The Law and Insurance Flashcards
Can be described as the expressed will of society governing relationships among members of that society
Law
Two classes of law
- Criminal law
- Civil law/private law
Law that governs the relationship between private individuals or groups of such individuals
Civil law
A legal wrong
Tort
Systems of law
Civil code (Quebec), Common Law (everywhere else)
A legal decision serving as an authoritative rule in future similar cases
Precedent
An act of the legislature declaring, commanding or prohibiting something
Statute law
A statute law is classified and arranged in a systematic collection or code
Codified law
Is common law or civil code more restrictive?
Common law
An agreement enforceable by law
Contract
5 elements of a contract
Genuine intent Legality of purpose Agreement Capacity to contract Consideration
What three elements need to be present in order for the contract to be enforceable at law?
Legality of purpose,
Capacity of contract,
Consideration
Intention to create a legally binding agreement must exist for both parties
Genuine Intention
Definite offer and acceptance
Agreement
Two things that make up an agreement
Offer,
Acceptance
