his name is still on the mortgage of the house where his third wife resides. Jim makes a monthly payment of $2,500 towards the mortgage on that house. He has about $15,000 in equity in the house. The payment on his used red Corvette is $500 and he has about $2,000 in equity in the car. He also has monthly student loan payments of $1,000. Jim has accumulated $100,000 in unsecured debts, including $50,000 in credit cards, $40,000 in student loan debt, and $10,000 to Jerry's Diamonds. Jim's monthly rent and reasonable living expenses is $1,500
Chapter 11 Case
Jim's bar, The J Bar, LLC, operates a gastropub in a local college town. J Bar recently lost a "Dram Shop" lawsuit (overserving a patron liquor who then injured a person while driving their car) and now owes Mrs. Rodriguez $50,000. J-Bar also has recent tax debts totaling $90,000. The monthly revenue from Jim's bar has been about $30,000. Monthly, J-Bar pays its wait staff about $11,000 in wages, suppliers $6,000, and monthly personal and business taxes of $6,000. The assets of the bar total $60,000. Last year, Jim decided to expand J-Bar by adding a patio and a party room. To finance the expansion, he took out a secured bank loan for $50,000, at the rate of 10 percent payable over 36 months. Recently, a new bar opened across the street and he has had to lower prices on his food and beer to draw customers. His bar revenue has decreased to $24,000. He expects revenue to increase as the college football season starts and the students are back in school, but that is about four months away
Intentional discrimination
John says "I won't hire you because you are American," what is this an example of?
Express warranty
Oral or written assertions about a product or service is what kind of warranty?
Professional Service Corporation
John, a lawyer, is planning on opening a law firm. His corporation would be a...
her employer could be liable for the accident
Jordan drives a company car to make sales calls. Jordan has been expressly told not to use her personal car for company purposes. Jordan stops at a gas station to buy a soft drink. While leaving the store, she accidentally damages the car of another customer. Jordan's action would probably be considered a minor deviation from her normal job duties and....
at-will employment
Karen gets a job at Fast Food Incorporated. Karen is hired to be a manager and will receive pay of $1,000 per week. If considered an at-will employee, Karen can be discharged from her job at any time, without cause, and she can also quit her job at any time. The key to identifying the ...contract is the specific language used in the contract or agreement governing the employment relationship
Technical Defense (2)
The ...defense that is technical in nature has to do with the number of employees an employer has for purposes of claims of discrimination under federal law
1) Members can pool capital and share responsibility 2) No double income taxation 3) Members will enjoy limited liability 4) Ability to use LLC's debt to increase the use of losses at the individual level subject to at risk limitations
Limited liability company advantages
1) Third parties might refuse to extend credit to entity because of limited liability shield 2) Members may face Social Security and Medicare taxes on all profits 3) More complicated and expensive to form than other types of business entity forms, such as sole proprietorship or general partnership 4) State LLC law might not be as developed as corporate or partnership law
Limited liability company disadvantages
1) Partners can pool capital and share responsibility 2) No double income taxation 3) Partners will enjoy limited liability 4) Ability to use partnership debt to increase the use of losses at the individual level subject to certain limitations
Limited liability limited partnership advantages
1) Third parties might refuse to extend credit to entity because of limited liability shield 2) More complicated and expensive to form than other types of business entity forms, such as sole proprietorship or general partnership
Limited liability limited partnership disadvantages
1) General partner still has unlimited liability 2) Partners may face Social Security and Medicare taxes on all profits 3) More complicated and expensive to form than other types of business entity forms, such as sole proprietorship or general partnership
Limited partnership disadvantages
partnership
Lindsay and Erin decide to offer painting services to local property management companies. Lindsay and Erin charge $50 per hour for painting and they split all the profits equally. Lindsay and Erin never intended to form a ...but did so inadvertently by sharing profits from a business activity
Madison is not liable for the plumber's actions
Madison hires a plumber to fix her toilet. On the way to her house, the plumber is involved in an auto accident. The plumber is not Madison's employee so...
