Wgu business law c713 - Study guides, Class notes & Summaries

Absolute privilege A witness testifying a court or legislature may never be sued for defamation Acceptance Retention of the collateral by a secured party as full or partial satisfaction of a debt Accepts To sign a draft Accession Occurs when one person uses labor, materials or both to add value to personal property belonging to another person Accommodated Party Someone who receives a benefit from an accommodation party Accommodation Party Someone other th...

The legal system in the United States is comprised of - CORRECT ANSWER 1) both state and federal constitutions 2) statutes and agency regulations 3) judicial decisions Local and state laws may not conflict with - CORRECT ANSWER federal laws Primary sources of law - CORRECT ANSWER constitutional law, statutory law, common law, and administrative law the law serves to - CORRECT ANSWER 1) keep the peace 2) maintain the status quo 3) preserve individual ri...

Define and describe "negotiation." negotiation is the transfer of an instrument in such form that the transferee becomes a holder requires both delivery and indorsement What are the two methods of negotiation? order instrument or a bearer instrument. Order Instrument contains the name of a payee capable of indorsing, as in "Pay to the order of Jamie Fowler. Bearer Instrument negotiated by delivery—that is, by transfer into another person's possession. Indorsement is not n...

What purpose does the law serve in our society? - CORRECT ANSWER To resolve conflicts in our society without the ise of volence. What are the three branches of government? - CORRECT ANSWER Executive, Legislative, and Judicial What is Statutory Law? - CORRECT ANSWER Law that is created by a legislative body, known as congress, at the federal Level. What is common Law? - CORRECT ANSWER Is Judge-Made Law. It is law that comes from previous Judge rulings in...

What purpose does the law serve in our society? To resolve conflicts in our society without the ise of volence. What are the three branches of government? Executive, Legislative, and Judicial What is Statutory Law? Law that is created by a legislative body, known as congress, at the federal Level. What is common Law? Is Judge-Made Law. It is law that comes from previous Judge rulings in similar cases. What is administrative Law? A branch of law that governs the c...

What is the principal source of stare decisis and precedent? A) Constitutional Law B) Administrative Law C) Statutory Law D) Common Law - ️️Common Law A rent-to-own store offered for sale a sofa that was manufactured in a foreign county. The store intentionally represented that the sofa was made from leather, but in reality it was made from vinyl. A consumer used a credit card to purchase the sofa and hopes the Federal Trade Commission regulations can help resolve the dispute. H...

Role of Law in Society Law helps us settle disputes and regulate activity. Stare Decisis Latin for "let the decision stand". Common law Consists of case decisions. Is also called case law or judge-made law. Statutory Law Laws written and passed by legislature and signed by executive. Administrative Law Regulations produced by Federal Agencies. Treaties Agreements between US and foreign country negotiated by president and effective when ratified by 2/3 V...

Negligence Failure to exercise appropriate and or ethically ruled care expected to be exercised among specific circumstances. *Duty of Care, breach, proximate cause, and damages must be established in negligence case *court will typically compare the actions of the defendant to a "reasonable person" Mailbox Rule Acceptance is affected upon sending out the letter, not receiving it. Trespass to Land When someone enters onto, above, or below the surface of land owned by som...

A federal trial court judge is deciding a case based on constitutional law. The judge finds a past appellate case that is very similar to the current case and decides to follow the ruling established by the prior court. Which legal concept describes why this decision is binding on future cases? - ️️Stare decisis What is an example of the concept of precedent? - ️️A case that a lower trial court identifies as resolving a similar issue An employee leaves the company office and is...