Blaw 321- Law Of Business Organizations Study Guide Questions And Correct Answers

Why is case law (common law) not ranked 1-4 {Ans: Its purpose is merely to decide a case in controversy or interpret or explain a constitution, statute, regulation or executive order.}Employment at will concept {Ans: pay however much ( at least minimum) give whatever benefits and fire as long as its not an illegal reason.}Is consideration required for an agency contract? {Ans: unlike a standard contract, consideration is not needed for an agency relationship.}Employment definition {Ans: Must pay for the service An act or engage or hire one's service, in return for payment for such service}What is the only law that can outrank a statute. {Ans: Constitution}5 ground for termination of agency {Ans: 1. Lapse of time "1 month to sell" 2. Happening of event "car breaks" 3. Change of circumstances "change mind to sell" 4. Unilateral act of principle or agent "one is lazy" 5. Operation of law "car owner dies"}