Fbla Business Law 2015

Appurtenant – Right and duties created by the easement pertain to and run with the land of the owner of the easement (dominant parcel) and the land subject to the easement (servient parcel)
Implied contract – Contract expressed by conduct or implied or deduced from the facts
the 5 contract elements – offer, acceptance, consideration, capacity, lawful purpose
Discharge – termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law.
Informal Contract – A contract that does not require a specific form or method of creation to be valid.
Varley v Whipp [1900] – Agreed to buy 'almost new' machine. At time of transaction, turned out to be old and used. Non-performance breach of contract.
Legal Principle: Non-performance
express authority – the authority of an agent, stated in the document or agreement creating the agency
Endorsement – The signature or statement of purpose by the owner on the back of a negotiable instrument which indicates future control of the instrument

Can be spelled as indorsement.

Which of the following involves a promise to buy or sell that the courts will require the parties to obey?
Takings clause – A clause in the Fifth Amendment which ensures that when any governmental unit takes private property for public use, it must compensate the owner.
summary judgment – Judgment decided by a trial court without that case going to trial
Unilateral Contract – Promise for an act. (act must be completed for contract to be binding)
Negotiable Instrument (commercial paper) – a writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit
Which оf the fоllоwing involves а promise to buy or sell thаt the courts will require the pаrties to obey?
Immigration Reform and Control Act of 1986 – A major piece of legislation affecting employers. Under this federal law, employers must keep detailed records on employees' immigration status or risk significant monetary sanctions.
Parol Evidence Rule – A rule of contracts under which a court will not receive into evidence oral statements that contradict a written agreement.
dministrative agency – governmental body formed to carry out particular laws
frolic and detour – the activity of an agent/employee who has departed from the scope of the agency and is not, therefore, a representative of his or her employer.

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