Business law chapt - Study guides, Class notes & Summaries

Define " Precedent" To make decisions for current cases based on previous rulings Define "Common Law" The accumulation of precedent, based on case after case, makes up the common law The constitution does what 3 basic things? 1. Establishes the structure of U.S. government with 3 branches. 2. Creates checks and balances for those 3 branches. 3. Guarantees basic rights for the people of the U.S. What are the 3 legal authorities of the U.S. and why is this division im...

Business Law Chapter 1 Pre-Test 2024. binding authority - correct answer any source of law that a court must follow when deciding a case liability - correct answer state of being legally responsible for something like a debt or obligation breaches - correct answer failure to perform a legal obligation primary source of law - correct answer document that establishes law on a particular issue - 4 types 4 types of primary law sources - correct answer 1. constitution 2. statute 3. a...

International Business Law Chapter 17 Marking Scheme 2024

Business Law Chapter 13 Exam Questions and Answers 100% Pass "Transaction" can include: - Correct Answer ️️ -leases. bailments. gifts. "Goods" are usually thought of as: - Correct Answer ️️ -moveable. tangible. personal property. The passing of title from the seller to the buyer for a price is known as a: - Correct Answer ️️ -sale. A "present sale of goods" is sometimes referred to as a: - Correct Answer ️️ -contract of sale. The Commercial Code imposes higher s...

Business Law Chapters 1-3 Practice Exam Questions With 100% Correct Answers 2024. Law - correct answer enforceable rules Civil Law - correct answer enforceable rules governing relationships between persons and other persons Criminal Law - correct answer enforceable rules governing relationships between persons and the government Substantive Law - correct answer create and define legal rights and responsibilities Procedural Law - correct answer establishes methods required to enforce...

Litigation refers to lawsuits, the process of filing claims in court, and ultimately going to trial Alternative Dispute Resolution any other formal or informal process used to settle disputes without resorting to a trial Litigator Lawyer who handles court cases Negotiation In most cases, the parties will do this, whether personally or through lawyers. Fortunately, the great majority of disputes are resolved this way. Often begins as soon as a dispute arises and may last ...

Expectation Interest What the injured party reasonably thought she would get from the contract Reliance Interest If the injured party has not shown an expectation interest, but proves that he spent money in reliance on the agreement and that, in fairness, he should receive compensation: Designed to put an injured party in the position he would have been in had the parties never entered the contract Restitution Interest The injured party has conferred a benefit on the other party...

Business Law Chapter 6 Test Questions & Answers (100% Correct) Business Law Chapter 6 Test Questions & Answers (100% Correct) a breach of a duty owed to another that causes harm - ANSWER - tort a civil wrong not a breach of contract - ANSWER - tort The tort that protects individuals from harm based on careless and unintentional conduct of others is called: - ANSWER - negligence The term res ipsa loquitur means: - ANSWER - the thing speaks for itself The sine qua non rule is also...

Business law chapter 1Laws - correct answer Enforceable rules of conduct in a society Code - correct answer Laws grouped into an organized form Sovereign - correct answer A supreme ruler Common law - correct answer Law based on current standards or customs of the people Positive law - correct answer Laws made by man that require some specific action Jurisdiction - correct answer Power of a court to decide a case Jury - correct answer Panel of citizens who help interpret society...

Business Law Chapter 13 Exam Questions and Answers 100% Pass "Transaction" can include: - Correct Answer ️️ -leases. bailments. gifts. "Goods" are usually thought of as: - Correct Answer ️️ -moveable. tangible. personal property. The passing of title from the seller to the buyer for a price is known as a: - Correct Answer ️️ -sale. A "present sale of goods" is sometimes referred to as a: - Correct Answer ️️ -contract of sale. The Commercial Code imposes higher s...