non-delegable duty by a court and Beth may be allowed to sue Malachi
Malachi is an attorney hired by Beth to sue her former employer. Malachi knows the statute of limitations has almost run so he decides to hire a delivery agency to deliver the necessary documents to the courthouse. The delivery agency, an independent contractor, misplaces the documents and upon finding them delivers the documents after the statute of limitations has run. The delivery of the documents may be viewed as a ...., the attorney, for missing the deadline even though Malachi hired an independent contractor who made the late delivery
liability
Mariah's boss tells her if she would have a sexual affair with him, she would get promoted. As a supervisor, her boss has created ...on the part of the employer
Marissa had an emergency power in the situation
Marissa works at a hotel. She had been expressly told her job duties do not involve contacting public officials on the behalf of the hotel. Her contract even specifically forbids the contacting of public officials. One night a guest becomes ill and Marissa calls 911. An ambulance is dispatched to the hotel. The guest refuses assistance. The county hospital now wishes to bill the hotel for the ambulance service. The hotel refuses to pay the bill based on the fact Marissa did not have the authority to contact public officials such as an ambulance service. A judge may declare ..... The judge may feel public policy will be well served by not discouraging employees from calling for an ambulance. If that is the case, then the hotel might be required to pay for the ambulance services
FTC
The ...enforces federal law in several areas, including antitrust law and consumer protection laws such as the Telemarketing and Consumer Fraud and Abuse Protection Act
respondeat superior and vicarious liability
Mark is an employee at a grocery store. He is having a bad day and a customer asks him for help finding a can of soup. Mark tells the customer, "Any jerk with half a brain could find a can of soup in this store." The customer becomes angry and threatens to report Mark to the store supervisor. Mark then proceeds to punch the customer, breaking the customer's nose. If the customer sues the grocery store under the theories of ...., the grocery store may claim Mark was not ordered to do this action even though Mark was in the store during normal business hours. His employer would also argue that hitting customers is not part of the job duties he was hired to perform, the action did not promote the interest of the grocery store, and the store had no reason to know Mark could act in this way. Therefore, the store would more than likely not be responsible for the actions of Mark
equitable owner
Matt buys a new car using money he borrowed from Midwest Bank. Matt is the .... He gets to use the car. The bank will most likely keep the title to the car, which means the bank has legal title. If Matt does not make his payments, the bank will repossess the car since they hold legal title
Agency by Ratification
Matt goes to college. His mother, Jan, sells his motorcycle while he is gone. When Matt returns he is upset that she didn't ask him first until he finds out the amount the buyer is paying for it. He then agrees to allow Jan to sell his motorcycle. This is an example of...
personally responsible
Melanie starts a home remodeling business and borrows $60,000 from a local bank to pay for advertising and other start-up costs; Melanie is ....for the repayment of the $60,000 loan
Discrimination based on age
Merlyn was an elderly worker and was let go and replaced by a much younger worker with a lower salary. Merlyn feels he was discriminated against. Under what grounds is this true?
FCC
The ...governs communications made through the television, radio, and telephone industries when such communications begin or end in the United States
priority
Misty digs a well on her farm and finds an underground water source. She has a legal ...in using the found water as compared to subsequent individuals who find the same water source
abandoned
Misty throws her engagement ring into a lake after learning her fiancé Jeremy once dated her sister Angie. Scott, an avid swimmer, finds the ring and becomes the owner since Misty threw her ring into the lake and ....it
general agent.
Mitchell is the managing employee of Data Corporation. Martha is the owner. She has authorized Mitchell to manage the affairs of the business, including all meetings with both suppliers and customers. Mitchell also manages the finances of the company. Mitchell is a ....
cotenant
Molly dies and devises her interest in her Blackacre estate to her daughter Alexandra and her son Joey as tenants in common, with a 50 percent ownership interest granted to each. Alexandra and Joey each own a half interest in the undivided Blackacre. A ....such as Alexandra can devise or convey her ownership interest in Blackacre to her children
Limited Partnership
Molly invested $1000 into her sister's business. A year later her sister's business ended up failing and when the business went under Molly lost her $1000 and nothing more. What kind of partnership was Molly involved in?
hostile work environment
Monica is a practicing Mormon. Monica's coworkers continually make jokes about the Mormon religion in Monica's presence. They also continually ask her questions about her faith and then laugh at her answers. If a reasonable person would be intimidated by the behavior Monica is facing, Monica's workplace has become a.... It should also be noted, any coworkers who are affected by the harassment of Monica might also be able to bring a claim of a...
