What are torts? What is the difference between a tort and a crime? Why are they important?
What will be an ideal response?
Torts are non-criminal injuries to a person, their property, or their reputation. Intentional torts are based on the concept that the action was intentional and caused harm. Negligence torts are based on the concept of negligence causing harm to another party. When one party sues another party, a tort is involved. When the government (federal, state, or local) prosecutes someone for an injury to society it is a criminal case. Business people are subject to both areas of law, but torts are the most common area for business problems.
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A(n) ________ is a limit on the amount of product that can be imported into a country
A) tariff B) exchange control C) quota D) barter E) franchise
Gary decided to borrow from Jones Bank since it promised that his loan interest rate would be systematically reduced every year when the board met. The loan rate was never reduced, but actually increased monthly. Gary refused to pay the interest demanded and sued for rescission of the contract. The bank attempted to collect from Lewis, a surety under the loan. Does Lewis have to pay?
a. Yes, because there is no defense. b. No, because a fraud perpetrated upon Gary will be a defense. c. Yes, since the surety obligation is separate from the underlying contract. d. No, because the surety stands in the shoes of the debtor for all purposes.
A living will is a document that:
a. is videotaped. b. contains the maker's wishes regarding extraordinary medical treatment. c. is capable of being changed from time to time, unlike other wills. d. cannot be revoked.
Which piece of legislation was passed first?
a. The Clean Water Act b. The Resource Conservation and Recovery Act c. The Clean Air Act d. The Comprehensive Environmental Response, Compensation, and Liability Act