Study guides, Class notes & Summaries

Administrative Agency - correct answer -An organization, usually a part of the executive branch of government, that is created to serve a specific purpose as authorized by the legislative branch Function is usually characterized as quasi-legislative or quasi-judicial Quasi-legislative - correct answer -Describes the rule-making functions of administrative agencies Quasi-judicial - correct answer -Administrative actions involving factual determinations and the discretionary application of ...

Law - correct answer made up of rules laid down by state and backed by enforcement -written social force -mean nothing w/o enforcement Rule of Law - correct answer -laws are made generally and apply to everyone equally -necessary for strong and diverse economies -transparency in business Property - correct answer ownership-allows you to exclude others without your permission Common Property - correct answer resources like land that multiple people own Contract Law - corr...

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Test 3 LEGL 2700 Questions With Complete Solutions

Promise - Answer-A commitment or willingness to be bound to a contract obligation Uniform Commercial Code (UCC) - Answer-The most successful attempt to have states adopt a uniform law Purpose is to simplify, clarify, and modernize the laws governing commercial transactions Goods - Answer-Tangible (touchable), movable personal property Bilateral Contract - Answer-Promise in exchange for a promise Involves promisor and promisee Usually made to a specific person Acceptance, then perfor...