• Chapter 22: Corporations: Formation and OrganizationChapter 22: Corporations: Formation and Organization

    Corporate Powers Corporations have both “express” and “implied” powers -Express Powers: Perpetual existence; right to litigate; right to make contracts; right to borrow/loan money; right to make charitable donations; ability to establish rules for managing corporation -Implied Powers: Whatever actions necessary (within the law) to execute expre...

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  • Chapter 21: PartnershipsChapter 21: Partnerships

    Characteristics of Partnership Voluntary and consensual relationship Between two or more individuals, partnerships, corporations, or other forms of business organization Engaged in numerous business transactions over period of time Partners share profits and management of business

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  • Chapter 20: Forms of Business OrganizationChapter 20: Forms of Business Organization

    Major Forms of Business Organizations Sole Proprietorship General Partnership Limited Partnership Corporation

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  • Chapter 19: Agency and Liability to Third PartiesChapter 19: Agency and Liability to Third Parties

    Introduction to Agency Law Agency: Relationship between principal and agent Agent: One authorized to act for/on behalf of principal Principal: One who hires agent to represent him/her Fiduciary: One with duty to act primarily for another person’s benefit

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  • Chapter 18: Secured Transactions and BankruptcyChapter 18: Secured Transactions and Bankruptcy

    Secured Transactions: Definitions Secured Interest: Interest in personal property/fixtures which secures payment/performance of obligation Secured Party: Person/party that holds interest in secured property Debtor: Person/party that has obligation to secured party Security Agreement: Agreement in which debtor gives secured interest to secur...

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  • Chapter 17: Holder in Due Course, Liability, and DefensesChapter 17: Holder in Due Course, Liability, and Defenses

    Holder in Due Course Doctrine Provides incentive for financial intermediaries to engage in transactions, because they receive greater legal protection by virtue of “holder in due course” status Requirements for “Holder In Due Course” Status Be holder of complete and authentic negotiable instrument Take instrument for value Take instrument in g...

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  • Chapter 16: Negotiable Instruments: Negotiability and TransferabilityChapter 16: Negotiable Instruments: Negotiability and Transferability

    Negotiable Instrument Definition: Substitute for cash; written document, containing signature of creator, that makes unconditional promise or order to pay sum certain in money, either on demand or at a definite time

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  • Chapter 15: Sales and Lease Contracts: Performance, Warranties, and RemediesChapter 15: Sales and Lease Contracts: Performance, Warranties, and Remedies

    The Basic UCC Performance Obligation Sellers and lessors are obligated to transfer and deliver conforming goods Buyers and lessees are obligated to accept and pay for conforming goods in accordance with terms of contract “Good faith” required in performance and enforcement of every contract

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  • Chapter 14: Formation and Performance of Sales and Lease ContractsChapter 14: Formation and Performance of Sales and Lease Contracts

    The Uniform Commercial Code (UCC): A uniform/model law that governs commercial transactions, including contracts for the sale of goods, leases, and secured transactions

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  • Chapter 13: Discharge and RemediesChapter 13: Discharge and Remedies

    Circumstances Resulting in Discharge of Contract Performance Happening of condition or its failure to occur Material breach by one/both parties Mutual Agreement Operation of law

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