What are statutes? correct answers laws enacted by federal or state legislatures (congress or senate)
What are ordinances? correct answers laws enacted by municipal and country legislative bodies
What are regulations? correct answers federal, state and local regulatory agencies enact laws
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CM 334 Chapter One || A+ Guaranteed.
What are statutes? correct answers laws enacted by federal or state legislatures (congress or senate)
What are ordinances? correct answers laws enacted by municipal and country legislative bodies
What are regulations? correct answers federal, state and local regulatory agencies enact laws
What are regulatory agencies? correct answers established by by statute to establish and enforce standards; most common law we encounter in our daily lives
ex: Contractors State Licensing Board, National Labor Relations Board and Environmental Protection Agency
What is statutory law? correct answers statutes, ordinances and regulations collectively; grouped by topic and published in codes
What is code? correct answers statutory laws grouped together by topics and each group of topics is published
ex. Commercial Code, Public Contract Code
What is common law? correct answers written opinion of judges explaining decisions they have made in cases brought before their courts
What is consideration? correct answers the substance of a bargain
What is quid pro quo? correct answers "something for something"; if it can be found in a bargain, the consideration is sufficient to form a contract
What is a donative promise? correct answers a promise to make a gift lacking any value and consideration; The promisor makes a promise in response to which the promisee or offeree promises nothing; hence, the promisor has made a nonbinding donative promise
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What is mutual assent? correct answers meeting of the minds; an understanding of the terms of an agreement by both parties involved and acknowledgment that each will perform its respective duties in exchange of the other's promise or performance.
What is an implied-in-fact contract? correct answers mutual assent without spoken words of agreement
What is a bilateral agreement? correct answers quid pro quo; formed when the operator actually swung his hook over
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