Exam 19: Business Law

Compensatory damages refer to monetary payments a party who breaches a contract is ordered to pay in order to compensate the injured party for the actual harm suffered due to the breach of the contract.

What type of authority exists when a principal's behaviour leads a third party to reasonably believe that someone has the authority to act as an agent,even though no such agency actually exists?

The same wrongful behaviour can result in both civil and criminal trials.

Case law (or common law)refers to laws that result from rulings,called precedents,made by judges who initially hear a particular type of case.

What is the term for a private wrong that results in physical or mental harm to an individual or damage to that person's property?

In which type of contract are the terms explicitly spelled out either orally or in writing?

Which of the following requires certain types of contracts to be in writing in order to be enforceable,such as contracts that take more than a year to complete or that involve the sale of goods worth $500 or more?

Which of the following duties does an agent owe to the principal?

Rio Bravo Theme Park is known for its variety of roller coasters.Recently,it was reported that two cars on the Macho Nacho roller coaster left the tracks,resulting in serious injuries to four riders.These riders are suing the Theme Park for damages,claiming that the maintenance procedures for the coasters were carelessly performed by the park's staff.When hearing the lawsuits,the courts will seek to determine whether Rio Bravo Theme park could be which one of the following?

Scope of authority for an agent is the extent to which an agent has the authority to act for and represent the principal.

The time period in which a lawsuit must be initiated is specified by which of the following?

The sale of a good is a transaction in which of the following passes from one party to another in exchange for a price

Which of the following is true about contracts?

Tim Tuttle acts as a principal for his firm when he makes sales calls to secure contracts for the testing services that his firm provides.

Precedents are laws based on rulings by government regulatory agencies that Parliament has given authority to regulate a specific type of activity.

Henry,who is already 25,promised in writing to give his buddy Jake $250 as a gift when he celebrated his 25th birthday.Jake thanked Henry and kept the written promise in his wallet.But when the date arrived,Henry decided not to make the payment.Jake was understandably disappointed and plans to sue Henry for breach of contract in order to require him to make good on his promise.But Jake's lawsuit is unlikely to be successful because of which of the following?

When goods are shipped from the seller to the buyer,the risk of loss due to damage or spoilage always rests with the party who held legal title to the goods at the time the loss occurred.

Back in 1998,Barb Ballister agreed to sell her 1963 Corvette,which she stated was in "mint condition," to Tyler Burgess for $47 000.After they agreed upon the price,the transfer of title,and other details,Barb and Tyler met at a notary and finalized the sale.Soon after taking possession of the car,Tyler realized that there were several cosmetic problems with the car that Barb did not originally disclose.Tyler intended to take Barb to court to seek monetary payments to cover his costs to restore the car to the desired condition.However,he got busy with other matters and kept putting things off.Now,several years later,he is finally ready to take legal action.What is one problem Tyler may face?

What is suggested by a comparison of the standard of proof needed to win civil cases and criminal cases?

What type of authority is based on the law's recognition that agents must have the authority to act in certain ways in order to perform their duties,even if the principal does not explicitly provide this authority?