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Business Law Final Exam Prep Test | Questions with Correct Solutions
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Business Law Final Exam Prep Test | Questions with Correct Solutions
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Business Law Final Exam Prep Test | Questionswith Correct Solutions
negligence - ✔✔duty of due care, breach of duty, factual cause, foreseeable harm, injury
duty of due care (negligence) - ✔✔if a defendant can foresee injury to a particular person,
she has a duty to him
breach of duty (negligence) - ✔✔by failing to behave the way a reasonable person would
under similar circumstances
factual cause (negligence - ✔✔defendants breach led to the ultimate harm
foreseeable (negligence) - ✔✔injury that a reasonable person could anticipate
injury (negligence) - ✔✔must be genuine, not spectulative
trespasser - ✔✔anyone on property without consent, no liability
licensee - ✔✔anyone on the land for her own purposes but with the owner's permission,
entitled to warn of hidden dangers on property
invitee - ✔✔someone on property as of right because it is a public place or a business open
to the public, duty of reasonable care
assumption of the risk - ✔✔person who voluntarily enters a situation of obvious danger
cannot complain if she is injured
,contributory negligence - ✔✔plaintiff who is even slightly negligent recovers nothing
comparative negligence - ✔✔plaintiff may generally recover even if she is partially liable
strict liability - ✔✔high level of liability assumed by the people or corporations who engage
in activities that are very dangerous: ultra-hazardous activity and defective products
ultra-hazardous activity - ✔✔defendant engaging in such acts is virtually always liable for
resulting harm
judicial activism - ✔✔will ignore certain provisions of a contract
judicial restraint - ✔✔court won't enforce a contract if serious harm to one party will occur
elements of a contract - ✔✔agreement, consideration, legality, capacity
contract - ✔✔promise a court will enforce
bilateral contract - ✔✔both parties make a contract
unilateral contract - ✔✔one party makes a promise the other party can only accept only by
doing something
express contract - ✔✔agreement with all important terms explicitly stated
implied contract - ✔✔contract where the words and conduct of the parties indicate that
they intended an agreement
, agreement (contracts) - ✔✔meeting of minds, offer, terms are definite, acceptance, mirror
image rule
meeting of the minds - ✔✔both parties understood each other and they intended to reach
an agreement
consideration (contracts) - ✔✔bargaining that leads to an exchange between the parties
non compete clause - ✔✔has to be generally reasonable to be enforceable
exculpatory clauses - ✔✔contract provision that attempts to release one party from liability
in the event the other party is injured
unenforceable exculpatory clauses - ✔✔when it attempts to exclude an intentional tort or
gross negligence, affected activity is in public care, unequal bargaining power, unless clause is
clearly written and readily visible
unconscionable contracts - ✔✔contract that is shockingly one-sided and fundamental unfair
capacity - ✔✔legal ability to enter into a contract
disaffirm - ✔✔give notice of refusal to be bound by an agreement (minors)
restitution - ✔✔restoring an injured party to its original position
misrepresentation - ✔✔statement that is factually wrong
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