Difs Business Law

True or False: You may have your dispute heard in Federal Court if you have diversity of citizenship and an amount in controversy of $50,000.00 – False
Disclosed Principal – A principal whose existence and identity are known to the third party.
Security Interest: – Replaced with requirements in Title 9:
Cross-examination – Questioning of other party's witness intended to elicit contradictions or other evidence showing that the testimony is unreliable or otherwise not probative for the other side
Case Law – the doctrines and principles announced in cases (part of our common law tradition)
constitutional law – concerns itself with the rights, powers, and duties of federal and state governments under the US C_______ and the c_______s of the various states

public law

exclusionary rule – states that any evidence illegally obtained by the police is inadmissible at a criminal trial
Can a seller make a general disclaimer that includes all implied warranties? – Yes. The seller conspicuously states the disclaimer using language such as "sold as is," and "with faults"
indivisible contracts – a contract which must be completely performed in its entirety
Marcy owns land in North Dakota under which deposits of oil shale are discovered. Marcy sells the rights to the shale to Oil Mining & Refining Inc. Once the oil in the rock is removed, it will be considered​
stakeholders – people who have an interest in a buiness; the business's owners, creditors, employees, suppliers, and customers.
Interpreting Statutes – When a statute is confusing, the court must figure out what it means
Reporter – A publication in which court cases are published, or reported.
Fraudulent misrepresentation – a false statement of a material fact. The person making the statement knows the statement is false and intends to mislead the other party. (i.e an owner knowing a statement is false and leading opposing party to believe it's true)
Mаrcy оwns lаnd in Nоrth Dаkоta under which deposits of oil shale are discovered. Marcy sells the rights to the shale to Oil Mining & Refining Inc. Once the oil in the rock is removed, it will be considered​
Restatement of the Law of Contracts – A compilation of model contract law principles drafted by legal scholars. The
Restatement is not law.
award – in the context of litigiation, the amount of money awarded to a plaintiff in a civil lawsuit as damges. In the context of arbitration, the arbitrator's decision.

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