Business Law Ch 3

Non-profit corporation – may earn profits, but does not distribute profits to shareholders; non-profit corporation does not issue stock, nor does it have shareholders, run by BoD; instead, corporation reinvests profits in business
Equal Opportunity Commission – Governs compliance with Title VII of Civil Rights Act of 1964.
check – a draft drawn on a bank and payable on demand is a
Collateral – The property that is the subject of a security interest
early neutral case evaluation – A form of alternative dispute resolution in which a neutral third party evaluates the strengths and weakness of the disputing parties' positions; the evaluator's opinion forms the basis for negotiating a settlement.
Unconstitutional – When a law is invalid because it conflicts with a constitution
Step five of civil trial – Closing arguments by attorneys
334. _____ Bill tells several people in his business law class that Mike, a fellow student, is "a dishonest criminal – and he has smallpox too." Which of the following facts, if true, would benefit Bill most if Mike were to sue him for defamation?
a. Mike incurred no "special damages" as the result of the comments
b. Mike is a dishonest criminal, and he does have smallpox
c. Both a and b above
d. None of the above – a. Mike incurred no "special damages" as the result of the comments
Delinquent child – is a minor under certain age (generally 16-18) who has committed an adult crime.
If the subject matter of an offer is destroyed, the offer _______.
Duty of Loyalty – "No conflicts of interest when doing duties." (no self dealing, interlocking directors, corporate opportunity doctrine.
Neglected or Abused child – is one who is homeless, destitute, or without adequate parental care.
Ethical Dilemma – When a question of ethics has no clear answer
If the subject mаtter оf аn оffer is destrоyed, the offer _______.
Concurring Opinion – written by a judge who agrees with the majority opinion
Commercial Impracticability – It would cause extreme harm to one party if the terms of the contract were fulfilled.
Any passive income (gifts, inheritance) gained within a certain time frame of bankruptcy filing must be turned over. What is the length of this time frame? – Any passive income gained within six (6) months.

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