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Exam4-FC4 - The flashcards are formatted for printing...

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Statute of Frauds Personalty
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All property that is not realty. Corporations, persons, and governments must put certain kinds of contracts in writing.
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Eminent Domain Eminent Domain
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The right to control the health, safety, and welfare of the community (police power). The government can take your property for public use, but must provide just compensation (found in the Constitution).
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Force Majeure Eminent Domain
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The right to control the health, safety, and welfare of the community (police power). Protects contracting parties from problems beyond their control (natural disasters and political upheavals).
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Limited Partners Limited Liability Company (LLC)
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An organization that is treated like a corporation for liability purposes, but like a partnership for federal tax purposes. Investors who may not participate in managing the business; not liable for the debts or torts of the limited partnership beyond their capital contributions.
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Respondeat Superior Articles of Partnership
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Voluntary contract between two more persons to place their capital, labor, and skills in business with the understanding that there will be a sharing of the profits and losses between and among The principal is liable for acts of the agent committed in the scope and course of employment that the principal knew, could have known, or should have known.
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partners.
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Parol Evidence Res Ipsa Loquitur
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Common law doctrine that states “the thing speaks for itself”; breach can be inferred by the nature of the accident even without evidence. If you enter into a written contract and don’t put in any oral statement you had with the party beforehand, then prior conversations can’t be admitted in court (inadmissible).
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Title VII of the 1964 Civil Rights Act Principal and Agent
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Liable for the agent’s acts on behalf of the principal. The most important antidiscrimination employment law that applies to employers, employment agencies, and labor unions in the private and public sectors.
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IRS 1.
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