Exam 19: Business Law

When a loan officer grants a loan to a borrower on behalf of the bank,he or she is acting as which of the following?

What laws,which may be written and passed by federal,provincial,or city governments,are enacted by legislative bodies?

Mark entered into an oral agreement to sell some land to David.Both sides voluntarily agreed to the transaction,both sides provided consideration,and both had the legal capacity to enter into a contract.The sale was for a legal purchase.Under the statute of frauds,this agreement meets all of the conditions necessary for a valid contract for the sale of the land.

Judge Baker is set to rule on a case dealing with the interpretation of a newly enacted law.Because Judge Baker is the first to rule on this type of case,his decision will establish a precedent that other courts in the same jurisdiction will be expected to follow when dealing with similar cases in the future.

A tort is a private wrong that results in physical or mental harm to an individual or damage to that person's property.

Common law generally considers minors as lacking the legal capacity to enter into most types of binding contractual agreements.

Civil law deals with disputes between private citizens.These disputes are settled in the courts when one of the parties initiates a lawsuit against the other.Common types of cases brought before civil courts involve breach of contract,negligence,or willful acts that cause harm.

A statute of limitations limits the size of monetary payments a jury can award to the injured party in civil trials.

A civil law court would be most likely to hear cases concerning which of the following?

Rob Smythe collects antique furniture and has been looking for a specific piece to complete a set.He found the furniture at a yard sale at Rob Bibb's house.Smythe told Bibb that he had been looking for that specific piece for several years.He offered $300,which Bibb thought was a very good price.Bibb agreed to sell.Smythe then gave Bibb a significant down payment to hold the furniture until he could pick it up.However,before Smythe could pick up the furniture from Bibb,another buyer offered him an even better deal.Bibb informed Smythe of his intention to sell to the other buyer and offered to return the down payment.Smythe informed him he really wanted the furniture and would sue if necessary.If he does so,Smythe will most likely ask the courts to remedy the breach of contract by ordering specific performance.

There are only three requirements for a valid contract: it must be a voluntary agreement,at least one of the parties must offer something of value,and the terms of the contract must be stipulated in writing.

Which of the following is a code that establishes the fundamental rules and principles that govern a particular organization or entity?

A precedent is a court ruling on a particular issue that judges who hear similar cases in the future are expected to follow.

Which of the following does a judgment handed out in civil court typically entail?

The law recognizes that an agent's primary responsibility is to look out after his or her own interests.

What is "mutual assent"?

Civil law deals with disputes between private citizens that usually involve which of the following?

Aaron Wright is a sales agent for Grandfather Clocks Unlimited,and he has the company's explicit recognition of his ability to finalize sales contracts.He negotiated a sales agreement with Benfield's Furniture Stores for the delivery of 50 clocks by the 30th of the month.Benfield's did not receive the clocks on time to satisfy the customer orders they intended to fill.The principal is liable for making good on this promise because Aaron was acting according to which of the following?

Merisol Winery Inc.hires several agents to represent the firm across the nation.The firm has the legal right to expect these agents to be loyal,make a sincere effort to effectively complete their duties,maintain open lines of communication about their work,and to keep accurate records.