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Legal Envmt
Quiz #2
| Question | Answer |
|---|---|
| Actus Reus | A guilty (prohibited) act. One of the two essential elements required for criminal liability, along with intent. |
| Adhesion Contract | A type of contract, a legally binding agreement between two parties to do a certain thing, in which one side has all the bargaining power and uses it to write the contract primarily to his or her advantage. |
| Assignment | The act of transferring to another all or part of one's rights arising under a contract. |
| Bait and Switch Advertising | Advertising a product at a very attractive price and then once the consumer is in the store, saying that the advertised product is not available or poor quality and urging them to purchase a more expensive item. |
| Bilateral Contract | An agreement formed by an exchange of a promise in which the promise of one party is consideration supporting the promise of the other party. |
| Cease and Desist Order | An administrative or judicial order prohibiting a person or business firm from conducting activities that a court or agency has deemed illegal. |
| Consideration | Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances. |
| Cooling Off Period | Laws that allow buyers a period of time, such as three days, in which to cancel door to door sales contracts. |
| Delegation | The transfer of a contractual duty to a third party. Still obliged to perform on contract if the transfer fails. |
| Duress | Unlawful pressure brought to bear on a person, causing the person to perform an act that he or she would not otherwise perform. |
| Entrapment | The act of government agents or officials that induces a person to commit a crime he or she is not previously disposed to commit. |
| Equal Dignity Rule | A rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing. |
| Estop | To bar, impede, or preclude someone from doing something. |
| Exclusionary Rule | The principle based on federal Constitutional Law that evidence illegally seized by law enforcement officers in violation of a suspect's right to be free from unreasonable searches and seizures cannot be used against the suspect in a criminal prosecution. |
| Exculpatory Clause | A provision that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault. |
| Fiduciary | A person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking/Relationship founded on trust and confidence. |
| Liquidated Damages | An amount, stipulated in the contract to be paid in the event of default or breach of contract. The amount must be a reasonable estimate of the damages that would result from a breach in order for the court to enforce it. |
| Mailbox Rule | Acceptance of an offer becomes effective on dispatch. |
| Mens Rea | Mental state or intent. Wrongful mental state is necessary as a wrongful act to establish criminal liability. |
| Mirror Image Rule | Common law rule that requires the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed. |
| Misdemeanor | A lesser crime than a felony, punishable by a fine or incarceration in jail for up to one year. |
| Novation | The act of either replacing an obligation to perform with a new obligation, or replacing a party to an agreement with a new party. |
| Quasi Contract | A fictional contract imposed on parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one part at the expense of another. |
| Ratification | The act of accepting and giving legal force to an obligation that previously was not enforeable. |
| Reformation | A court ordered correction of a written contract so that it reflects the true intentions of the parties. |
| Regulation Z | Set of rules promulgated by the Federal Reserve Board of governors to implement the provisions of the Truth in Lending Act. |
| Respondeat Superior | A principal or employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment. |
| Scienter | Knowledge on the part of the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive. |
| Specific Performance | An order of a court which requires a party to perform a specific act, usually what is stated in a contract. It is an alternative to awarding damages, and is classed as an equitable remedy. |
| Vicarious Liability | Legal Responsibility placed on one person for the acts of another. Indirect liability imposed on a supervisory party for the actions of a subordinate. |
Created by:
1229024634
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