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13 Cards in this Set
- Front
- Back
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________ is applied in in tort law, the degree of caution that a reasonable person should exercise in a given situation so as to avoid causing injury.
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Standard of Care Rule
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________ is a doctrine used by Auditors try to use this accounting method to determine costs based on which assets and liabilities are used instead of how these assets and liabilities are categorized. Although this is a legal practice, this method is scrutinized because companies can hide the background information on certain assets and liabilities that are questionable under GAAP standards.
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Substance Over Form Rule:
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________ is a doctrine of equity under which a court of law will not provide equitable relief to a party whose own conduct has been improper.
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Unclean Hands Rule
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__________ is a principle that one party to a contract might be entitled to a remedy if the other party has behaved in an unconscionable manner.
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Unconscionability Rule
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________ is an activity that is so dangerous that any person engaging in it will be held strictly liable for harm caused by engaging in the activity, no matter what precautions were taken to prevent harm; common examples include using explosives, radiation, dangerious driving and poisonous chemicals, and handling wild animals.
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Ultrahazardous Activity Rule
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________ is the legal responsibility of the superior for the acts of their subordinate. The captain is responsible for the actions of his crew.
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Vicarious Liability Rule
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________ is a principle in U.S. law that the existence of a contract is determined by the legal significance of the external acts of a party to a purported agreement, rather than by the actual intent of the parties.
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Objective Test Theory of Contract
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________ is a warning to the sellers that, unless they expressly disclaim any responsibility, they will be held liable if the sold items are found defective in any way or vary from the specifications. Latin for, let the seller beware. Mirror image of caveat emptor.
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Caveat Venditor
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________ is a negligence doctrine used in defense to a personal injury suit. It reduces the amount, or bars the recovery, of damages by an aggrieved party on the grounds that he or she acted with actual or inferable knowledge of the hazard that caused the injury. It is also a term the practice of absorbing minor losses (such as due to petty larceny) but protecting against catastrophic losses (such as due to robbery or fire) by buying insurance cover. Also called assumption of risk.
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Assumption of Risk Rule
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The ________ is a legal doctrine under which a person protecting his or her property (such as home or place of business) may stand his or her ground (instead of retreating) and apply deadly force against an intruder (or an invited guest) who intends to commit an armed robbery and/or inflict serious bodily harm upon the person or upon those in the property. Based on the 'a man's home is his castle' principle of equity.
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Castle Rule
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________ is a legal principle whereby the contribution of concerned parties to the damage or injury resulting from an accident is computed on the basis of their individual degree of negligence. Thus, if two parties are equally negligent, no compensation is paid.
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Comparative Negligence
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________ is a term that basically means "reader beware" and this warning is usually applied specifically, such as to suggest that a given text has inaccuracies or is biased.
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Caveat Lector
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________ is a term that basically means "buyer beware" and Used as a warning to anyone buying something that there might be unforeseen problems or faults with what is bought. A provision of Roman law which gave the seller of a house the legal right to keep quiet about any defects of a house which he was selling.
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Caveat Emptor
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