BLAW 3391 EXAM PACKAGE DEAL WITH COMPLETE SOLUTIONS.

Sole Proprietorship - Answer-Simplest business form; owner is the business. Owner reports business income on personal income tax return and is legally responsible for all debts and obligations incurred by the business. 2/3 of all U.S. businesses are formed in this way. Sole Proprietorship Advanta...

Primary Source of Law - Answer-a document that *establishes the law* on a particular issue, such as constitution, a statute, an administrative rule, or a court decision. Constitutional Law (4 sources of law) - Answer-law based on documents setting forth for the general organizations, powers, and ...

Contract - Answer-An agreement that can be enforced in court; formed by two or more parties, each of whom agrees to perform or to refrain from performing some act now or in the future. Bilateral Contract - Answer-promise for a promise Unilateral Contract - Answer-promise in exchange for an act F...

Entrepreneur - Answer-One who initiates and assumes the financial risk of a new business enterprise and undertakes to provide or control its management Sole Proprietorship - Answer-The simplest form of business organization, in which the owner reports business income on his or her personal income...

What is real property? - Answer--Land and everything attached. -Law states land is owned to the center of the earth. What is a fixture? - Answer--Part of the land (ex. trees) How can real property become personal property? - Answer--Removal from land. -(ex. apple from a tree). How can personal ...

Contract - Answer-"a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law is some way recognizes a duty." Covenant not to complete - Answer-restrict what an employee may do after leaving a company, and they often dictate where, when, and ...

Constitutional Law - 1st Source of law - Federal and State Constitutions Executive Order - Legally binding directive from the president - Ex in 1957 Eisenhower ordered federal troops to enforce the Supreme Court's ruling to desegregate the school system Treaty - Written Agreement between two or ...

sole proprietorship - business owned and operated by one person unlimited liability - legal exposure in which an owner of a business is personally liable for all of the debts and obligations of the business what is the most popular form of business organization in the US? - sole proprietorship s...

Four requirements for a valid contract - agreement, consideration, capacity, and legality Agreement - offer and acceptance, meeting of minds Consideration - money, something of value or a promise Contractual Capacity - Both parties entering into the contract must have the contractual capacity to...

tangible personal property - Answer-personal property that can be moved contract - Answer-legally enforceable agreement that is created when two or more competent parties agree to perform, or to avoid performing, certain acts that they have a legal right to do and that meet certain legal requirem...

Laws - Answer-rules governing relationships among individuals and between individuals and their society. Priorities of Law? (Highest to lowest) - Answer-Federal Constitution Federal Statutes State Constitution State Statutes Local Ordinances Conflict Order of precedence Agencies - Answer-cr...