Lesson 6: SOURCES OF LAW AND LEGAL SYSTEMS

Question 1

What are inalienable rights?

Answer 1

No statute, ordinances, or contractual right can supersede the obligations and privileges contained in the federal or state constitutions.

Question 2

What is a judge-made law or decisional law?

Answer 2

The law of English-speaking countries relies on cases decided by appellate courts as sources of law. Such law is sometimes called judge-made law or decisional law.

Question 3

What are presidents?

Answer 3

udge-made law or decisional law. Reports of such cases, called opinions, provide answers to legal questions, and judges follow principles established by prior cases, precedents. Whereas following precedent is not a legal requirement, it is generally done.

Question 4

What is a common law?

Answer 4

Law based on prior opinions (precedent) is often referred to as common law, since it is law based on procedures common to the entire country.

Question 5

What is a statutory law?

Answer 5

Statutory law is that passed by local, state, and federal legislation.

Question 6

What is a Uniform Commercial Code (UCC)?

Answer 6

Uniform Commercia1 Code (UCC) and similar laws. Such laws attempt to nationally standardize laws relating to commercial transactions. The UCC addresses personal and real property transactions.

Question 7

What is administrative adjudication?

Answer 7

Administrative agencies perform a variety of different functions. Like courts they settle disputes. Doing so is administrative adjudication.

Question 8

Who is an expert witness?

Answer 8

An important type of witness not having personal information about the facts, but rather expertise relevant to a disputed fact, is an expert witness.

Question 9

What is an appellate court?

Answer 9

In the event either side in a trial believes that the judge has made a legal error, that party may appeal the decision to an appellate court.

Question 10

What is a contract?

Answer 10

A contract may be defined as an arrangement between two or more competent persons, having for its purpose a legal object, wherein the parties agree to act in a certain manner.

Question 11

Essential Elements of a Contract

Answer 11

To be binding and enforceable, a contract must have four essential elements: 1) mutual assent, 2) consideration, 3) competent parties, and 4) legal purpose .

Question 12

Mutual Assent

Answer 12

Before a valid contract can exist, the parties must mutually consent to be bound by its terms. Such mutual assent is evidenced by the offer and its acceptance.

Question 13

Offer

Answer 13

An offer is a promise by one party to act in a certain manner provided the other party will act in a requested manner. The one making the offer is called offeror; the one to whom the offer is made is called the offeree.

Question 14

Termination of Offers

Answer 14

An offer can be terminated by lapse of time, revocation, rejection, or operation of law.

Question 15

Lapse of Time

Answer 15

The offer may specify the length of time it is to remain in effect. Upon expiration of that time, the offer ends.

Question 16

Ratification of an offer

Answer 16

However, an expired offer may become effective if ratified. Ratification occurs if a person’s acts or conduct validates an otherwise unenforceable act.q

Question 17

Revocation of an offer

Answer 17

The offeror may revoke, cancel, or withdraw his offer at any time before acceptance, even if he may have stated that he would hold the offer open for a certain period.

Question 18

An option in an offer

Answer 18

But when an option exists, “A” cannot withdraw his offer without liability . (An option is a subsidiary contract to hold open an offer for a stated period of time, for which consideration is paid .)

Question 19

Rejection and counter offer

Answer 19

An offer is terminated by rejection or refusal by the offeree.
If the offeree agrees to accept the offeror’s proposal, but on different terms, this is called a counter offer and constitutes a rejection of the original offer.

Question 20

Operation of Law that terminate the offer are:

Answer 20

Death
Insanity
Destruction of the subject

Question 21

The Parol Evidence Rule

Answer 21

The Parol Evidence Rule will generally keep parties from trying to introduce evidence in court that they really meant something other than what they stated in the contract.

Question 22

Earnest money

Answer 22

The buyer is usually requested to show good faith by making a partial payment on the purchase price. This partial payment is called earnest money or good faith money.

Question 23

Names and Signatures of the Parties

Answer 23

The seller and buyer must be named in the contract and be properly designated as to which is the seller (vendor) and which is the buyer (vendee).

Question 24

Sale Price and Payment Provisions

Answer 24

The contract is incomplete and unenforceable unless it contains the sales price. If there is no provision as to the method of payment, the law presumes it is to be cash.

Question 25

Description of the Property

Answer 25

The description of the real estate should be sufficiently definite to identify the land sold with reasonable certainty.
It is better to use the legal description contained in the seller’s deed.

Question 26

Contingency

Answer 26

The buyer may be willing to buy, but in order to do so might have to accomplish something beforehand, such as borrowing money or selling a property.
Any contingency clause must state not only the conditional situation or event, but also provide a definite method and time period to accomplish the contingent requirement, remove the contingency, or terminate the contract.

Question 27

Apportionment or Adjustment

Answer 27

The contract should provide for the apportionment of all charges or assets concerning the property–such as, taxes, assessments, water rents, interest on assumed encumbrances, mortgage insurance premiums and rents.

Question 28

Equitable title

Answer 28

Although the buyer does not have legal title, the buyer is said to have the equitable title. The buyer can legally force the seller to convey the legal title.

Also, the seller can force the buyer to accept the legal title and perform his part. This right is called specific performance; the parties lose the right only if they waive it in the contract.

Question 29

Specific performance

Answer 29

Although the buyer does not have legal title, the buyer is said to have the equitable title. The buyer can legally force the seller to convey the legal title.

Also, the seller can force the buyer to accept the legal title and perform his part. This right is called specific performance; the parties lose the right only if they waive it in the contract.