IVY

BUSINESS LAW IVY SOFTWARE EXAM QUESTIONS AND ANSWERS US Constitution is referred to as supreme law of the land statutes laws passed by LEGISLATIVE branch of government written statements of law contained in law codes criminal law deals with conduct requirements imposed by government on citizens by statute or ordinance where the conduct represents a societal interest in need of protection brought through prosecutors standard of proof (criminal law) requirements for preventing prev...

BUSINESS LAW CHAPTER 7 TEST REVIEW Punitive damages are a form of punishment. true All persons are presumed to know the law. true Rescission is conducted suggesting you intend to be bound by the contract. false The absence of genuine assent will make a contract voidable. true Unilateral mistakes create the right to rescind or void the contract. false Committing an act of violence to obtain a signature on a written contract is duress. true In some states, the contract is still ...

BUSINESS LAW TEST QUESTIONS AND ANSWERS How are contracts for the sale of goods different from contracts for services the real property Uniform commercial code for the sale of goods but not for this services in properties so anything that is a good is under the UCC law When do title and risk of loss pass from the seller to the buyer and a sale of goods When the seller does what is required under the contract to deliver the goods What types of transactions do consumer protection laws...

BUSINESS LAW TEST QUESTIONS AND ANSWERS what is property a thing or things that belong to someone real property land and anything attached to it personal property movable items such as automobiles what are some ways you can own and transfer real property purchase, gift what is real property real property comprises land and everything attached to the land. Unlike most forms of personal property, land is limited, ___________, and no two pieces of land are the same. unique Th...

BUSINESS LAW TEST QUESTIONS AND ANSWERS Negligence The failure to exercise the standard of care that a reasonable person would exercise in similar circumstances. Duty of Care The duty of all persons, as established by tort law, to exercise a reasonable amount of care in their dealings with others. Failure to exercise due care, which is normally determined by the reasonable person standard, constitutes the torts of negligence. Reasonable Person Standard The standard of behavior expec...

BUSINESS LAW QUESTIONS AND ANSWERS A+ GRADED Bailment of personal property a relationship that arises when one party, the bailor, transfers possession of personality to another, the bailee, to be used by the bailee in an agreed-on manner for an agreed-on time period Example: Woman leaves her coat in a coat check room. She hands her coat to the clerk and is given a ticket identifying the object of the bailment so that it can be reclaimed. Determining who benefits from bailment is a key...

BUSINESS LAW TEST QUESTIONS AND ANSWERS A+ GRADED What is the objective theory of contracts? The objective theory of contracts is how the intent of the contract is determined. It is determined by the objective theory of contracts rather than by the personal or subjective intent or belief of one of the parties. What are the four requirements/elements of a valid contract? 1) Agreement 2) Consideration 3) Contractual Capacity 4) Legality What distinguishes a bilateral contract from a...