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Questions and Answers
What is the wrongful exercise of lawful authority by a fiduciary or professional called?
What is the wrongful exercise of lawful authority by a fiduciary or professional called?
Breach of fiduciary duty
What is the guarantee given by one party to assume responsibility if another fails to fulfill an obligation?
What is the guarantee given by one party to assume responsibility if another fails to fulfill an obligation?
Suretyship
What is the authority or entity that is empowered to make decisions resembling those of a court?
What is the authority or entity that is empowered to make decisions resembling those of a court?
Arbitrator
What principle places responsibility on the buyer for due diligence?
What principle places responsibility on the buyer for due diligence?
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What is the legal duty to act in another's best interest, typically in financial matters?
What is the legal duty to act in another's best interest, typically in financial matters?
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What is the process of mitigating penalties in corporate offenses by paying a specified fee?
What is the process of mitigating penalties in corporate offenses by paying a specified fee?
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What principle prevents a person from contradicting previous statements or actions?
What principle prevents a person from contradicting previous statements or actions?
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What act involves intentionally lying or making false statements under oath?
What act involves intentionally lying or making false statements under oath?
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What is a payment made voluntarily by a company or employer without legal obligation?
What is a payment made voluntarily by a company or employer without legal obligation?
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What is a court order seizing assets until compliance with legal obligations?
What is a court order seizing assets until compliance with legal obligations?
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What legal principle ensures an individual is not unlawfully detained?
What legal principle ensures an individual is not unlawfully detained?
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What is a legal claim or right over another's property as security for a debt or obligation?
What is a legal claim or right over another's property as security for a debt or obligation?
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What is the substitution of a new contract or party in place of an old one called?
What is the substitution of a new contract or party in place of an old one called?
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What is the legal substitution allowing one party to assume another's legal rights?
What is the legal substitution allowing one party to assume another's legal rights?
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What is the introductory statement in legislation stating its purpose and guiding principles?
What is the introductory statement in legislation stating its purpose and guiding principles?
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What is a direct connection or relationship recognized by law, especially in contracts?
What is a direct connection or relationship recognized by law, especially in contracts?
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What is the delivery of goods from one person to another with an obligation to return them called?
What is the delivery of goods from one person to another with an obligation to return them called?
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Study Notes
Abuse of Authority
- Abuse of Authority: The wrongful exercise of lawful authority by a fiduciary or professional, often involving a breach of trust or ethical standards.
- Fiduciary: A person or institution entrusted with managing assets for another, such as a trustee or executor.
- Professional: An individual with specialized knowledge and skills in a specific field, subject to ethical guidelines and legal standards.
Guarantees and Obligations
- Guarantee: A promise made by one party (guarantor) to assume responsibility if another party (principal debtor) fails to fulfill an obligation.
- Guarantor: The party who guarantees the performance of another party's obligation.
- Principal Debtor: The party primarily responsible for fulfilling the obligation.
Decision-Making Authorities
- Quasi-Judicial: An authority or entity (like an administrative agency) empowered to make decisions resembling those of a court, applying rules and procedures to resolve disputes or settle issues.
- Administrative Agency: An independent government body established to provide support, enforce regulations, and manage specific aspects of government policy.
Buyer Responsibility
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Caveat Emptor: A principle placing responsibility on the buyer for due diligence, requiring them to investigate and assess a purchase before making a transaction.
- Due Diligence: Reasonable and thorough examination or investigation by a buyer to assess a purchase's risks, opportunities, and suitability.
Fiduciary Duty
- Fiduciary Duty: A legal duty to act in another's best interest, typically in financial matters, prioritizing the client's needs above the fiduciary's own interests.
Corporate Penalties and Mitigation
- Corporate Offenses: Illegal acts committed by a corporation or its employees that violate laws and regulations.
- Corporate Penalties: Penalties imposed on corporations for violations, including fines, restitution, and other corrective measures.
- Penalty Mitigation: The process of reducing or mitigating penalties by demonstrating remorse, cooperating with authorities, and taking proactive steps to address wrongdoing.
Legal Principles
- Estoppel: A legal principle preventing someone from contradicting previous statements or actions, especially when others have relied on those statements or actions.
- Perjury: The act of intentionally lying or making false statements under oath in a legal proceeding.
- Voluntary Payment: A payment made by a company or employer without legal obligation, often as a gesture of goodwill, bonus, or similar incentive.
Legal Orders and Claims
- Warrant of Attachment: A court order seizing assets until compliance with legal obligations, ensuring that the defendant can satisfy a potential judgment against them.
- Habeas Corpus: A legal principle ensuring an individual is not unlawfully detained, requiring the government to produce a person before a court to justify their detention.
- Lien: A legal claim or right over another's property as security for a debt or obligation, granting the lien holder the power to sell the property to recover the debt.
Contractual Modifications
- Novation: The substitution of a new contract or party in place of an old one, effectively replacing an existing agreement with a new one.
- Subrogation: The legal substitution allowing one party (subrogee) to assume the rights of another party (subrogor) to pursue a claim against a third party.
Legislation
- Preamble: The introductory statement in legislation stating its purpose and guiding principles, setting out the context and objectives of the law.
Legal Relationships
- Privity: A direct connection or relationship recognized by law, especially in contracts, usually required for a party to have legal rights or obligations under the contract.
- Bailment: The delivery of goods from one person (bailor) to another (bailee) with an obligation to return them, often for a specific purpose, such as storage or repair.
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Description
Test your knowledge of legal terms and principles with this engaging crossword puzzle. From fiduciary duties to the rules of false statements, this quiz will challenge your understanding of essential legal concepts. Perfect for law students or anyone interested in the legal field!