She has breached her duty of loyalty
Monica knows her principal needs large quantities of soy to make their products. Monica cannot start her own corporation that purchases soy and buy the needed soy for her principal from her own company. She is engaging in self-dealing.....
implied in fact contract
Natalie was hired for a period of one year and was told that she would not be let go without good cause. After one year, Natalie had a satisfactory employment evaluation. Six months later she was let go without cause. Natalie may be able to argue that she had an ....which required she only be let go for good cause
Independent Contractor
Natalie works for Hi Ball Distilling Company. Her job is to market products to customers such as grocery stores and convenient stores. She drives her own vehicle but is reimbursed for her mileage. She is also reimbursed for her entertainment and meal expenses if incurred to procure or maintain a customer relationship. She has reported to the same boss for the past ten years. She checks in with her boss each Friday. Natalie sets her own schedule. Natalie is paid based on a percentage of her sales figures. Whether Natalie will be treated as an employee or independent contractor depends on their analysis of the factors listed above. The fact that she has been with the company for ten years and had the same boss seems to point to her being an employee. An employee usually stays with a company for a longer period of time than an independent contractor. However, she uses her own car and sets her own schedule. These factors point to her being an independent contractor. Independent contractors generally have their own tools and set their own schedules. In addition, she is not paid a salary but is instead paid based on a commission only. Employees are often paid by the hour or paid through a salary arrangement. Additional considerations by a court might be whether the company refers to her as an "employee" or an "independent contractor" in correspondence with her or in other legal documents such as contracts. Furthermore, a court might be interested in whether she serves other clients providing similar services. Based on these facts alone, it is hard to predict whether a court would label Natalie as an independent contractor or employee
business necessity
National American Bank Corporation prohibits the hiring of employees who have been convicted of a theft-related felony. Mark was convicted of grand theft auto, which is a felony in his state. Mark proves in court that National's employment criteria related to theft convictions have a disparate impact on a protected class of which he is a member. National may prove the job requirement is a ...by showing those with theft-related convictions are statistically more likely to repeat their offense. Since National is in the banking business, a court may find the employment criterion to be a...
implied warranty of merchantability
The ...is the assertion by the selling merchant that a consumer product is fit for its general purpose and contains no defect
franchising contract
Nelson would like to start a new restaurant. If he enters into a ...with a nationally known restaurant chain, he will benefit from being able to use their name and related trademarks. Customers will readily identify his restaurant. In addition, he will benefit from any national advertising campaign implemented by the national restaurant chain. Also, the national restaurant chain will probably provide training opportunities for Nelson and his employees. Finally, Nelson may benefit from the national restaurant chain's purchasing and distribution program
sole proprietorship
Norman routinely fixes automobiles for his friends and family. He charges sixty dollars per hour. Norman has a ....unless he organizes his business as a formal business entity other than a ...or shares his profits and losses with a co-owner. The ...is popular, as it requires no official filing with the state to actually form the business. Norman, the mechanic, simply needs to offer to fix someone's car in exchange for money
they are barred from suing their employer
Once an employee accepts workers' compensation...
Business Necessity Seniority System Bona Fide Occupational Qualification
Once the burden of proof in a discrimination case has shifted from the plaintiff to the defendant, the defendant may assert which of the following to counteract the claim of discrimination?
"members"
Owners of an LLC are referred to as ....instead of stockholders or partners
general partnership
Partners of a ....are jointly liable for the debts of the partnership
fraudulent transfer
Perry is considering filing for bankruptcy. He has a rare Babe Ruth baseball card worth $50,000. He sells the card to his best friend for $50 two months before filing a Chapter 7 bankruptcy petition. The sale of the baseball card by Perry to his best friend carries the presumption of being a ...and Perry bears the burden of proving he did not transfer the baseball card with the intent of defrauding creditors
gratuitous agent
Peter wants to win the affection of Kalli. He offers to move her furniture from her old apartment to her new apartment. He is a ...if he acts within her control and on her behalf when moving her furniture
subagent
Phillip is hired by Cynthia to collect outstanding balances owed to her by customers. Phillip is not an attorney and cannot file a lawsuit against customers who do not pay. Therefore, he requests that Heather be allowed to work as his subagent, as she is licensed to practice law. Cynthia agrees and authorizes Phillip to employ Heather as a...
ninety days
Preferential transfers must generally have occurred within ...before the filing of the petition for the trustee to take action
express authority, implied authority
Suzie asks Stan to wash her car at the local carwash and return it to her by 5:00 p.m. Stan has ...to wash Suzie's car but has ...to drive her car to the carwash and back
implied warranty of fitness for a particular use
The ...is the implied promise a consumer good will achieve a particular purpose or perform a specific function
Land and everything permanently attached to it
Real Property is defined as?
mislaid
Renetta places her ring on the bathroom sink of a movie theatre and forgets to put it back on her finger. Marissa finds the ring while using the same bathroom; she must turn the ring over to the owner of the property on which the ring was found. It was....
