Legal Concepts review_main concepts

The purpose of a _ is to create obligations enforceable by law.

• Contract

• Tort

• Partnership

• Administrative Agency

There are ____ requirements of a legally binding contract.

• 7

• 6

• 5

• 8

When a lawsuit is filed, a __________ has occurred.

• Crime

• Tort

• Interference of Contractual Relations

• Contract

Torts fall under

• Criminal Law

• Civil Law

The Environmental Protection Agency is an example of a Regulatory Agency.

• TRUE

• FALSE

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

Why do regulatory agencies exist when we have local, state, and federal lawmakers?

• Because they do not have expert knowledge or time to devout to these agencies and their law

• Because they have limited power set by the Constitution

• Because they don't have the knowledge or proper funding to create and enact these laws

• Because lawmakers only create law for states not for the entire United States

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.