Common and Statutory Law
Common Law (Also known as judge-made law)-Judges making the law based upon the
customs and traditions of the people.
Originate by the legislative enactment or by judicial decree.
Article Three of the Constitution em
1. Curfew- A regulation requiring a person to be home at a certain prescribed time,
as imposed by a parent on a child.
2. Juvenile - Of, pertaining to, characteristic of, or suitable or intended for young
April 21, 2015
The Foreign Corrupt Practices Act of 1977 is a federal law known for two one addresses
accounting transparency requirements under the Securities Exchange Act of 1934 and also
Definitionally, an electronic contract is a transaction fashioned and signed in electronic
form. The only difference with an internet contract is the introduction of new terms, such
as click-wrap agreements and digital signatures.
Uniform Commercial Code
The purpose of the code is to make uniform the laws involving commercial transactions
in each state such as the law of sales, banking,secured transactions and other business
contracts. The Code is not involved with real estate tran
The courts will usually not disturb a contract freely entered by parties of similar
bargaining power. Nevertheless, when one of the individuals does not have the capacity
to fully understand the ramifications of the contract obligation, mutual a
Consideration is what each party gives up in return for the act or promise of the other.
This is called the quid pro quo, or bargained for exchange.
Two elements must be present to satisfy the requirement of consideration. It must appear
An offer is a proposal by one party (offeror) to the other (offeree) manifesting a
willingness to enter into a valid contract.
An offer has three requirements. It must be: (1) A define proposal, (2) made with the
intent to contract, and (3) be com
Law of Contracts
A contract is a voluntary exchange of promises between two or more entities creating a
legal obligation that is enforceable in court.
Regardless of the formality of the agreement or the purchase price, the following
Corporate governance refers to the legal rules that deal with the structure and process for
the control and management of companies. In other words, it concerns the relationships
among the controlling and minority shareholders, and o
Precedent is the process whereby judges apply the decisions and rules of prior cases to
the case over which they are currently deciding.
A change in precedent may occur for a number of reasons:
When the court is convinced that pr
The citation tells the reader how to locate the case.
Types Of Opinions
The item that appears after the caption is the name of the judge who authored the
A decision reached by more than half of the judges constitutes the majority
Real Estate Final — Spring 2010
REAL ESTATE FINAL — SPRING 2010
Instructions: Circle the correct answer. Be sure to answer all Questions.
1. A real estate broker acting as the agent of the seller
a) can make a proﬁt, if possible, in addition to the