Podcast
Questions and Answers
Which type of contracts must be in written form?
Which type of contracts must be in written form?
- Verbal agreements for services
- Contracts for the sale of goods below a certain value
- Informal agreements between friends
- Contracts relating to land (correct)
What is the parol evidence rule?
What is the parol evidence rule?
- Written evidence that supports an oral contract
- Evidence presented by a third party
- Oral evidence is not admissible in court to explain a written contract (correct)
- Evidence of contract breach
What does the Uniform Electronic Commerce Act (UECA) recognize?
What does the Uniform Electronic Commerce Act (UECA) recognize?
- Electronic signatures on written contracts
- Oral agreements made via electronic means
- Handwritten contracts scanned and sent electronically
- Electronic contracts as a valid form of contract (correct)
What are standard form contracts?
What are standard form contracts?
What is the primary purpose of professional liability?
What is the primary purpose of professional liability?
Which relationships are held to a high standard of care under fiduciary duty?
Which relationships are held to a high standard of care under fiduciary duty?
What must exist for professional liability to be established?
What must exist for professional liability to be established?
What represents the term fiduciary duty?
What represents the term fiduciary duty?
What is essential for an enforceable contract?
What is essential for an enforceable contract?
Who is the person making the offer in a contract formation?
Who is the person making the offer in a contract formation?
What is the crucial element for the timing of consideration discussion?
What is the crucial element for the timing of consideration discussion?
Which method can be used for acceptance to be communicated?
Which method can be used for acceptance to be communicated?
What determines whether the agreement is enforceable under contract law?
What determines whether the agreement is enforceable under contract law?
What is the role of an offeree in contract formation?
What is the role of an offeree in contract formation?
In what circumstances can the postal rule apply?
In what circumstances can the postal rule apply?
What is the term for written terms in a contract?
What is the term for written terms in a contract?
What is the term for terms occasionally added by judges in court situations?
What is the term for terms occasionally added by judges in court situations?
What is not considered consideration in a contract?
What is not considered consideration in a contract?
What is the term for the exchange of something of value in a contract?
What is the term for the exchange of something of value in a contract?
What is the term for the person to whom the offer is made in a contract?
What is the term for the person to whom the offer is made in a contract?
What are the key components used to establish negligence?
What are the key components used to establish negligence?
What is the major responsibility of manufacturers in relation to product safety?
What is the major responsibility of manufacturers in relation to product safety?
What does product liability involve?
What does product liability involve?
What are the key questions for consumer products according to the text?
What are the key questions for consumer products according to the text?
What duty do manufacturers have to consumers?
What duty do manufacturers have to consumers?
What do occupiers have to do to make their property safe?
What do occupiers have to do to make their property safe?
What does contributory negligence allow the court to do?
What does contributory negligence allow the court to do?
What are contracts according to the text?
What are contracts according to the text?
What does contract law determine?
What does contract law determine?
What is a contract according to the text?
What is a contract according to the text?
What does UECA aim to recognize?
What does UECA aim to recognize?
Study Notes
Legal Responsibilities in Business
- Examples of fiduciary duty include a physician not securing patient records, an architect overcharging, and a lawyer representing both sides in a property transaction without disclosure.
- Manufacturers have a major responsibility to ensure product safety and warn the public of any defects.
- Negligence is established by identifying duty of care, breach, and harm suffered as a result.
- Product liability involves the duty to create safe products and comply with strict safety laws.
- Key questions for consumer products include safety, testing, approval, packaging, labeling, and recall policies.
- Manufacturers have a duty of care to consumers to ensure safety and warn of defects.
- Occupiers must take reasonable steps to make their property safe, with different responsibilities for trespassers, licensees, and invitees.
- Contributory negligence allows the court to apportion responsibility to the injured party.
- Contracts are enforceable agreements between parties, which may not always be formal or written.
- Contract law determines the rights and obligations of the parties and creates a framework for enforceable agreements.
- A contract is an exchange of promises, with express and implied terms, and is enforceable by the legal system.
- UECA aims to recognize the validity of electronic contracts and clarify their unique application in contract formation.
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Description
Test your knowledge of legal responsibilities in business with this quiz. Explore topics such as fiduciary duty, product liability, negligence, and contract law. Learn about the duties of manufacturers, occupiers, and parties entering into contracts, and understand the legal framework that governs business interactions.
