Lsb 3213 Study guides, Class notes & Summaries

LSB 3213 Holden OKstate smart book chapter 7 (Complete) Questions & Answers.

John tells Jami he would sell her his grandmother's wedding ring for $100.00. Jami accepts and they exchange the ring and the money. Two days later, John tells Jami that he was only joking and now wants the ring back and he will give her the money back. According to the objective theory of contracts, which statement below is correct? - Even if John was joking, the court will not consider John's personal belief but will determine if a reasonable person would believe John's language and con...

Constitutional Law - Supreme law that is the trump card. Federal government and the states have separate written constitutions that set forth the general organization, powers, and limits of the respective governments. Law as expressed in these constitutions. If a law violates a provision of the constitution, it will be declared unconstitutional. Commerce Clause - Congress has the power "to regulate commerce with foreign nations, and among the several states, and with the Indian tribes." A...

Depositions are a. oral questions, answered orally, asked of parties and witnesses. b. oral questions, answered orally, asked only of parties. c. written questions, answered in writing, asked of parties and witnesses. d. written questions, answered in writing, asked only of parties. - a. oral questions, answered orally, asked of parties and witnesses. Brenna confronts Noah at work as he is continually taking packets of printer paper and pens from the office supply closest for his own pers...

LSB 3213 Exam 1 (Okstate) All Answers Correct - Simply knowing the "black-letter" law and understanding the behaviors that could result in liability is not sufficient. - Areas of law that influence business decisions include contracts, intellectual property, product liability, tort law, sales, internet law (especially regarding privacy), and environmental law. - Torts are defined within common law jurisdictions as civil wrongs that cause another party to experience a loss. - Primary sou...

LSB 3213 - exam 2 - A contract is defined as a legally enforceable promise or a set of promises. - The four essential elements required for a valid contract are: 1. **Mutual Assent**: Both parties must express their willingness to enter into the contract, either through words or behavior. 2. **Consideration**: Each party must receive something of value (a legal benefit) and give something of value (a legal detriment). 3. **Legality of Purpose**: The contract must have a lawful objectiv...

Illegal contracts are A) Void B) Voidable C) Unjust D) A violation of the Uniform Commercial Code - A In general, contracts for the sale of goods are governed by: A) the Uniform Commercial Code. B) state statutory law based on the Uniform Commercial Code. C) state common law. D) federal regulations. - B Will and Kendrick live in a state that requires that contracts involving transactions over $500 be in writing. If they enter a verbal agreement to buy a car for $1,500, this contr...

All of the following are methods that a sole proprietorship can raise money except A) Private loans. B) Commercial loans. C) Sell ownership in the business. D) Line of credit - Sell ownership in the business Which of the following is true about a sole proprietorship? A) It is subject to corporate income tax. B) Sole proprietorships face double taxation. C) The owner reports income and expenses on the owner's own tax return. D) The owner must file a tax return on behalf of the busines...

LSB 3213 Exam 4 Already Rated A+ - A condition precedent must be fulfilled before a party's performance is required. ️True - A party usually fulfills its obligations under a contract through novation. ️False - Complete performance occurs when all conditions in a contract are ️fully satisfied. - Performance that allows a party to receive most of the benefits from a contract, despite some deviations from the terms, is called ️substantial performance. - An intentional deviation from a co...

LSB 3213 - Exam 5 All Answers Correct - If Warren experiences severe emotional distress after a rock crashes through his roof from Wiley Blasting Company, his best recovery theory against Wiley would be: ️Strict Liability - Written defamation is referred to as: ️Libel - Which statement is true regarding tortious interference with prospective advantage? ️The law protects against interference with potential business contracts and other business relationships. - What are the t...