Roest Study guides, Class notes & Summaries

property - Correct ️️ the legal right to exclude others from resources that are originally possessed or are acquired without force, theft, or fraud private property - Correct ️️ a system of law under which the state recognizes and enforces an individual's rights to acquire, possess, use, and transfer scarce resources capital formation - Correct ️️ quality of resources that produces new or different resources mortgage - Correct ️️ lenders are willing to loan money at afforda...

LEGL Test 1 Roessing Questions and Answers (Graded A) Law - Correct ️️ the most significant of social forces; can glue together diverse people of different backgrounds into large, organized groups -intended to tell member of society what they can and cannot do -made up of rules that are laid down by the state and back up by enforcement Rule of Law - Correct ️️ Makes laws that are made to be generally and equally applicable -apply to most members of society and apply to various grou...

LEGL2700- Roessing Test 2 Questions and Answers property - Correct ️️ the legal right to exclude others from resources that are originally possessed or are acquired without force, theft, or fraud private property - Correct ️️ protects private persons and allows them to exclude others from interfering with resources that are acquired without force, theft, or fraud public property - Correct ️️ state's right under various circumstances to exclude people from state monuments, buil...

LEGL 2700 Roessing Exam 2 Questions and Answers

Promise - Answer ️️ A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - Answer ️️ The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - Answer ️️ Tangible (touchable), movable personal property Bilateral Contract - Answer ️️ Promise in exchange for a promise Involves promisor and promisee

LEGL 2700 ROESSING TEST 1 QUESTIONS AND ANSWERS

Administrative agency - Answer ️️ An organization, usually a part of the executive branch of government, that is created to serve a specific purpose as authorized by the legislative branch. function usually is characterized as quasi-legislative or quasi-judicial. Administrative law - Answer ️️ The legal principles involved in the workings of administrative agencies within the regulatory process. Administrative law judge - Answer ️️ The individual employed by an administrative ag...

LEGL 2700 Roessing Exam 2 Questions and Answers Promise - Answer ️️ A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - Answer ️️ The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - Answer ️️ Tangible (touchable), movable personal property Bilateral Contract - Answer ️️ Promise in exchange for a promise Involves promisor ...

Law - Correct ️️ made up of rules laid down by state and backed by enforcement -written social force -mean nothing w/o enforcement Rule of Law - Correct ️️ -laws are made generally and apply to everyone equally -necessary for strong and diverse economies -transparency in business Property - Correct ️️ ownership-allows you to exclude others without your permission Common Property - Correct ️️ resources like land that multiple people own Contract Law - Correct ️️ enable...