Business Law

Business Law Collin College -1 Introduction to Business Law correctly answeredCivil Law - correct answer provides remedies for individuals or entities that have by wronged primary purpose is reimbursement or restitution not punishment Codification - correct answer The process of organizing statutes by subject matter. Common Law - correct answer established by following earlier judicial decisions Constitutional Law - correct answer Supreme law; law derived from the US constitution C...

Business Law Collin College -Business law - Contract Law fully solved graded Contract - correct answer between two or more parties that is enforceable by the court of law Elements of a contract - correct answer 1. Agreement = Proper author, Proper accepts 2. Consideration = For something of legal value ( I agreed to pay 10K to paint apartment , you agreed to do it) 3. Capacity 4. Genuine assent (author of text book points it out as defense) = 5/ Voluntary coming together 5. Legal purpose ...

Business Law - Exam 1 (Chapters 1-6) fully solvedRule of Law - correct answer general and equal application of laws, even to lawmakers Supreme Law of the Land vs. Highest Court - correct answer Supreme Law of the Land- U.S. Constitution Highest Court- U.S. Supreme Court Civil vs. Criminal Law - correct answer Civil Law- law governing the rights and duties between private parties Criminal Law- area of the law dealing with wrongs against the state as representative of the community at la...

Business Law Collin College -Business Law (Chapters 1-10) questions n answers Civil Law - correct answer An individual brings action against another seeking a monetary or equitable remedy. Criminal Law - correct answer The state or federal government brings action against an individual seeking a remedy of punishment such as a fine or imprisonment. American Sources of Law - correct answer - U.S. Constitution created by our forefathers - Statutory law created by the legislature - Regula...

Business Law Collin College -Business Law (Chapters 1-20)Morality - correct answer Values that govern a society's attitude toward right and wrong Ethics - correct answer Means for determining what a society's values ought to be Honesty - correct answer Character trait of a person who is open and truthful in dealing with others Justice - correct answer Ability to treat all people fairly Compassion - correct answer Sympathy towards the difficulties of others Integrity - correct an...

Business Law Collin College -Business Law (Legality) fully solvedLegality - correct answer The subject matter of the contract must be _______ . the purpose of the contract must not be criminal, tortious, or otherwise against public policy. If performance of the contract would, at the time of contracting, be prohibited by law, the contract is void. Neither party to an illegal contract can enforce it. Pari Delicto means equal fault = no relief. Illegality by Statute (Contracts in violation ...

Business Law Collin College -Business Law (Obligations and Contracts) questions n answers Obligation - correct answer Derived from the Latin word "obligation" which means "tying" or "binding.". It is a juridical necessity to give, to do, or not to do. It is a tie or bond recognized by law by virtue of which one is bound in favor of another to render something and this may consist in giving a thing, doing a certain act, or not doing a certain act Divine law - correct answer It is the la...

Business Law Collin College -Business Law 1 - Exam 1 fully solvedThe law - correct answer Rules that govern two types of relationships What are the two types of relationships that the law governs? - correct answer 1.Among individuals 2. Between individuals and society Legal Philosophy - what three places does the law come from? - correct answer 1. Naturalists (natural) 2. Positivist (positive) 3. Realist (real) Naturalists believe: - correct answer They believe that moral and ethica...

Business Law 1 correctly answered1. Which of the following best defines business law? a. legal responsibility for the occurrence of an event causing loss b. rules governing commercial relationships and the enforcement of rights c. rules governing procedures involved when one person sues another d. rules providing members of a society with established rights - correct answer B 2. Kamal is a computer technician who is about to enter into a one-year contract to provide IT services to a r...

Business Law Collin College -Business Law 2 well answeredCommon Law - correct answer This governs contracts involving employment, services, insurance, real property (land), patents, and copyrights. Uniform Commercial Code - correct answer Article 2 of the UCC governs contracts for the sale of goods. formal - correct answer this classification is dependant on the form of the document (negotiable instruments, checks, etc.) Informal - correct answer Classification for all other kinds of co...