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Legal Envmt

Quiz #2

QuestionAnswer
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