Blaw 3391 Study guides, Class notes & Summaries

BLAW 3391 TTU Exam 2 Questions And Answers (Verified And Updated) Sole Proprietorship - answerSimplest 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 Advantages - answer•Owner receives all profits; pays only personal taxes •Easy to create; less costly •Flexible decision making So...

BLAW 3391 Final Exam Questions And Answers (Verified And Updated) Four requirements for a valid contract - answeragreement, consideration, capacity, and legality Agreement - answeroffer and acceptance, meeting of minds Consideration - answermoney, something of value or a promise Contractual Capacity - answerBoth parties entering into the contract must have the contractual capacity to do so. The law must recognize them as possessing characteristics that qualify them as competent parties. ...

BLAW 3391 TTU Exam 1 Questions With Verified Answers Laws - answerrules governing relationships among individuals and between individuals and their society. Priorities of Law? (Highest to lowest) - answerFederal Constitution Federal Statutes State Constitution State Statutes Local Ordinances Conflict Order of precedence Agencies - answercreated by legislatures and make their own rules which have the legal force of statutory law. (ex: IRS) Common Law - answer- The earliest version of...

BLAW 3391 Final Exam Questions With Verified Answers 100% Solved 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 - answerrestrict what an employee may do after leaving a company, and they often dictate where, when, and with whom an employee may work Four elements needed for a contract: - answerAgreement, the consideration, contractual capacity, and l...

BLAW 3391 Final TTU Exam Questions With Verified Answers 100% Solved tangible personal property - answerpersonal property that can be moved contract - answerlegally 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 requirements offer - answera proposal made by one party (the offeror) to another person (the offeree) that indicates a willingness to ent...

BLAW 3391 Pleasant Test 2 Exam Questions And Answers (Verified And Updated) 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 property become real property? - answer-Planted into land. -(ex. planted shrubbery or lumber used to erect building). Subte...

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-created by legislatures and make their own rules which have the legal force of statutory law. (ex: IRS) Common Law - Answer-- The earliest version of law - Laws adopted when US was a part of Britain ...

BLAW 3391 Pleasant Exam 2 Questions With Verified Answers Entrepreneur - answerOne who initiates and assumes the financial risk of a new business enterprise and undertakes to provide or control its management Sole Proprietorship - answerThe simplest form of business organization, in which the owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business. Sole Proprietorship in TX - answerYou can est...

BLAW 3391 Pleasant Exam 2 Questions With Verified Answers One who initiates and assumes the financial risk of a new business enterprise and undertakes to provide or control its management - answerEntrepreneur The simplest form of business organization, in which the owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business. - answerSole Proprietorship You can establish without filing any legal do...

BLAW 3391 Final Exam Questions And Answers (Verified And Updated) Four requirements for a valid contract - answeragreement, consideration, capacity, and legality Agreement - answeroffer and acceptance, meeting of minds Consideration - answermoney, something of value or a promise Contractual Capacity - answerBoth parties entering into the contract must have the contractual capacity to do so. The law must recognize them as possessing characteristics that qualify them as competent parties. ...