Notesale: Turn your study into money

Document Preview

Extracts from the notes are below, to see the PDF you'll receive please use the links above

---

ACC351 Study Guide
Chapters 13, 17, 18, 19, 23, 24, 25
Vocabulary
From Word Smart pages: 132, 133, 152, 153, 154, 155, 206, 207, 238, 239
*spend less time on environmental law
Vocab
Faction – a group (usually a small part of a larger group, united around some
cause)
Farcical – absurd, ludicrous
Fastidious - meticulous; demanding; finicky
Fatalist – someone who believes future events are already determined and
that humans are powerless to change them
*Fatuous – foolish; silly
Fauna – animals
Fecund – fertile, productive
Incipient – beginning, emerging
Incisive – cutting right to the heart of the matter
Incongruous – NOT harmonious; NOT consistent
*Incorrigible – incapable of being reformed
*Increment – an increase
Indifferent – mediocre
Indigenous - native
Indigent – poor
Indignant – angry
Indolent – lazy
Indulgent – yielding to desire; lenient
Ineffable – incapable of being expressed or described
Inept – clumsy; incompetent
Inert – inactive; sluggish
*Inexorable – relentless; unavoidable
Infamous – shamefully wicked; disgraceful
Proletariat – industrial working class
Proliferate – to spread or grow rapidly
*Prolific – fruitful; abundantly productive
Promulgate – to proclaim
Propensity – a natural tendency
Propitious – marked by favorable signs or conditions
Proponent – an advocate
Proprietary – constituting property

Propriety – good manners; properness
Superficial – shallow; thorough
Superfluous – extra
Surfeit – excessive amount
Surreptitious – sneaky; secret
Surrogate – substitute
Sycophant – one who sucks up to others
Synthesis – the combining of parts to form a whole
Tacit – implied; not spoken
Taciturn – untalkative by nature
Chapter 13 Review
What requirements must an instrument meet to be negotiable?
An instrument must:
 Be in writing
 Be signed by the maker or drawer
 Be an unconditional promise or order to pay
 State a fixed amount of money
 Be payable on demand or at a definite time
 Be payable to order or bearer
What are the requirements for attaining the status of a holder in due course
(HDC)?
 For value: a holder must give value to become an HDC and can take
an instrument for value in any of the five ways
- Performed the promise for which the instrument was issued or
transferred
- Acquired a security interest or other lien in the instrument,
excluding a lien obtained by a judicial proceeding
- Taken the instrument in payment of, or as security for, a
preexisting claim
- Given a negotiable instrument as payment for the instrument
- Given an irrevocable commitment as payment for the
instrument
 In good faith: defined as honestly in fact and the observance of
reasonable commercial standards of fair dealing
 Without notice: a holder must not be on notice that the instrument is
defective because it is overdue, dishonored, defective, contains and
authorized signature, or has been altered

What is the difference between signature liability and warranty liability?
 Signature liability
- Every party who signs a negotiable instrument is either
primarily or secondarily liable for payment of the instrument
when it comes due
- Primary Liability: Makers and acceptors are primarily liable
- Secondary Liability: Drawers and indorsers are secondarily
liable only if the presentment is proper and timely, the
instrument is dishonored, and they received timely notice of
dishonor
 Warranty Liability
- Transfer Warranties: any person who transfers an instrument for
consideration makes five warranties to subsequent transferees
and holders
- Presentment Warranties: Any person who presents an
instrument for a payment or acceptance makes three warranties
to any person who in good faith pays or accepts the instrument
Certain defenses are valid against all holders, including HDC’s
...

 Universal or real defenses are good against the claims of all holders,
including HDC’s
...
What are these defenses called? Name 4 defenses
 Personal (limited) defenses – valid against ordinary holders but not
against HDCs or holders with rights of HDCs
- Breach of contract or breach of warranty
- Lack or failure of consideration
- Fraud in the inducement

