Fill in blanks. 4 points each. _______ law is based on judicial decisions, while statutory law is based on laws passed by the legislature. 2. __________ liability holds businesses liable for products they make, design, market without adequate warnings, which products cause injury. 3. To have an enforceable contract, both parties must give_________ something of value. _______ taxes are taxes paid on merchandise sold at the retail level. 5 _________ is the threat of loss with no chance for profit