Regular income Unsecured debt of less than $360,475 Secured debts of less than $1,081,400
Requirements in a Chapter 13?
No bad faith or substantial abuse due to level of income compared to median state income
Requirements in a Chapter 7?
revoking his license
Scott attends a party at Emily's house. Scott becomes intoxicated and Emily asks him to leave. When Emily asks Scott to leave, she is ...to be on her property
combined wages are less
Rick and Veronica have combined wage income of $225,000 and file their US tax return as Married Filing Jointly. They will not owe the additional .9 percent Medicare tax because their ....than $250,000
gift causa mortis
Rick believes he is going to die in the next week from cancer so he gives his favorite car to his son Luke. Rick miraculously recovers. The gift of the car to Luke is automatically revoked because it was a ....
$6.20
Rick is paid $100. He would owe Social Security tax of ..... His employer would have to pay a matching amount....
harvest e-mail addresses
Ricky has a new bike repair service he would like to advertise. Ricky cannot ....from a local college online directory to use when marketing his company's services
actually entered the property but he is not exclusively
Rob owns a building where he works on cars. His buddy Jeff routinely uses the building to work on his own personal car. Jeff has ....using the property
trust
Robin retires from his carpet cleaning business. He transfers ownership of the business to a ...and names Craig as the trustee. He names his nephew Brady as the sole beneficiary
agency by ratification
Rodney returns home from college to find his mom Ellen has sold his prized baseball card collection. Rodney is very angry and tells his mother she had no right to act as his agent. Ellen then informs Rodney as to the price the buyer has agreed to pay and Rodney is impressed. He ratifies her as his agent and agrees to allow her to deliver the baseball card collection to the seller as his agent
1) Ability to raise capital by issuing stock certificates to investors 2) Stockholders will enjoy limited liability 3) Can convert to a C corporation 4) No double taxation and losses flow through to shareholders 5) Shareholders can reduce Social Security and Medicare taxes by paying themselves a salary
S corporation advantages
1) Restrictions on ownership of shares 2) Restrictions on distributing company profits 3) More complicated and expensive to form than other business entities
S corporation disadvantages
if he files bankruptcy
Sally hires Nathaniel to collect rent from tenants who occupy her building. Nathaniel's ability to pay his creditors may become an issue, as he is in control of Sally's money. Therefore, ...the agency might terminate upon such event.
Title VII
Samuel is not hired for a position because the hiring company believed he was Hispanic and the company did not want to hire Hispanic workers. Even if he is not Hispanic, the ...provides protection for Samuel since he was "perceived" as being Hispanic
fraud
Samuel is selling a house. Marissa is interested in buying a house. Marissa asks Samuel whether his house has ever had problems with flooding in its basement. Samuel knows it has but tells Marissa that the house has never had water problems. Marissa buys the home and later has issues with water damaging her basement. She asks a neighbor about the house and the neighbor tells her that she told Samuel the house had water problems when he bought it. Marissa has a good case of ....against Samuel if she can prove that he knew the house had water problems.
employers from discriminating against nonunion employees, employers from requiring union membership as a prerequisite for employment, and employees from engaging in a secondary boycott
Taft-Hartley Act of 1947 prohibits....
equal dignity rule
The ...holds that if an agent will be entering into contracts on behalf of the principal, which must be in writing under the Statute of Frauds, the agent's authority as granted by the principal must be in writing
Federal Communication Commission (FCC)
The ...is also an independent federal government agency
Pool of applicants
Stan owns a company and has only hired men, even though about half of the people applying for that job in the workforce are women. What type of Disparate-Impact is happening here?
Houses and Vehicles
State law often requires certain disclosures when certain objects are sold. The sale of which of the following would objects would require disclosures?
