Baruch College

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Stare decisis - Answer To stand with the decision made by precedent Persuasive authority - Answer Using another states precedent. Only if there isn't a law regarding your case in your state. Remedy - Answer Means to enforce a right or compensate for injury to that right Substantial Law - Answer Law that defines, describes, regulates, and creates legal rights and obligations. (the law itself) Procedural Law - Answer Law that establishes the methods of ...

Statute of Frauds - Answer Oral contracts are unenforceable Liability - Answer State of being legally responsible Primary Sources of Law - Answer Establish law Secondary Sources of Law - Answer Books and articles that summarize law Constitutional Law - Answer Deals with fundamental principles in which government exercises its authority. Includes supremacy clause and the separation of powers. Statutory Law - Answer Laws enacted by legislative bod...

Firm Offer - Answer An offer for the sale of goods made by a merchant in a signed writing which promises to be held open for a given period of time not to exceed 3 months. It can be for less than 3 months, but if for more, then it will no longer be irrevocable. This is to be distinguished from a GOL Firm Offer which may involve services, non-merchant etc. which does not have the 3-month limit and can go for a reasonable time. 5% rule - Answer rule that acceptance changes cannot b...

The authority of a court to hear and decide a case is known as - Answer jurisdiction In the land mark case of Marbury v. Madison, the United States Supreme Court held that - Answer Marbury was entitled to his appointment, but the congressional statute granting the federal courts the power to compel Madison to A contract will be unenforceable if - Answer a statute declares such a contract illegal Angela promises to work for Barbara during the month of July, and Barbara ...

How do you create a security interest in a debtor's collateral (other than by possession of that collateral)? - Answer Either through 1) possession or 2) a security agreement. To become a secured party, the creditor must obtain a security interest in the collateral of the debtor. Three requirements must be met for a creditor to have an enforceable security interest: 1. Unless the creditor has possession of the collateral, there must be a written or authenticated security agreement ...

Regulations created by international organizations: - Answer are not law unless adopted and ratified by individual countries. When an international organization creates model regulations, it does so with a(n): - Answer world centric approach The United Nations Security Council - Answer charged with maintaining international peace and security The World Intellectual Property Organization - Answer charged with protecting intellectual property internationally Int...

Why is it important for us to have contracts? - Answer Gives us predictability and transparency The Uniform Commercial Code for 1946 does what to contracts? - Answer Makes contracts for the sale of goods move more rapidly What contracts does the Uniform Commercial Code cover? - Answer All contracts for the sale & lease of goods; we use it to put a higher responsibility on people who trade goods that are merchants What is the point of the United Nations on Contracts? - ...

Principal - Answer Person who appoints another to contract with third parties Agent - Answer Person appointed to contract on behalf of another General Agent - Answer Agent authorized to carry out a particular kind of business or all business at a place Special Agent - Answer Agent authorized to transact specific act or acts Factor or Commission merchant - Answer Bailee seeking to sell property on commission Factor del credere - Answer Factor who...