Flashcards on Foundations of Business Law
Foundations of Business Law: Essential Concepts for Students
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Civil Liability and Contracts
28 cards
Card 1
Question: What is a negotiable instrument?
Answer: A written document that guarantees the payment of a specific sum of money and can be transferred to another party.
Card 2
Question: Name three main types of negotiable instruments.
Answer: Check, promissory note, and bill of exchange.
Card 3
Question: What does it mean for a negotiable instrument to be transferable?
Answer: It means the holder can transfer the right to collect payment to another person, who then acquires the right to receive that payment.
Card 4
Question: What right does the holder of a negotiable instrument have?
Answer: The right to receive the payment specified in the instrument.
Card 5
Question: Define nuisance in civil law.
Answer: An act that interferes with another person's use or enjoyment of their property.
Card 6
Question: What is the difference between a public nuisance and a private nuisance?
Answer: A public nuisance affects the rights or safety of the general public, while a private nuisance affects a particular person's use or enjoyment of their
Card 7
Question: Provide examples of nuisances.
Answer: Noise, pollution, or other interferences that cause harm or discomfort on a property.
Card 8
Question: What remedy can a party harmed by a nuisance seek?
Answer: Legal action to stop the interference or seek compensation for damages incurred.
Card 9
Question: What is strict liability?
Answer: A legal principle that holds a person or company responsible for damages even if there was no negligence or fault.
Card 10
Question: In what situations is strict liability typically applied?
Answer: Dangerous animals, abnormally dangerous activities, and defective products.