The employer was made aware of the harassment but did nothing
Susan is being harassed by fellow employee Derek. In which of the following situations would the employer be held liable for this?
express authority
Suzie asks Stan to sell her car. Stan agrees. Stan has the ....to sell Suzie's car
sole proprietorship
The ...cannot raise funds beyond that which its owner can obtain from personal sources or from sources of credit, such as a bank loan
Natural servitude doctrine
Terry purchases a home. Unfortunately for Terry every time it rains, his backyard floods with rain water from his neighbor's property. Which of the following rules would require Terry's neighbor to prevent the run-off of surface water?
FDA
The ....is considered to be part of the executive branch and is not considered an independent agency
bailor, bailee
The ....is the true owner of the property and the ....is the person who rightfully possesses the property
Genetic Information Nondiscrimination Act of 2008
The ....makes it unlawful for an employer to discriminate in employment-related decisions if the discrimination is based on a person's genetic information or a family member's genetic information
rule of capture
The ...awards ownership to the first person who captures property and is most commonly applied to natural resources in the United States
Can Spam Act
The ...places limitations on the transmission of commercial e-mails. To be considered commercial, a message must be promoting a commercial good or commercial service.
Consumer Credit Protection Act of 1968
The ...protects employees from being dis-charged because their wages have been garnished. It also limits the amount of wages that can be garnished
Employee Polygraph Act of 1988
The ...protects employees from being required to take a polygraph test, also known as a lie detector test. The act generally applies to private employers but not government agencies
Fourth Amendment
The ...protects government employees from unreasonable searches and seizures. This right might protect an employee's workspace as well as prohibit certain types of drug testing
implied warranty of habitability
The ...requires the landlord to keep the premises fit for habitation both before and after a tenant takes possession
deceptive advertising
The FTC defines ....as advertising that states or omits a fact that makes the advertising misleading about a material fact to the reasonable consumer
Indemnification
The act of seeking reimbursement arising from a legal liability is referred to as?
Duty of loyalty
The agent must be loyal to his principal. The agent cannot represent two principals if the principals are engaged in competition. The agent cannot engage in self-dealing while acting on behalf of the principal
Duty of notification
The agent must notify the principal of matters important to the principal
perpetuities prevents
The common law rule against ....an owner from devising a property ownership interest that may or may not vest within twenty-one years after the owner's death
1. Credit card companies cannot generally increase interest rates on existing balances un-less a consumer has missed two consecutive payments 2. Credit card companies cannot charge a late fee of more than $25 for the first late payment and $35 for a second late payment in a six-month period 3. Credit card companies must mail or deliver a consumer's credit card statement twenty-one days before payment is due 4. Credit card companies must disclose how long it will take to pay off an existing balance if making only the minimum payment as well as the amount needed to be paid monthly to pay off the balance in three years 5. Credit card companies must allocate payments to higher-interest-rate debt balances before allocating payments to lower rate balances
The following is a list of some general rules applicable to credit card companies under CARD
Devise
To transfer ownership of land by use of a will is the definition of what topic?
strictly liable
Todd buys a car from Mass Car Production Company, and the car has defective brakes. Todd is hurt in an auto accident because the brakes do not work properly. It does not matter if Todd was speeding and partly to blame, as the manufacturer is ....because of the product defect
reaffirms, reaffirmation
Tom has a ski boat that he loves to use for water sports. He lives right next to a lake and enjoys taking his kids out on the boat. He ...the debt he owes to the bank that advanced money for him to buy the boat. The bankruptcy court hearing his case would have to approve of his ..... If the court does, Tom can keep the boat but will have to make payments to satisfy the outstanding debt
authority to sell
Tommy is Mandy's purchasing agent. He buys goods that Mandy sells in her grocery distribution business. One day Tommy is picking up meat from a supplier when the supplier notices Tommy has a fifty-pound bag of salt in his truck. The supplier asks Tommy if he can buy it. Tommy says its Mandy's bag of salt but he does not see why it would hurt. The supplier hands Tommy a check for the salt. Tommy delivers the check to Mandy. Mandy tells Tommy he does not have ...her goods but she will ratify his action this one time and accept the check
Apparent Authority
Toyin works for Mad Max Construction Company. One day a supplier delivers a large shipment of lumber to the job site where Toyin is working. Toyin's boss introduces Toyin to the manager of the supplier. Toyin's boss refers to him as a "rising star" in the company. A few weeks later, the manager of the supplier visits the job site to offer a special order to Mad Max Construction Company. The boss is not on the job site so the manager asks Toyin if Mad Max wants to take advantage of the special order. Toyin agrees. The manager may be justified in relying on Toyin's acceptance due to the verbal representations made by Toyin's boss
2 years
Transferring of assets or cash before filling a petition can lead to fraudulent transfer if it was made within...
bailment
Tricia pays $25 to park her car in an empty lot so she can visit the Washington State Fair. If she keeps her keys, a ...has not been created, as she is in control of the vehicle. More than likely, a court would hold that she has leased a parking space
bailment
Tricia takes her automobile to a mechanic to be repaired. Tricia has effected a....
