Chapter 21-*Endorsing (Indorsing) Commercial Paper
*One of the valuable characteristics of commercial paper in our personal & bus lives is the ease with
which it can be transferred from one person to another
*When the holder of commercial paper signs his/
Chapter 20 Intro to Commercial Paper
*Commercial paper is a term widely used in law to describe a number of legally binding and
commercially accepted documents, such as notes, checks & drafts, that are used to transfer money from
one person to another.
Chapter 19- Business Organizations
*Sole Proprietorship- Business owned and operated by one person.
Advantages: Easy to form. Owner has complete authority, within the boundaries of the law, for
running of the business, and does not need to report to any o
Chapter 15- Transfer of Title
*Title, as it relates to property is intangible. The person who has title to property (owner) also has the
right to possess it, unless the person has given up the right to possess the property.
*When one sells something, one
Chapter 14- Discharge of contracts
Termination of Contracts
Termination by impossibility of performance
*In case of impossibility of performance, the contract is considered void and the parties discharged.
*1- Personal-Service Contracts*Death or disabling
Chapter 18- Agency
Principal- Agent Relationships
*The relationship in which a person or firm is represented by another in business or personal dealings
with third parties called a principal-agency relationship
*The person who represents another is known
Chapter 13- Operation of Contracts
Contracts involving third parties*Exception to the general rule that only parties to a contract have rights & duties under it.
*Contracts may involve 3rd parties1-When the purpose of a contract is to benefit a third part
Professor Andress Walker
Chapter 11 Review Pgs. 354-355 #s 6-15
6. The various definitions of professionalism all describe a desirable workplace behavior.
7. Civility- being respectful and considerate of others
Chapter 11- Legal Purpose on Contracts
*Although the parties to a contract are legally competent & have reached mutual agreement, the law
still requires that the purpose of the agreement be legal & not contrary to the public interest
*Classifications of i
Chapter 10- Competent parties
*Minors ContractsUntil individuals reach what is known as legal age, or the age of majority, they are not legally required to
carry out most of their contracts
*Avoidance of minors contracts
*In contracts between a minor & co