Florida Atlantic University

CHAPTER 13: Introduction to Contracts - Answer CHAPTER 13: Introduction to Contracts Four Elements of a Contract: CLAC - Answer 1. Contractual Capacity 2. Legal Object 3. Agreement (offer, acceptance) 4. Consideration Contract - Answer -A promise or set of legally enforceable promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty. Agreement - Answer (Offer & Acceptance) Offer by Oferror to ...

Chapter 1: Introduction to Business Law - Answer Chapter 1: Introduction to Business Law Relevant areas of business law applicable to human recourse management involve (4): - Answer 1. Agency law 2. Contracts 3. Employment and labor laws 4. Employment discrimination This type of law regulates disputes between private individuals or groups. (Ex: dispute between landlord and tenant governed by private law). - Answer Private law This type of law regulates disputes bet...

Agreement - Answer Consists of an offer by one party, called the offeror, to enter into a contract and an acceptance of the terms of the offer by the other party, called the offeree Contract - Answer A promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty. Consideration - Answer The bargained-for exchange; what each party gets in exchange for his or her promise under a contract. ...

Precedent (Ch. 1) - Answer Judicial decisions often include interpretations of statues and administrative regulations, as well as the reasoning they used to arrive at a decision. Such reasons relies heavily on precedent, past decisions in similar cases that guide later decisions thereby providing greater stability and predictability to the law. Stare Decisis - Answer When courts rely on precedent, they are obeying the principle of stare decisis ("standing by their decisions...

Chapter 50 - Answer Landlord-Tenant Law Categories of leases that can be created: (4) - Answer 1. Definite-term 2. Period-Tenancy 3. Tenancy-at-will 4. Tenancy-at-sufferance Definite-term - Answer aka term for years; automatically expires at the end of the specified term landlord not required to give any notice of termination Period-Tenancy - Answer created for a recurring term such as month to month either party can term; req'd to give sufficient not...

CHAPTER 17 - Answer Legal Assent Legal Assent (Define) - Answer Offer and acceptance; both parties agree to do the same thing. Legal Assent is a promise - Answer courts will require parties to obey Without it, the contract may be - Answer voidable, a circumstance that can cost a business large profits when the transaction is significant. A voidable contract can be - Answer rescinded, or canceled; permitting the person who canceled the contract to require...

CHAPTER 32 - Answer Bankruptcy and Reorganization Bankruptcy Law - Answer is federal law; however, state laws regarding property and debts may affect the bankruptcy proceeding. Types of Bankruptcy Relief (3): - Answer 1. Chapter 7 2. Chapter 11 3. Chapter 13 Chapter 7 Bankruptcy - Answer Type of Bankruptcy: i. Sale of debtor's assets by trustee and the distribution of money to creditors The most familiar type of bankruptcy under chapter 7 - Answer ...

The social responsibility of business consists only of the expectations employees have of employers. - Answer False Which of the following is accurate regarding the speed and cost of ADR? - Answer It is usually faster and cheaper. A[n] ______ clause has been defined as one in which the terms are "manifestly unfair or oppressive and are dictated by a dominant party." - Answer Unconscionable Utilitarianism is a form of consequentialism. - Answer True . A(...

Chapter 7: Crime and the Business Community - Answer Chapter 7: Crime and the Business Community The government must demonstrate (2) elements of a crime: - Answer 1. Wrongful behavior, that is, *actus reus* or a guilty act. 2. Wrongful state of mind, also known as *mens rea* or guilty mind. Exception to "mens rea" requirement: - Answer Strict Liability Crimes (Liability without fault or strict liability) Latin for "guilty mind"; the mental state accompanyi...

Jurisdiction - Answer "to speak, law." Courts' power to hear cases and render decisions that bind the parties before them. Courts of original jurisdiction (trial courts) - Answer Have the power to hear and decide cases when they first enter the legal system. Parties present evidence and call witnesses to testify. For state court systems: Courts of common pleas or county courts. For Federal court systems: district courts. Courts of appellate jurisdiction (ap...