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Business Law Final Exam Study Guide. Comprehensive Explanation of Key Concepts (Questions 1-10).
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Introduction to Business Law. Business law governs commercial transactions and business entities. Ensures fairness and resolves disputes among businesses and individuals. Establishes legal standards and protections in commerce..
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The Primary Purpose of Business Law. Purpose: Ensure fairness among parties and resolve disputes. Prevents unfair advantages and illegal competition. Promotes a fair and competitive business environment..
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Key Sources of Business Law in the U.S.. The United States Constitution: Supreme law, foundation for all laws. Statutes passed by legislative bodies. Common law: judicial decisions. Administrative regulations..
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Essential Elements of a Legally Binding Contract.
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Understanding 'Consideration' in Contracts. Definition: Something of value exchanged between parties. Can be money, services, goods, or a promise to act/ refrain. Ensures parties have a stake and mutual obligation. Lack of consideration can make a contract void..
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Civil Law and Its Role. Governs disputes between individuals/entities over rights and duties. Includes contracts, property disputes, tort claims. Different from criminal law which deals with offenses against the state. Focuses on compensation or specific remedies..
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Doctrine of Vicarious Liability. Holds employers legally responsible for employees' actions performed in scope of employment. Ensures victims can seek remedies from employers. Encourages employers to supervise employees properly. Applies even without employer's direct fault..
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Purpose of Tort Law. Tort law compensates victims harmed by others’ wrongful acts. Includes negligence, intentional harm, and strict liability cases. Aims to restore injured parties to original position. Does not focus on punishment but on redress and deterrence..
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Statutory Laws Explained. Laws passed by legislative bodies (Congress, state legislatures). Codify rules that govern conduct. Different from common law created by courts. Example: Statute of Frauds requiring certain contracts to be written..
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Contracts Required in Writing Under Statute of Frauds.