Both parties as long as no right are violated
Under 'employment at will', which party can terminate the employment?
tort law as well as federal and often state law
Under ...., most employees enjoy a right to privacy. Therefore, as a general rule, employers must notify employees when they are being monitored or their correspondence is being monitored
20
Under COBRA, an employee of an employer with more than ____ employees may be able to purchase health insurance through their employer after termination for a short period of time.
A private negotiation to reorganize debt
Under Chapter 11 bankruptcy, a creditor may ask for a workout. A workout is...
Regular income Up to a certain amount of secured debts Up to a certain amount of unsecured debts
Under Chapter 13 bankruptcy, the individual filling for bankruptcy must have...
Individuals
Under Chapter 13 bankruptcy, which of the following entities are allowed to form a repayment plan?
Equal Credit Opportunity Act of 1974
Under the ..., a person cannot be denied credit based on their race, religion, national origin, color, gender, marital status, age or dependence on public assistance
Federal Insurance Contributions Act of 1935 (FICA)
Under the ..., employees and employers alike contribute toward federal retirement health care and wage assistance programs available once a worker reaches retirement age
adequate protection doctrine
Under the ..., the court may require the debtor to make certain payments to its secured creditors in an attempt to protect the creditor's interest while the creditor is subject to the automatic stay
Family Medical Leave Act of 1933 (FMLA)
Under the ...., businesses employing fifty or more employees in a seventy-five-mile radius must offer up to twelve weeks of unpaid leave during a calendar year for certain absences
Fair and Accurate Credit Transactions Act of 2003
Under the ...., consumers are allowed to alert the credit-rating agencies when they believe they have become the victim of identity theft
Consolidated Omnibus Reconciliation Act of 1985 (COBRA)
Under the ...., employees of federal, state, or local government agencies or businesses with twenty or more employees are eligible to receive benefits from an employer-sponsored health insurance plan after a qualifying change in employment event
Age Discrimination in Employment Act of 1967
Under the ...., employers are prohibited from discriminating against employees because of their age if the employee is forty years old or older
Employee Retirement Income Security Act of 1974 (ERISA)
Under the ...., employers may provide additional retirement savings opportunities to employees in addition to the contributions made through Social Security and Medicare taxes
Affordable Care Act (ACA)
Under the ...., employers of fifty or more full-time equivalent employees must offer a health insurance plan that meets minimum requirements
Federal Unemployment Tax Act of 1935 (FUTA)
Under the ...., the federal government provides unemployment compensation through state-run pro-grams
natural servitude doctrine
Under the ...., the landowner is considered to be a servant of surface water and cannot change the natural flow of the water by building a dam to push water backward or by building a drainage mechanism that would hasten the flow of the water to other property owners
correlative rights doctrine
Under the ...., the owner of land overlaying percolating water is considered to be a joint owner with other property owners whose property overlays the percolating water
rule of absolute ownership
Under the ....., a landowner can use as much percolating water as she wants and for whatever use
prior appropriation rights doctrine
Under the ....., the first person to use a water source has a greater priority than a subsequent user.
Americans with Disabilities Act of 1990 (ADA)
Under the .....and the ADA Amendments Act of 2008, employers are prohibited from discriminating in employment-based decisions against someone with a disability
Fair Labor Standards Act of 1938 (FLSA)
Under the ...a covered employee is required to be paid the federal minimum wage of $7.25 per hour
40
Under the FLSA, any employee who works more than _______ hours per week is eligible for overtime pay?
