C713 - Business Law (WGU) exam questions and answers 2024

Negligence Failure to exercise appropriate and or ethically ruled care expected to be exercised among specific circumstances. *Duty of Care, breach, proximate cause, and damages must be established in negligence case *court will typically compare the actions of the defendant to a "reasonable person" Mailbox Rule Acceptance is affected upon sending out the letter, not receiving it. Trespass to Land When someone enters onto, above, or below the surface of land owned by someone else without the owners permission. Trespass to Personal Property Intentional interference with another persons lawful possession or personal property. Compensatory Damages Expressed in monetary terms that are a direct results of the plaintiffs actions *lost wages, medical expenses, pain suffered Punitive Damages Used to punish the wrongdoer (heavy payment) and deter others from doing the same. Mirror Image Rule A doctrine requiring any acceptance to be an unconditional assent to the terms of the offer *You are accepting EXACTLY what has been offered to you, no counter offer can be made Uniform Commercial Code (UCC) Large number of legal rules regarding many important business, or "commercial activities" Executory Contract Contract made by two parties in which the terms are to be fulfilled at a later date Contributory Negligence When a person is injured party due to their own negligence *NOT entitled to collect damages Comparative Negligence When both parties are somewhat at fault. Whatever percentage you are found liable will be deducted from your compensatory damages Limited Liability Company (LCC) Corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities Sole Proprietorship Unincorporated business with a single owner who pays personal income tax on profits earned from the business Licensee People on private property with the consent of the owner. Non-trespasser. Someone invited onto the property for a purpose other than financial gain. *friends and family, there for their own amusement Invitee People who come onto the land to conduct business related to the owners or occupiers business. *customers in a store/restaurant, visitors feel entitled to be there for the benefit of the property owner Bilateral Contract Two parties which promise each other to perform an act in exchange for the other parties act Unilateral Contract Created by an offer that can only be accepted by performance *"$50 reward for the return of lost dog" is an example. Status Quo Ante Returning things to how they were prior to the contract Assault and Battery Assault is the intentional creation of an immediate apprehension of a harmful or offensive touching. Battery is the physical act that results in offensive contact. *assault is the plan to commit and battery is the follow through Void When a contract is NOT enforceable by law Consequential Damages Damages claimed and/or awarded in a lawsuit which was caused as a direct foreseeable result of wrongdoing *Roofer hired to fix a leak, did a poor job, now the interior of the house is ruined. Roofer is now liable for ALL damages. Doctrine of Transferred Intent When a defendant intends to harm a victim but unintentionally harms someone else instead Complete Performance Full and perfect performance of the promises, obligations and duties contained in a contract Substantial Performance Performing party acted in good faith, created substantially the same benefits as those promised in the contract Necessity Defense asserted by a criminal or civil defendant that he or she had no choice but to break the law *PUBLIC necessity is when a tort is committed to protect the public *PRIVATE necessity is when a tort is committed to help one or few people Illusory Promise Contract containing a statement that gives the person make a promise no actual obligation to fulfill the promise Economic Torts When the harm is financial. Business transactions that cause economic losses rather than physical harm Incidental Damages Reasonable expenses incurred by one pa