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A party who misstates an important fact during contract negotiations has an affirmative duty to correct that misstatement before entering into the contract. → True A party who enters into a contract with a minor has the same right as the minor to disaffirm the contract. → False Mike, a minor, bought a car from Used Car Lot for 6,000. Two months before he turned 18, the age of majority in his state, Mike decided he didn't want the car anymore and returned it to Used Car Lot. Mi...

The publication requirement for libel is met if the falsehood is communicated to just one other person. → True Al, Bill, Chad and Dan were found jointly and severally liable for 100,000 of property damages caused when a fraternity initiation event got out of hand. Al, Bill, and Chad do not have the money to pay for their share of the damages. The only solvent defendant is Dan. The most that Dan will have to pay the plaintiff is → 100,000 Frank bought a diamond ring for his girlfr...

Trademark → Distinctive mark, motto, device, or implement that a manufacturer stamps, prints, or otherwise affixes to the goods it produces so that they can be identified on the market and their origins made known. Essentially, a trademark is a... → source indicator and must be distinctive. Trademarks have to be registered at... → the federal level Lanham Act → Protects integrity trademarks at the federal statutory level. Federal Trademark Dilution Act of 1995 → Protects ...

LLC  Limited liability company, has members not shareholders, files taxes but doesn't pay them, most popular form of company Common Law- by who, what, when, why  England 1066 by King William to combine all types of law in the country Major 3 Legal Systems  Common law, civil code, religious Judicial Review  the ability of the supreme court to determine the constitutionality of laws State Action  state must use due process to take away rights, only applies to states an...

Sid Salesman sold Bea Buyer a used 2004 Camry for 8,000. The morning after the contract was signed, Sid called Bea to say that he had forgotten that the dealership would not let that Camry go for less than 9,000 so she would have to pay an additional 1,000 if she wanted the car. Is Bea liable for the extra 1,000? a. yes, this was a unilateral mistake of fact by Sid b. no, this was a unilateral mistake of fact by Sid c. yes, Sid has the defense of economic duress d. yes, this was a bila...

A person who uses a logo in an advertisement that is deceptively similar to that of another business commits the tort of false light. True False  False What is the primary purpose of tort law? Punish wrongdoers Compensate victims for their losses Support society by fining wrongdoers Create precedents in the common law  Compensate victims for their losses The publication requirement for libel is met if the falsehood is communicated to just one other person. 2 0 2 4 /2025 | ©...

Actual Authority  Authority an agent actually possesses. Maybe expressed or implied. Agency  Relations in which one person, the agent, acts on behalf of another, the principal. Agency by Estoppel or Apparent Authority  Arises where an agent has no actual authority, but the principal leads third parties to believe the agent may act on his behalf. Agent  One who acts for the benefit of another. Disclosed Principal  If the parties have notice they are working for an agent ...

_____ is a measure of the chance that an uncertain event will occur → probability if events a & b are independent, then the probability of simultaneous occurrence of event A and event B can found with → all of the above the set of all possible outcomes for an experiment is called a → sample space a ______ is the probability that one event will occur given that we know another event already has occurred → conditional probability P(AUB)= P(A)+P(B)-P(A^B) represents the formula ...

Analyticsis → a PROCESS that examines data using a variety of statistical tools and involves Qualitative → • Data is ORDINAL or NOMINAL Continuous → decimal/fraction → example= GPA Discrete → whole number → example= students in class Census → An examination all of the population population → is the entire group of individuals from which we want information. Sample → is a part of the population (a subset) we actually collect as the dataset to analyze. Then dra...