BLAW 3391 Study guides, Class notes & Summaries

BLAW Pleasant Exam 1 TTU Questions With Verified Answers Primary Source of Law - answera document that *establishes the law* on a particular issue, such as constitution, a statute, an administrative rule, or a court decision. Constitutional Law (4 sources of law) - answerlaw based on documents setting forth for the general organizations, powers, and limits of the government. Executive Orders - answerLegally binding directive from the president. Treaties - answerwritten agreements by 2 or ...

BLAW 3391 TTU Exam 2 Questions And Answers (Verified And Updated) Sole Proprietorship - answerSimplest business form; owner is the business. Owner reports business income on personal income tax return and is legally responsible for all debts and obligations incurred by the business. 2/3 of all U.S. businesses are formed in this way. Sole Proprietorship Advantages - answer•Owner receives all profits; pays only personal taxes •Easy to create; less costly •Flexible decision making So...

BLAW Final Exam Review Ch. 10-18 Pleasant TTU Questions And Answers (Verified And Updated) Jackie agrees to pay Ben $1,000 if Ben agrees to not go skydiving for six months. After Ben avoids skydiving for six months, he asks Jackie for payment. Jackie declines to pay Ben the $1,000. The contract between Jackie and Ben: - answerwill be enforced because Ben exercised forbearance which is legally sufficient consideration. Michael agrees to buy Randy's wheelbarrow for $100. After the agreemen...

BLAW 3391 TTU Exam 1 Questions With Verified Answers Laws - answerrules governing relationships among individuals and between individuals and their society. Priorities of Law? (Highest to lowest) - answerFederal Constitution Federal Statutes State Constitution State Statutes Local Ordinances Conflict Order of precedence Agencies - answercreated by legislatures and make their own rules which have the legal force of statutory law. (ex: IRS) Common Law - answer- The earliest version of...

reement can be inferred from the conduct of the parties, the customs of the trade, or the conditions or circumstances formal contract - answera specialty contract that is written and under seal simple contract - answeran informal contact made without seal-- even though the subject matter of the contract may be extremely complex and may involve huge amounts of money entire contract - answeran agreement that is made up of two or more parts, in which each part is dependent upon the others di...

BLAW 3391 Final Exam Questions And Answers (Verified And Updated) Four requirements for a valid contract - answeragreement, consideration, capacity, and legality Agreement - answeroffer and acceptance, meeting of minds Consideration - answermoney, something of value or a promise Contractual Capacity - answerBoth parties entering into the contract must have the contractual capacity to do so. The law must recognize them as possessing characteristics that qualify them as competent parties. ...

BLAW 3391 Exam 2 TTU Questions With Verified Answers 100% Solved sole proprietorship - answerbusiness owned and operated by one person unlimited liability - answerlegal exposure in which an owner of a business is personally liable for all of the debts and obligations of the business what is the most popular form of business organization in the US? - answersole proprietorship sole proprietorship advantages - answer-easily established -no partners or shareholders -only pay taxes on income...

Blaw 3391 Test #1 Exam Questions With Verified Answers 100% Solved Constitutional Law - answer1st Source of law - Federal and State Constitutions Executive Order - answerLegally binding directive from the president - Ex in 1957 Eisenhower ordered federal troops to enforce the Supreme Court's ruling to desegregate the school system Treaty - answerWritten Agreement between two or more countries Becomes Legally binding when they are approved by 2/3 of the Senate Statutory Law - answer2nd S...

BLAW 3391 Final Exam Questions With Verified Answers 100% Solved Contract - answer"a promise or set of promises for the breach of which the law gives a remedy or the performance of which the law is some way recognizes a duty." Covenant not to complete - answerrestrict what an employee may do after leaving a company, and they often dictate where, when, and with whom an employee may work Four elements needed for a contract: - answerAgreement, the consideration, contractual capacity, and l...

BLAW 3391 Pleasant Test 2 Exam Questions And Answers (Verified And Updated) What is real property? - answer-Land and everything attached. -Law states land is owned to the center of the earth. What is a fixture? - answer-Part of the land (ex. trees) How can real property become personal property? - answer-Removal from land. -(ex. apple from a tree). How can personal property become real property? - answer-Planted into land. -(ex. planted shrubbery or lumber used to erect building). Subte...