Legl 2700 exam - Study guides, Class notes & Summaries

LEGL 2700 Roessing Exam 2 Questions and Answers Promise - Answer ️️ A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - Answer ️️ The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - Answer ️️ Tangible (touchable), movable personal property Bilateral Contract - Answer ️️ Promise in exchange for a promise Involves promisor ...

LEGL 2700- test 4 cases, Roessing Exam Questions and Answers

LEGL 2700 Exam 2 Questions and Answers

LEGL 2700 Exam 2 Study Guide Solutions Contracts - ANSWER-Promises that are enforceable with predictable consequences for performance failures, does not have to be written (ch 8) Contract Law comes from either - ANSWER-Legislation- UCC Article 2 covers sale of goods Common Law- judge made law for contracts for things other than goods (ch 8) bilateral contract - ANSWER-promise for promise exchange (ch 8) unilateral contract - ANSWER-promise is made in exchange for performance so only one...

3 Concepts for a functioning market -Correct Answer Law Rule of law Property Law -Correct Answer the rules of the state backed up by enforcement; most significant of social forces Rule of Law -Correct Answer the general and equal application of laws Property -Correct Answer the right that allows you to exclude others from your resources; a "legal fence" 3 types of ownership fences -Correct Answer Public Private Common Public -Correct Answer applies to public resources ow...

Major Factors of Economic Strength in a Nation -Correct Answer Poverty, The Dependency Theory, Climate, Education and Technology, Law & The Legal System, Natural Resources, The Private Market The Dependency Theory -Correct Answer The idea that strong nations exploit the labor and resources of weaker nations. It argues that some nations grow and prosper at the expense of others. This leads to weaker nations becoming overly dependent on foreign goods and services, thus perpetuating their weakne...

What kind of contracts do not have a lawful purpose? - ️️Contracts that require commission of a crime or tort or violate accepted standards of behavior (they are void) and Courts typically do not take action on such contracts (ch 8) implied-in fact contracts - ️️contracts which arise from the conduct of the parties rather than words (i.e. asking an accountant for professional advice implies a promise to pay money for it though u don't make an express promise to pay for it) (ch 8...

Administrative Agency - correct answer -An organization, usually a part of the executive branch of government, that is created to serve a specific purpose as authorized by the legislative branch Function is usually characterized as quasi-legislative or quasi-judicial Quasi-legislative - correct answer -Describes the rule-making functions of administrative agencies Quasi-judicial - correct answer -Administrative actions involving factual determinations and the discretionary application of ...

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