- Illegality and mental capacity – if the contract is voidable
- Ordinary duress or undue influence that renders the contract
voidable
Chapter 17 Review
What is the difference between an employee and an independent contractor?
 An employee who deals with third parties is normally an agent
 An independent contractor is not an employee, and the employer has
no control over the details of a persons physical performance
 An independent contractor may or not be an agent
How do agency relationships arise?
 Agency relationships normally are consensual, they arise by voluntary
consent and agreement between the parties
 Agreement
 Ratification
 Estoppel – principal causes a third person to believe that
another person is the principals agent, and the third person acts
to his or her detriment in reasonable reliance on that belief
 Operation of law
What duties do agents and principals owe to each other?
 Duties of agent
- Performance
- Notification
- Loyalty
- Obedience
- Accounting
 Duties of principal
- Compensation
- Reimbursement and indemnification
- Cooperation
- Safe working conditions
When is a principal liable for the agent’s actions with respect to third
parties? When is the agent liable?
 A partially disclosed or fully disclosed principal is liable to a third
party for a contract made by an agent who was acting within the scope
of his or her authority

 If an agent exceeds the scope of authority and the principal fails to
ratify the contract, the agent may be liable
 When neither the fact of agency nor the identity of the principal is
disclosed the agent IS liable
 Each party is liable for his or her own torts and crimes
 A principal is liable for an agents crime if the principal participated by
conspiracy or other action
What are some ways in which an agency relationship can be terminated?
 By act of the parties
- Notice of third parties is required when an agency is terminated
by act of the parties
- Direct notice is required for those who have previously dealt
with the agency
- Constructive notice will suffice for all other third parties
 By operation of law
- Notice to third parties is not required when an agency is
terminated by operation of law
Chapter 18 Review
What is the employment-at-will doctrine? When and why are exceptions to
this doctrine made?
 Employment-at-will doctrine
- Under this common law doctrine, either party may terminate the
employment relationship at any time and for any reason “at
will”
 Exceptions:
- Contract theory
- Tort theory
- Public policy
*Whistleblowers have occasionally received protection under the common
law for reasons of public policy
What federal statue governs working hours and wages?
 Fair Labor Standards Act 1938
- Extended wage and hour requirements to cover all employers
whose activities affect interstate commerce plus certain other
businesses

- The act has specific requirements in regard to child labor,
maximum hours, and minimum wages

Under the Family and Medical Leave Act, in what circumstances may an
employee take family or medical leave?
 Family and Medical Leave Act
- Requires employers with 50 or more employees to provide
employees with up to 12 weeks of unpaid leave
- 26 weeks are given for military caregiver leave
 Family leave: taken to care for a newborn, adopted child, or a new
foster child
 Medical leave: may be taken when the employee or employees
spouse, child, or parent has a serious health condition requiring care
 Military caregiver leave: may be taken to care for a family member
with a serious injury or illness incurred as a result of military duty
 Qualify exigency leave: may be taken to handle specified nonmedical
emergencies when a spouse, parent, or child is in, or call to, active
military duty
What are the two most important federal statues governing immigration and
employment today?
 Immigration Reform and Control Act 1986
- Prohibits employers from hiring illegal immigrants
- The act is administered by US Citizen and Immigration
Services
- Compliance audits and enforcement actions are conducted by
US Immigrations and Customs Enforcement
 Immigration Act 1990
- Limits the number of legal immigrants entering the United
States by capping the number of visas issued each year
What is the difference between disparate-treatment discrimination and
disparate-impact discrimination?
 Disparate-treatment claims are ones in which the plaintiff alleges he
or she is the victim of intentional discrimination on the part of the
employer

 Disparate impact claims involve employment practices that are
facially neutral in their treatment of different groups but in fact fall
more harshly on one group than another
...
No notice
of termination required
 Tenancy at sufferance – possession of land without legal right
What is contained in an environment impact statement? Who must file one?
 EIS: a formal analysis required for any major federal action that will
significantly affect the quality of the environment to determine the
action's impact and explore alternatives
 Who must file:
- Private individuals
- Consumer interest groups
- Businesses
Chapter 25 Review
What is the principle of comity, and why do courts deciding disputes
involving a foreign law or judicial decree apply for this principle?
 Principle of comity
- Nations give effect to the laws and judicial decrees of other
nations for reasons of courtesy and international harmony
 Courts apply for this principle because it is used to honor judgments
rendered in other countries when it is feasible to do so
What is the act of state doctrine? In what circumstances is this doctrine
applied?
 Act of state doctrine
- U
...
S courts?
 When a foreign state has waived its immunity either explicitly or by
implication
 When a foreign state has engaged in commercial activity within the
US
 When a foreign state has committed a tort within the US
What are three clauses commonly included in international business
contracts?
 Choice of language
 Forum – selection
 Choice of law
What federal law allows U
...
S courts for torts that were committed overseas?
 Alien Tort Claims Act



---