Show:
Fundamentals
Contracts
UCC
Business Entities
Corporations
100

The law is helpful to business because

What is (1) promotes good faith dealing and (2) provides reliability for planning 
100

This contract element requires legal benefit and legal detriment

What is consideration

100

The subject matter of Article 2

What is sale of goods

100
This type of business entity is the easiest to form and operate

What is a sole proprietorship?

100

The law regards a corporation as this

What is a person?

200
Statutes, Common Law, and Administrative Law have this in common
What is primary (binding) source of law
200

The statute of frauds requires this

What is a written contract

200

The title acquired by a lessee

What is none

200

These 3 characteristics describe a general partnership

What are "2 or more people" who "co-own and co-manage" and "split profits"?

200

This is the primary advantage of incorporation

What is strong liability protection for owners

300

This requires courts to follow established rulings in similar cases

What is the doctrine of Stare Decisis

300

This element is missing from a contract made by a 16-year old

What is capacity?

300

This "gap" in contract terms cannot be filled by the UCC default rules

What is quantity?
300

This type of entity can choose to be taxed under corporate tax rules

What is an LLC

300
The Business Judgment Rule applies in this circumstance

What is when corporate leadership makes a bad/unprofitable decision in good faith

400

This business strategy purposely ignores the law in some instances

What is non-compliance?

400

Non-monetary solutions for breach of contract

What are equitable remedies?

400

A seller's promise that a product is waterproof when submersed for up to 50 feet is an example of this

What is an express warranty
400
These entity types offer liability protection for the owners

What are LLCs, LLPs, and corporations

400

This group owns the corporation.

What are shareholders?

500

This concept is based on identification of important business and social issues and critique of business operations and practices

What is Corporate Social Responsibility?

500

The type of title held by an innocent person who buys a stolen car

Void

500
Damages set by the parties ahead of time to apply in the event of a breach of contract

What are liquidated damages

500

These factors are most important in determining the right type of entity for your business

What are liability risks and tax implications

500
Undercapitalization and failure to follow the proper formalities may subject corporate owners to this result 

What is "piercing the corporate veil"?