Business Law Exam 3wayne Anderson

Economic compensatory damages – Damages that are directly quantifiable, including damages awarded for lost wages, medical expenses, and expenses incurred in the repair or replacement of property. (p. 130)
Intent – When the actor desires to cause the consequences of his act or that he believes the consequences are almost certain to result from it
rescission – canceling or terminated a contract, which has the effect of returning the parties to their original positions before the contract was made.
Standard for civil law is – preponderance of the evidence (51%)
The 5 steps of a trial – 1. Opening Statements
2. Introduction of Evidence through witnesses
3. Motions
4. Closing Arguments
5. Jury Instructions and Verdict
parol evidence rule – oral testimony in court about the terms of a written contract
Which of the following are stakeholders of a business?
How does a civil suit work? – Procedural law with an attorney/lawyer present files a complaint and a petition can be given.
Negotiation – A form of communication between opposing sides in a conflict in which offers and counteroffers are made and a solution occurs only when both parties agree
Secured Transaction – A legal device that creates a security interest in personal property or fixtures
Expectation interest – What the non-breaching party reasonably expected to get from the contract
What is injunction? – A court order that requires someone to do something or refrain from doing something.
voidable – a contract made by a person who is so intoxicated as to be unaware of the consequences is
Which оf the fоllоwing аre stаkeholders of а business?
Pledgee – Creditor in a pledge who takes possession of property given up by pledgor
Revocation – Withdrawing an offer before it is accepted.
Mens rea – The wrongful mental state ("guilty mind"), or intent, that is one of the key requirements to establish criminal liability for an act.
accord and satisfaction – to find agreement, there must have been a dispute, there must be an agreement for satisfaction

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