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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...
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BUNDLED-BUSINESS LAW IVY TECH EXAM QUESTIONS AND ANSWERS A+ GRADED• By TopGradeSolutions
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 ...
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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...
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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...
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- • 7 pages's •
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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...
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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...
- Exam (elaborations)
- • 21 pages's •
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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...
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- • 4 pages's •
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