Business Law/Small Business Management

A contract is a legally enforced agreement between

2 or more legally competent person

A process may be referred to as

A Summons

An offer is rejected by

A counteroffer

Legislation that guarantees disabled people equal access to employment, as well as access to public places

ADA ( Americans with Disabilities Act)

When a buyer takes actual possession of goods which have been offered for sale, this action is called

An Acceptance

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

An agent

An agent that has appointed by a sealed written authorization which states that the agent is to act i the principals behalf is

An attorney in fact

A contract in which the parties make known their intentions by words is

An express contracts

An express willingness from a person to enter into a contract agreement is

An offer

Laws that are designed to protect or prevent any individual from controlling a large share of a market or products are

Anti-trust laws

Laws designated to prevent one individual or group from controlling too large a share of the market for product are called

Antitrust Laws

The mean whereby one party conveys his rights in a contract to another who is not a party to the original contract is called

Assignment

Reasonable care, under the circumstances, is required standard in ordinary bailments by the

Bailee

When a funeral director has the personal effects of a dead human body possession, he is properly termed a

Bailee

The person who receives the proceeds from an insurance policy is called the

Beneficiary

The association of business firms that promoted ethical by all business firms in a community is known as the

Better Business Bureau

A written description of a new idea that projects marketing, operational, and financial aspects of a proposed business is known as

Business plan

the doctrine of stare decisis is concerned with

Case Law

An association of business people who attempt to protect and promote the commercial interests in a community is known as the

Chamber of Commerce

The recorder in state federal courts is the

Clerk

Customs which have come to be recognized by the courts as law describes

Common Law

A type of credit granted by retailers that is used by individuals or families for the satisfaction of their own wants is known as

Consumer Credit

An external problem that can lead to small business failure is

Consumerism

A management function which compares organizational and individual performance with predetermined standards or expected results is

Controlling

An association of individuals united for a common purpose and permitted by law to use a common name and to change its members without dissolution of the association is a

Corporation

An association of individuals united for a common purpose and permitted by law to use a common name and to change its members without dissolution of the association is a

Corportation

A punishable offense against society is defined as a

Crime

If a business owner attempts to statistically study such factors as human population size, density, distribution, and wealth, we would refer to this as

Demographics

Which of the following refers to those activities which encourages subordinates to work toward the achievement of the company's goal?

Directing

the election to void a contract is called

Disaffirmance

The method of removing one's free will in making decisions by threats to do physical harm to the person, his family, or property is

Duress

The quantity to be purchased which minimizes total cost is referred to as the

Economic order quanity

The term that is used when all the terms of a contract have been fully performed by the contracting parties is

Executed

Selling a business's accounts receivable for cash to a third party is referred to as

Factoring

Price fixing agreements are

Illegal

Requirements for a valid offer must

Include an acceptance, be definite and be seriously intended

A trade embalmer acts as

Independent contractor

Property rights consisting merely of evidences of ownership of property, such as copyrights, checks, notes and stocks, are

Intangible personal property

In business, the number of times the average inventory is sold or used up can be referred to as

Inventory Turnover

When two or more persons enter into a contract with one or more persons, the contract may be:

Joint/Conditional

The power or authority which each court has to hear cases is called

Jurisdiction

Which of the following is an internal problem that can lead to business failure?

Lack of expertise

Rules of civil conduct commanding what is right and prohibiting what is wrong defines

Law

False statement made in writing for the purpose of injuring the reputation of another constitute

Libel

Business interruption insurance covers

Lost Income

A business that makes finished goods from raw materials by hand or machinery is referred to as a

Manufacturing business

The difference between merchandise cost and the selling price is known as the

Mark-up

A group of potential customers that are recognized as possessing purchasing power and unsatisfied needs defines

Market

A person below the adult age is

Minor

Failure to exercise reasonable care toward another party is known as

Negligence

The substitution of a new party for the original party who is to perform is called

Novation

A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most US employees, is known as

OSHA

Laws passed by local governments are

Ordinances

A form of legal organization in which a business association made up of two or more persons is formed for the purpose of carrying on as co-owners is known as a

Partnership

All physical items that are not real property are classified as

Personal Property

You receive an offer in the mail containin g no stipulations as to the acceptance, and you decide to return your acceptance by mail, the agreement is complete when the acceptance is

Placed in the mail by the offeree

The party who institutes a court action is the

Plaintiff

A written insurance is

Policy

Corporations formed by individuals to perform some non-government function are called

Private Coporations

A unconditional written promise made by one person to another, signed by the maker, engaging to pay on demand or at a fixed time, a sum certain in money to order or bearer is a

Promissory note

The form of legal organization that is owned and operated by one is the

Proprietorship

An indorsement which limits the liability of the endorser is called a

Qualified Indorsement

A restatement of one's willingness to be bound by his promises made during minority is

Ratification

To cancel or annul or avoid contract is to

Rescind

Any effort undertaken to retain and preserve the assets and earning power of a business is called

Risk Management

Courts that have exclusive jurisdiction of bankruptcy matters, claims against the US and patent and copyright cases are defined as

Special federal courts

When one party to a contract breaches it, the other party has the right to sue for breach of contract, but he must exercise this right within the time fixed by a statue which is called

Statute of Limitations

Laws enacted by legislative bodies are

Statutes

The owners of a corporation are known as

Stockholders

the owner's of a corporation are known as

Stockholders

Which of the following is NOT a away to reduce risks

Take on more risk

A private of civil wrong, either intentional or caused by negligence, for which there may be action for damages is

Tort

A private or civil wrong whose cause is intentional or caused by negligence for which there may be action or damages is a

Tort

The law whose purpose is to compensate the aggrieved, not to punish the wrongdoer is

Tort law

Generally, a minor is fully liable for his/her

Torts

The law of the land in the US is the

US Constitution

The highest court of the land in the United States is the

US Supreme Court

In the field of business law, the most important statute is

Uniform Commercial Codes

A contract which is based upon acts being done in consideration for promise is called

Unilateral Contract

A contract that is of no legal effect is

Void

A contract in which undue influence was proven is considered

Voidable

A contract made by an insane person who has not been declared so judicially is

Voidable

The wealth produced in or near a community that provides employment and income to the local population is known as the

economic base

The strategy available to absorb risks would be

to self-insure

A contract is a legally enforced agreement between

two or more legally competent persons

A term involving a relationship of trust or confidence is

Fiduciary

Personal property permanently attached to land is known as a

Fixture

When one promises to refrain from something, his conduct is known as

Forbearance

One who induces another to enter into a contract as a result of an intentionally or recklessly false statement of a material fact is guilty of

Fraud

The Statute of Frauds states that for contracts classified under this statute to be enforceable they my be

Written Contracts