LAW FOR BUSINESS CONTRACT LAW TEST
2026
◉ Common Law. Answer: customs which have become recognized
by the courts as binding in the community
◉ Constitutional Law. Answer: the laws creating the formation of the
government, authorizing those acts which the government can
perform and describing the relationship between the government
and the citizens
◉ Judicial Law. Answer: laws created by judges making decisions in
court cases
◉ Law. Answer: those rules of conduct commanding what is right
and prohibiting what is wrong
◉ ordinances. Answer: laws enacted by a municipality
◉ Stare decisis. Answer: the principle that the decision of a higher
court should serve as a guide or precedent and control the decision a
similar case in the future.
,◉ statutes. Answer: laws which are enacted by legislative bodies
◉ business law. Answer: those rules of conduct prescribed by
government and its agencies in regulating business transactions; law
of agency and applying that law to business forms such as
proprietorships, partnerships and corporations
◉ Civil Law. Answer: the body of law concerned with private or
purely personal rights
◉ Crime. Answer: an offense that is injurious to a society as a whole
◉ Criminal Law. Answer: laws dealing with crimes and punishment
of wrong doers
◉ equity. Answer: a system of law designed to furnish remedies for
wrongs for which no adequate legal remedy, money damages, was
provided by the common law
◉ felony. Answer: a more serious criminal offense that is punishable
by death or incarceration for more than one year
◉ injunction. Answer: a court order that orders a person to do or
refrain from doing a certain act, and example of an award in equity
, ◉ intentional. Answer: a state of mind where acts are committed
willfully, voluntarily and/or purposefully
◉ malpractice. Answer: a breach of contract by a professional
person
◉ misdemeanor. Answer: a less serious criminal offense, punishable
by fine or imprisonment of less than one year
◉ negligence. Answer: failure to exercise reasonable care; omission
to do something which a reasonable person would do under
ordinary circumstances
◉ rescission. Answer: requiring each party to surrender their rights
under the contract, return whatever each has received and
terminate the contract
◉ scienter. Answer: actual knowledge of that which a reasonable
person could expect to know
◉ strict liability. Answer: conduct that is either so dangerous or
special that if a person performs it and injury occurs to another,
liability will be found regardless of the degree of care used
2026
◉ Common Law. Answer: customs which have become recognized
by the courts as binding in the community
◉ Constitutional Law. Answer: the laws creating the formation of the
government, authorizing those acts which the government can
perform and describing the relationship between the government
and the citizens
◉ Judicial Law. Answer: laws created by judges making decisions in
court cases
◉ Law. Answer: those rules of conduct commanding what is right
and prohibiting what is wrong
◉ ordinances. Answer: laws enacted by a municipality
◉ Stare decisis. Answer: the principle that the decision of a higher
court should serve as a guide or precedent and control the decision a
similar case in the future.
,◉ statutes. Answer: laws which are enacted by legislative bodies
◉ business law. Answer: those rules of conduct prescribed by
government and its agencies in regulating business transactions; law
of agency and applying that law to business forms such as
proprietorships, partnerships and corporations
◉ Civil Law. Answer: the body of law concerned with private or
purely personal rights
◉ Crime. Answer: an offense that is injurious to a society as a whole
◉ Criminal Law. Answer: laws dealing with crimes and punishment
of wrong doers
◉ equity. Answer: a system of law designed to furnish remedies for
wrongs for which no adequate legal remedy, money damages, was
provided by the common law
◉ felony. Answer: a more serious criminal offense that is punishable
by death or incarceration for more than one year
◉ injunction. Answer: a court order that orders a person to do or
refrain from doing a certain act, and example of an award in equity
, ◉ intentional. Answer: a state of mind where acts are committed
willfully, voluntarily and/or purposefully
◉ malpractice. Answer: a breach of contract by a professional
person
◉ misdemeanor. Answer: a less serious criminal offense, punishable
by fine or imprisonment of less than one year
◉ negligence. Answer: failure to exercise reasonable care; omission
to do something which a reasonable person would do under
ordinary circumstances
◉ rescission. Answer: requiring each party to surrender their rights
under the contract, return whatever each has received and
terminate the contract
◉ scienter. Answer: actual knowledge of that which a reasonable
person could expect to know
◉ strict liability. Answer: conduct that is either so dangerous or
special that if a person performs it and injury occurs to another,
liability will be found regardless of the degree of care used
