Busi 301 Study guides, Class notes & Summaries
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![BUSI 301 Liberty University -BUSI 301 Exam 2 correctly answered](/docpics/5454373/6654cb702cb6e_5454373_121_171.jpeg)
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BUSI 301 Liberty University -BUSI 301 Exam 2 correctly answered
- Exam (elaborations) • 18 pages • 2024
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BUSI 301 Liberty University -BUSI 301 Exam 2 correctly answered_____ is typically accomplished by attaching some event, known as a(n) ______ that must occur before a particular performance obligation is triggered. - correct answer Risk Allocation; Condition 
 
A(n) ______ means that an event that must occur before performance under a contract is due. - correct answer Condition Precedent 
 
If the elements of contract formation are satisfied, the contract must still:______. - correct answer be i...
![Busi 301 Week 3 questions & answers graded A+](/docpics/5341901/6647d3748bb08_5341901_121_171.jpeg)
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Busi 301 Week 3 questions & answers graded A+
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Busi 301 Week 3Agency is a legal relationship in which the parties agree, in some form, that one party will act as an ----- for another party, called the -----, subject to the control of the principal - correct answer agent 
principal 
 
Agents can be classified into any of the following broad categories except: ______. - correct answer principal-agents 
 
The nonagent employee relationship is referred to as the ----- - correct answer master-servant relationship. 
 
In most employer-employee age...
![Busi 301 Week 3 with complete solutions](/docpics/5453990/6654c587edc2b_5453990_121_171.jpeg)
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Busi 301 Week 3 with complete solutions
- Exam (elaborations) • 18 pages • 2024
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Busi 301 Week 3 with complete solutionsAgency is a legal relationship in which the parties agree, in some form, that one party will act as an ----- for another party, called the -----, subject to the control of the principal - correct answer agent 
principal 
 
Agents can be classified into any of the following broad categories except: ______. - correct answer principal-agents 
 
The nonagent employee relationship is referred to as the ----- - correct answer master-servant relationship. 
 
In mo...
![BUSI 301 Exam 2 questions with correct answers rated A+](/docpics/5342065/6647d81aeeb15_5342065_121_171.jpeg)
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BUSI 301 Exam 2 questions with correct answers rated A+
- Exam (elaborations) • 18 pages • 2024
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BUSI 301 Exam 2 questions with correct answers rated A+_____ is typically accomplished by attaching some event, known as a(n) ______ that must occur before a particular performance obligation is triggered. - correct answer Risk Allocation; Condition 
 
A(n) ______ means that an event that must occur before performance under a contract is due. - correct answer Condition Precedent 
 
If the elements of contract formation are satisfied, the contract must still:______. - correct answer be in writing...
![BUSI 301 Liberty University -Busi 301 Week 1 with answers rated A+](/docpics/5454010/6654c5c765203_5454010_121_171.jpeg)
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BUSI 301 Liberty University -Busi 301 Week 1 with answers rated A+
- Exam (elaborations) • 12 pages • 2024
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BUSI 301 Liberty University -Busi 301 Week 1 with answers rated A+Laws passed by the federal or a state legislature and either approved or rejected by the executive branch are called - correct answer statutes 
 
Most American law derives from this country's legal doctrines - correct answer England 
 
Federal statutes are created by the United States _____ and approved or vetoed by the President. - correct answer Congress or legislature 
 
A typical business transaction may be impacted by many a...
![BUSI 301 Liberty University -BUSI 301- Exam 3 with 100% correct answers](/docpics/5454336/6654cb1b88c30_5454336_121_171.jpeg)
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BUSI 301 Liberty University -BUSI 301- Exam 3 with 100% correct answers
- Exam (elaborations) • 12 pages • 2024
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BUSI 301 Liberty University -BUSI 301- Exam 3 with 100% correct answersFormation of Agency Relationship - correct answer An agency relationship is formed when the agent and the principal and subject to the principal's control 
 
ABC test - correct answer Mutual assent on behalf of and subject to the control of 
 
ABC test definition - correct answer Statutory standard used by many states to determine agency status 
 
Employee Agent - correct answer Anyone who performs services for a principal w...
![Liberty University-BUSI 301-BUSI LAW- FINAL Ch. 14-17 fully solved](/docpics/5341799/6647d0a294716_5341799_121_171.jpeg)
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Liberty University-BUSI 301-BUSI LAW- FINAL Ch. 14-17 fully solved
- Exam (elaborations) • 11 pages • 2024
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Liberty University-BUSI 301-BUSI LAW- FINAL Ch. 14-17 fully solvedPrincipals - correct answer Owners Busi Entity 
 
When choosing a business entity, what 5 things should be considered? What starts a business - correct answer Formation 
Liability 
Cap 
Tax 
Mangagment/ Operation 
 
Sole Proprietorship - correct answer Easy formation 
Minimal fee 
No annual fillings 
straight forward filing 
CAP- loan secured by personal assets 
trade name vs. individual names 
con- lack of protection 
 
What i...
![BUSI 301 Liberty University -BUSI 301 - Week 2](/docpics/5454691/6654d2759e1e5_5454691_121_171.jpeg)
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BUSI 301 Liberty University -BUSI 301 - Week 2
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BUSI 301 Liberty University -BUSI 301 - Week 2 
Civil Litigation - correct answer a dispute resolution process of civil (noncriminal) cases in public courts of law. 
 
Dispute Resolution - correct answer A method of handling complaints outside the judicial process through a mediator appointed by the court 
 
Arbitration - correct answer settling a dispute by agreeing to accept the decision of an impartial outsider 
 
informal settlements/consent decrees - correct answer practical devices to cut ...
![BUSI 301- Exam 3 well answered graded A+](/docpics/5342056/6647d7e7f3413_5342056_121_171.jpeg)
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BUSI 301- Exam 3 well answered graded A+
- Exam (elaborations) • 12 pages • 2024
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BUSI 301- Exam 3 well answered graded A+Formation of Agency Relationship - correct answer An agency relationship is formed when the agent and the principal and subject to the principal's control 
 
ABC test - correct answer Mutual assent on behalf of and subject to the control of 
 
ABC test definition - correct answer Statutory standard used by many states to determine agency status 
 
Employee Agent - correct answer Anyone who performs services for a principal who can control what will be don...
![BUSI 301 Liberty University -LU BUSI 301 Chapter 10 verified answers](/docpics/5341792/6647d062afbc4_5341792_121_171.jpeg)
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BUSI 301 Liberty University -LU BUSI 301 Chapter 10 verified answers
- Exam (elaborations) • 8 pages • 2024
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BUSI 301 Liberty University -LU BUSI 301 Chapter 10 verified answers 
Tort - correct answer Civil wrong where one party has acted/failed to act, leading to a loss suffered by another party. 
 
Tort Law - correct answer Intended to compensate injured parties for losses resulting harm for some unreasonable conduct by another. 
 
Torfeasor - correct answer One who commits a tort 
 
Tortious conduct - correct answer Tortfeasor's wrongful conduct 
 
Restatements of Torts - correct answer Document th...
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