LEGL 2700 Test 2 Jason Epstein Questions and Answers | Latest Update | 2024/2025 | 100% Pass
16 views 0 purchase
Module
LEGL 2700
Institution
LEGL 2700
LEGL 2700 Test 2 Jason Epstein
Questions and Answers | Latest Update |
2024/2025 | 100% Pass
What is the primary purpose of a bailment?
The primary purpose of a bailment is to transfer possession of personal property from one
party to another for a specific purpose, with the expectation t...
legl 2700 test 2 jason epstein questions and answe
Written for
LEGL 2700
LEGL 2700
Seller
Follow
SterlingScores
Reviews received
Content preview
LEGL 2700 Test 2 Jason Epstein
Questions and Answers | Latest Update |
2024/2025 | 100% Pass
What is the primary purpose of a bailment?
✔✔ The primary purpose of a bailment is to transfer possession of personal property from one
party to another for a specific purpose, with the expectation that the property will be returned.
How does employment-at-will affect termination of employment?
✔✔ Employment-at-will allows either the employer or the employee to terminate the
employment relationship at any time, for any reason, as long as it is not illegal.
In a contract, what is the significance of performance versus breach?
✔✔ Performance refers to fulfilling the obligations specified in a contract, while breach refers to
failing to meet those obligations, which may lead to legal consequences.
What does agency relationship involve in business transactions?
✔✔ An agency relationship involves one party (the agent) acting on behalf of another party (the
principal) in business transactions, with certain rights and responsibilities.
1
,What is the role of disclosure in real estate transactions?
✔✔ Disclosure involves providing potential buyers with all relevant information about a
property, including any known defects or issues, to ensure informed decision-making.
What is the parol evidence rule and its application in contract disputes?
✔✔ The parol evidence rule restricts the use of oral or external evidence to alter or contradict the
terms of a written contract that is intended to be a complete and final agreement.
How does liquidated damages differ from compensatory damages?
✔✔ Liquidated damages are predetermined amounts specified in a contract to be paid in the
event of a breach, while compensatory damages are calculated based on the actual loss suffered.
What is the importance of due diligence in business acquisitions?
✔✔ Due diligence is important in business acquisitions as it involves thoroughly investigating
and evaluating the target company to uncover any potential risks or issues before finalizing the
deal.
What is consideration in contract law, and why is it important?
2
, ✔✔ Consideration is something of value exchanged between parties in a contract, and it is
important because it provides the basis for the enforceability of the contract.
What is a covenant not to compete and when might it be enforceable?
✔✔ A covenant not to compete is a contractual agreement where one party agrees not to enter
into or start a competing business within a certain geographic area and time period; it is
enforceable if it is reasonable in scope and duration.
What does vicarious liability mean in the context of employer-employee relationships?
✔✔ Vicarious liability means an employer can be held legally responsible for the actions of
employees performed within the scope of their employment.
What is tortious interference and its potential consequences?
✔✔ Tortious interference occurs when one party intentionally disrupts another party's
contractual or business relationships, potentially leading to legal liability for damages.
What is fraudulent misrepresentation and how does it affect contracts?
3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SterlingScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.49. You're not tied to anything after your purchase.
