Legal Concepts review_main concepts

The required element of consideration within a contract does what?

• Makes sure there is no pressure or deception when creating a contratc

• Ensures that everyone has the mental ability to enter into a contract

• Binds the parties together through the things of value being exchanged

• Creates the contract in the specific form in needs to be legally enforceable

There are _ requirements of a legally binding contract.

Allie works for Ben & Jerry's in their flavor creation department. Her co-worker, Kevin, angrily quits after an issue with his salary. Kevin then takes the Ben & Jerry's recipe and tries to sell it to a competitor. WHICH TORT WOULD BE OCCURING?

• Unfair competition

• Confidentiality Agreement Dispute

• Stolen Trade Secrets

• Contract Violation

Torts fall under

• Criminal Law

• Civil Law

The Government gives power to Regulatory Agencies to create and carry out law in their particular field. This is because local, state, and federal law makers do not have the ___ ___ or time to give to these agencies and their law. .

• expert knowledge

• doctoral training

• power balance

• extreme time

The purpose of a regulatory agency is to

• legally bind parties together

• hold others accountable for their actions when they don't do what they said they would do

• Limit the liability of business owners

• Create law & regulations on what can & can't be done in a particular field

Which of the following is not one of the business created regulatory agencies?

• Federal Trade Comission

• Securities and Exchange Commission

• Enviornmental Protection Agency

• Occupational Safety and Heath Administration

• Transportation Securities Administration

Jessica sells her bike to Katie for $100 as long as Katie can Venmo her payment by the end of the day.

From the scenario, what is the consideration of the contract?

• The bike and the $100

• As long as Katie can Venmo payment by the end of the day

• Both parties are entering into the contract with an offer & acceptance

• They are both of legal mind to enter into the contract

Ethics is the study of values. It teaches us what we ______ do.

Because people don't always do what they should we need law. Law sets clear _____ and has consequences when people act against the law.