Business Law Homework Chapter 1

Substantive Law – Defines the method and duties
General Partnership (Profits) – Partners share the profits from the business. The partners share profits based on the Partnership Agreement arrangement and if it silent they share profits equally with losses being shared in the same manner.
Arbitration – Arbitrator imposes a resolution, may be binding or non-binding
Subject Matter Jurisdiction – a court's power to decide the type of dispute involved in the case. (Ex. Criminal courts cannot hear civil matters)
Judicial – (Federal Courts) Interprets laws
D – Which of the following is a major power held by shareholders:
a. the power to appoint corporate officers.
b. the power to manage and supervise daily operations of the corporation.
c. the power to declare dividends.
d. the power to elect the board of directors
Stare Decisis – the practice of deciding new cases with reference to former decisions or precedents, known as "to stand on decided cases"
Appeal – A party's decision to go on trial again, which must be based on a legal mistake made by a judge
Plaintiff – A person who begins a lawsuit.
writ of certiorari – An order by a higher court directing a lower court to send up a case for review
A promise to do something that you are already obligated to do is ____.
Courts of Chancery – the separate court that developed the law of equity
An accord and satisfaction requires that the amount of a debt be certain. – f
Donne Beneficiary – A third party on whom a benefit is to be conferred under a done-beneficiary contract.
B – Snow Corporation distributes beverages in the greater Northwest. Snow's board of directors can delegate some of its functions to:
a. Snow's incorporators.
b. Snow's officers.
c. Snow's shareholders.
d. Snow's creditors.
A prоmise tо dо something thаt you аre аlready obligated to do is ____.
Voidable Contract – A valid contract that can be voided
justice – equal and fair treatment of people
duress – a means of removing one's free will, obtaining consent by means of a threat to do harm to the person, his family, his property or his earning power
Under definiteness of TERMS, what kind of terms should we be most definite about? – Time of performance
Indentity of subject matter
ID of Parties
The US Constitution – governing & supreme US law that establishes three branches of gov't.

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