- Study guides, Class notes & Summaries

One of the oldest and most significant schools of jurisprudential thought is: a. the administrative law school. b. the environmental law school. c. the legal realists. d. the natural law school. - correct answer d. the natural law school. The common law may be described as: a. general legal principles that evolved over time through court decisions. b. a body of rules governing the ownership of the oceans. c. an index of opinions by law professors. d. rules issued by an administra...

Dexter loses his breach-of-contract case against Micheletta in a Georgia state trial court. Dexter appeals to the state court of appeals. Losing again, he files his next appeal with: - correct answer the Georgia Supreme Court Transpac Corp. and Alliance, Inc., agree to a contract that includes an arbitration clause. After a dispute arises, the case goes to arbitration. The arbitrator finds in Transpac's favor. Alliance files a lawsuit, alleging that the award should not be enforced, b...

agency - correct answer contract under which one party is authorized to contract for another agency by estoppel - correct answer agency arising when one person leads another to believe third party is agent agent - correct answer person appointed to contract on behalf of another apparent authority - correct answer authority an agent is believed to have because of principal's behavior attorney in fact - correct answer general agent appointed by written autho...

Substantive Law - correct answer Creates, defines, and regulates legal rights and duties Procedural Law - correct answer States the rules for enforcing rights that exist because of substantive law Public law - correct answer The branch of substantive law that deals with the government's rights and powers and its relationship to individuals or groups. It consists of constitutional, administrative, and criminal law. Private law - correct answer The part of substanti...

drawee - correct answer entity that is expected to accept and pay a bill of exchange (check, letter of credit, etc.) on presentation or on a certain date (called due date or maturity date) offeror - correct answer person or corp. who puts forward an offer to someone else to make a contract offeree - correct answer person or corp. to whom an offer is make to make a contract Convention on Contracts for the Int'l Sale of Goods(CISG) - correct answer Takes priority ov...

A material fact is a fact that a reasonable person would consider important when determining his or her course of action. - correct answer t Voluntary consent may be lacking because of misrepresentation but not because of a mistake. - correct answer f Words or terms in contracts that are subject to more than one reasonable interpretation can lead to bilateral mistakes. - correct answer t Any party who does not receive what he or she considers a fair bargain can argue mist...

Bi-Lateral Contract - correct answer Exchange of promises between parties for event set to happen in the future. 4 Laws of promises - correct answer 1) Consideration 2) Mutual Assent 3) No Defense 4) Writing req. Bargain for Exchange - correct answer Must benefit both parties and benefits must be stated in the K Detrimental Reliance - correct answer All money you can get back, that you spent relying on someone's promise in a reasonable fashion. Conditional G...

What is a contract? - correct answer a binding, legally enforceable agreement. Binding - correct answer Once a party enters into a contract, the contract is binding on that party and the party must do what they agreed to do in the contract. Legally enforceable - correct answer If a party to a contract does not do what they agreed to do in the contract, the other party can enforce the contract by suing the breaching party for breach of contract in a court of law. Does a co...