Questions and Correct
Answers | New Update
Dillion's Rule (1868) - ANSWER ✔✔states that local governments do
not have any inherent sovereignty and instead must be authorized by
state governments that can create or abolish them
Cooley Doctrine - ANSWER ✔✔Local government is a matter of
absolute right and the state may not take it away.
,Forms of NJ Municipal Government - ANSWER ✔✔Boroughs,
Commissions, Municipal Mgr, Town, Township, Village, and Cities.
Optional Faulkner Act.
What is 'common rule'? - ANSWER ✔✔State and cities are required
to adhere to Federal laws. Must do the stricter of the them.
The purpose of the Uniform Commercial Code: - ANSWER ✔✔a. to
simplify, clarify and modernize the law governing commercial
transaction; b. to permit the continued expansion of commercial
practices through custom, usage and agreement of the parties; and c. to
make uniform the law among the various jurisdictions.
What is the 'Battle of the forms'? - ANSWER ✔✔The battle of the
forms generally refers to the situation where buyers send out purchase
orders and sellers respond with sales acknowledgement forms but,
although the fronts of the documents basically match up, the backs are
fundamentally different.
warranty of title - ANSWER ✔✔The seller warrants that the title being
conveyed is good and that the transfer is lawful.
Expressed Warranty - ANSWER ✔✔an oral or written statement by
the seller
, Implied Warranty of Fitness for a Particular Purpose - ANSWER
✔✔Seller is aware of the purpose of the need of buyer and that the
buyer expects those goods to meet that need.
3 Ways agents are given authority - ANSWER ✔✔1. Express
Authority - Public Purchasing must be in writing. 2. Implied Authority -
Unstated but necessary to perform one's duty for an employer. 3.
Apparent Authority - Supplier believes authority exists and is not told
otherwise.
Nature of Contract - ANSWER ✔✔Is either expressed or implied. It is
promise(s) that the Law of Contracts recognizes and a remedy is
available for breach.
Basic characteristics of a contract - ANSWER ✔✔Any agreement,
written (PO)or otherwise, that is legally binding, in which a vendor is
providing goods or services in exchange for compensation.
Four elements must be present in any contractual situation -
ANSWER ✔✔1. Capable parties 2. Mutual Consent 3. Lawful
Objective 4. Sufficient reason to contract (consideration)
To form a contract there must the following: - ANSWER ✔✔1. Offer 2.
Acceptance 3. Consideration
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