Business Law Exam 3wayne Anderson

Ratification – conforming an act which was executed without authority or an act which was voidable; person accepts contract which is for some reason not valid
Bids – considered to be an offer, the offeror may reject any time before acceptances, the offeree is free to reject or accept
precedent – A court decision that furnishes an example or authority for
deciding subsequent cases involving identical or similar facts.
Beyond a Reasonable Doubt – The burden of proof in a criminal case, which states that every single member of the jury must be convinced of the defendant's guilt.
A contract when both sides made mistakes, a mistake when either party can NOT get out of – Bilateral
Limited liability company – A(n) combines features of both a corporation and partnership.
Covenant Not to Sue – An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim
jurisdiction – The authority of a court to hear and decide a specific case.
Compensatory Damages – amount equal to the loss sustained
Click-on agreements – Courts used the Restatement of Contracts (compilation of common law contract principles) and UCC (Uniform commercial code) to conclude that a binding contract can be created by conduct, including clicking a "I accept" or "I agree" box to accept an online offer.
Injuries that occur in common areas based on negligent upkeep are generally the responsibility of whom?
legislative branch – Branch that makes the laws, composed of senate and house of representatives
Waiver – occurs when a person whose duty is conditional voluntarily gives up his right to the occurrence of the condition
Delegation – transfer of contractual duties to a third party in a bilateral contract
Injuries thаt оccur in cоmmоn аreаs based on negligent upkeep are generally the responsibility of whom?
tort – a civil wrong that enables a person to bring a lawsuit with REASONABLE cause, without having to PROVE suffering.
Constructive Bailment – Bailment imposed when a person controls lost property.
Lien – The right to hold a security interest on a debtor's property.

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