Business Law BUNDLED Exams 2023 with 100% correct answers

common law judge made law, body of all decisions made by judges statute law passed by Congress or by a state legislature equity court's use of power to create an equitable result precedent earlier court case used to influence a court decision in a current case crimin...

An agent can completely escape personal liability for a contract made with the authorization of the principal, as long as the principal: Is disclosed. How is a sole proprietorship taxed? The owner pays income tax on profits but the business isn't separately taxed Copyright infringem...

Explain why the topics of agency and employment are important with respect to the study of businesslaw. Virtually all businesses conduct their business through agent and employees. Distinguish between independent contractors, dependant contractors, employees, and agents. Explain why that d...

Identify the three essential elements required to form a contract Offer Consideration Acceptance T/F The uniform commercial code applies to all contracts made by any two or more parties False T/F The statute of frauds is a law created yo prevent oral evidence from being considered ...

Contract law demonstrates which excuses our society accepts for breaking certain types of promises. t Contract law does not distinguish between promises that create only moral obligations and promises that are legally binding f In contract law, intent is determined by the personal or...

Felony/Misdemeanor Felony = Serious crime, 1yr or more Misdemeanor = Less serious, 1yr or less Actus Reus Guilty Act The prosecution must prove that the defendant voluntarily commited a prohibited act Mens Rea Guilty State of Mind Insanity (Defense) If defendant can prove ...

Except as provided by statute, an oral contract is just as valid and enforceable as a written one true Contracts of a type or class governed by the Statute of Frauds are said to be "within" the statute true The Statute of Frauds is rendered inapplicable when the "main purpose doct...

One type of punishment in a criminal case is that the defendant who is held liable must pay a fine to the government. True All schools of jurisprudence assert that the law is one thing and morality is another, and that we should obey even bad laws. False Business 201 is composed of t...

negligence failure to exercise the standard of care that a reasonable person would exercise in similar circumstances (also known as the "reasonable person" standard) proximate cause legal determination that the connection between an act or omission and a resulting injury (causation in fac...

Agreement by both parties to a contract. Must be proven objectively, and is often established by showing an offer and acceptance Mutual Assent What is the term of art used to describe mutual assent? Meeting of the Minds What are the two kinds of mistakes? Unilateral Mutual Mu...

Contract a promise or set of promies for the breach of which the law gives a remedy Implied Warranty of Merchantibility an unwritten and unspoken guarantee to the buyer that goods purchased conform to ordinary standards of care and that they are of the same average grade, quality, and value...

The concept of stare decisis focuses most on predictability Karen is a strong swimmer. One afternoon she is having a picnic at a lake and sees a man she does not know drowning. Generally, Karen has no legal duty to rescue the man. If in 1900 the Minnesota Supreme Court ruled that a m...

The most important reason courts enforce contracts is/are: A. "a person's word is their bond." (It's the moral thing to do.) B. the law says one will keep one's promises, so you must obey the law C. contracts are a foundation of our economy D. keeping one's promises shows you can be truste...

ongress enacts a statute, the Federal Deposit Insurance Corporation (an administrative agency) issues rules, the Southeast Financial Institutions Association (a private organizations) issues instructions, South Valley Bank posts a memo with orders for its employees, and Tina tells her co-worker abou...