1. To request information maintained in their personal file by a credit-reporting agency 2. To be notified if a creditor has used a credit score against the consumer 3. To contest inaccurate information contained in a credit score report 4. To request a copy of a their personal credit report 5. To have negative credit actions removed after seven years (or ten years if a bankruptcy was involved)
Under the Fair Credit Reporting Act of 1970, consumers have the following rights:
obscenity
Under the Miller test, ...is determined by deciding whether the communication (1) appeals to prurient interest in sex based on community standards, (2) depicts a patently offensive sexual act or conduct, and (3) lacks serious literary, artistic, political or scientific value
1. The annual percentage rate (periodic statements must show effective annual rates) 2. Finance charges (includes interest, transactions fees, and origination fees) 3. The length of time required to pay a credit card balance if only the minimum balance is made 4. The amount financed
Under the TILA and Regulation Z, a business must disclose the following to consumers:
adverse possession
Under the theory of ...., if a party does not sue another for possessing their real property within a required period of time, the original owner loses their ability to protect their property interest
When fraud is involved
Under what situation will a court not be able to enforce a repayment plan?
Tobacco Control Act of 2009
Under which law are tobacco companies not allowed to advertise to minors?
second
Unsecured creditors are paid...
Employee
What do you call someone who is hired to perform services for a business under the control of the business?
Telephone Consumer Protection Act (TCPA)
What Act protects people from telemarketers calling in late hours?
CAN-SPAM Act
What act protects the harvesting of email addresses?
Lanham Act
What allows a company to to sue a competitor engaging in unfair advertising?
Intent, Possession, and Physical control by bailee
What are requirements of a bailment?
Misinformation on the amount owed to creditors
What could prevent someone from filling for bankruptcy?
Disparate-impact discrimination
Which of the following occurs when a protected group is adversely affected by an employer's practices, procedures, or tests, even though they don't appear to be discriminatory?
Unsecured creditor
Which of the following parties is owed a debt but has no security interest in collateral of the debtor?
Workers' compensation
Which of the following programs provides workers with injury related payments in the even they are injured on the job?
Once a debt is reported to a credit agency as unpaid it cannot be removed
Which of the following statements is not true?
Adverse possession requires the use to be hostile and notorious
Which of the following statements is true regarding adverse possession?
An employee can be let-go at anytime
Which of the following statements is true regarding at-will employment agreements?
An employer can fire an employee without legal recourse as a general rule
Which of the following statements is true regarding at-will employment agreements?
Employees enjoy privacy rights even at work
Which of the following statements is true regarding privacy rights of employees?
Authority by ratification
Which of the following types of authority arises by approval of the principal after the agent has acted without authority?
FMLA
Which of the following was passed in an attempt to allow workers time away from their job if they are sick or a close relative is sick?
Nathan who has high amounts of income
Which of the following would be most likely prohibited from filing under chapter 7 of the bankruptcy code?
Requiring men to work later in the day because women are often primary care givers
Which of the following would be unlawful under federal law?
Unpaid child support
Which of the following would restrict you from filing bankruptcy?
An iPhone6
Which one of the followings is an example of personal property?
Land
Which one of the followings is an example of real property?
Trustee
Which party is in charge of avoiding preferential transfers?
Chapter 13
Which type of bankruptcy petition can only be filed voluntarily by the debtor?
Warranty Deed
Which type of deed ensures the seller has a good title free from ownership claims?
Savings account worth $1,000,000
Which type of property isn't exempt under the federal bankruptcy code?
Individuals, Partnerships, Corporations
Who can file in a Chapter 11?
Individuals only
Who can file in a Chapter 13?
Individuals, Partnerships, Corporations
Who can file in a Chapter 7?
The FTC and the FCC
Who enforces the TCPA Act?
Secured creditors
Who is paid first in the liquidation proceedings of an individual?
Donee
Who is the person that is the recipient of a gift?
EEOC may view this as evidence of disparate impact in the rates of hiring
XYZ Corporation requires all employees have a college degree by the start date of their employment. Veronica believes this is discriminating against individuals of her nationality because most are recent immigrants who have not had the chance to yet obtain a college degree. Veronica is from the (fictitious) country of Zanashkia. Of the one hundred employees hired by XYZ Corporation in the past year, eighty were born in the United States. Only one applicant was from Zanashkia. Since one employee is less than 80 percent of 80 or 64 employees, the....
Government
_________ employers are exempted from drug testing by the fourth amendment (except for transportation workers
Disparate impact
arises when an employer's job requirements or hiring qualifications discriminate against those of a protected class even if the employer did not intend to discriminate against a protected class