Business Law

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Author:
bigtitties420
ID:
240854
Filename:
Business Law
Updated:
2013-10-15 20:46:01
Tags:
business
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Description:
study for business law midterm
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  1. Burden of proof
    • breeching of contract
    • evidence: +50% 
    • both sides can request a jury
  2. Venue
    where do you sue
  3. Criminal Law
    • higher burden of proof
    • government brings charge
    • federal punishment is harsher than state
  4. Employment Law
    • can't fire someone because of:
    • race
    • religion
    • national origin
    • sex
    • color
    • age
  5. Statute of Limitations
    • governs on how long you can sue somebody
    • neglect (3 years)
    • breech of contract (6 years)
    • no limit on murders
  6. Family Law
    • never get a jury
    • they give you a lawyer if you can't afford one
    • can pursue you in criminal court
    • below 14 can be charged as an adult
  7. Plaintiff
    brings up the law suit
  8. Defendent
    person being sued
  9. Contract
    voluntary agreement which is binding upon the parties
  10. Offeror
    person who makes the offer
  11. Offeree
    person whom the offer is made
  12. Express Contracts
    • 95%
    • parties agree to specific terms
  13. Implied Contracts
    look at the behavior to see if there is an agreement
  14. Executed Contracts
    all the requirements of the contract have been done
  15. Executory
    all the requirements have not been concluded
  16. Unilateral Contract
    • offeror will do something when the offeree does their part
    • only accepted by performance
    • must give a certain amount of time to react
  17. Bilateral Contract
    • most contracts
    • looking for a promise
    • promise for a promise
  18. Quasi Contract
    • end up with a fair result
    • implied by the law, avoid unjust enrichment
    • they have to know they aren't entitled to
  19. Parts of a contract
    • offer
    • acceptance
    • consideration
  20. Offer
    • reflects a party present intention to enter into a contract
    • reasonable standard
  21. Illusory Promises
    • not an offer
    • haven't agreed to anything
  22. Will
    • not a contract
    • must communicate to the offeree about an offer
    • offeror is the master of the offer
    • only accept an offer you're aware of
  23. How to end an offer
    • offeree rejects offer
    • counter-offer
    • changes a term
    • death
    • lapse of time
    • if it becomes illegal
    • revoked- until accepted
  24. Option Contracts
    pay now for an act later on
  25. Damages
    when someone breeches a contract
  26. Valid Contract
    can be enforced by either party
  27. Void Contract
    cannot be enforced by either party
  28. Voidable Contract
    one party has a right to get out of the contract if they want to
  29. Bankruptcy
    can affect a contract
  30. Not affected by bankruptcy
    • can't touch your retirement plan
    • owing money to your spouse
  31. Acceptance
    offeree agrees to take the offer from the offeror
  32. Silence
    cannot be accepted
  33. Manner of acceptance
    offeror can set conditions of the contract
  34. Mailbox Rule
    • offeree
    • as soon as you agree its done
  35. Consideration
    • a thing of value given in exchange for a promise
    • both parties must take on a burden
    • has to be legal
    • if you give an engagement ring, can get it back
    • what you did in the past cannot be consideration
  36. Contract Modification
    change the terms of the contract
  37. Promissory Estoppel
    (need all 4)
    • must be a promise
    • must expect the person you make the promise to rely on
    • the person must have acted
    • would be unfair not to enforce the promise
  38. Defenses to a contract
    • Age: don't have the ability to bind themselves to a contract
    • 21: child support
    • parents responsible for actions for kids under 18
    • contracts by minors are voidable

    • Mental Capacity: if you lack ability, it is not binded
    • depends when you enter the contract
    • court determines whether you have the capacity

    Intoxication: voidable if drunk

    • Mutual Mistake: both parties must be wrong about a material part of the contract
    • value of something isn't part of the mutual mistake

    • Fraud: misrepresentation of a material fact
    • -must prove
    • -must prove the listener relied on it
    • -listener was harmend

    Physical Duress: if a contract is completely unfair, court will not force it
  39. Disaffermence
    when a minor gets out of a contract
  40. Ratification
    entered a contract when you were a minor then become legal, you're bound to the contract
  41. Judicially declared incompitent
    someone determined by the court to lack the ability to enter into a contract
  42. Guardians
    • someone who makes decisions for you if you can't
    • medical decisions and money too
  43. Auctions
    can set reserved price (lowest price receiving)
  44. Undue Influence
    someone user their influence on someone unfairly
  45. Userious
    charge someone an illegal amount of interest

    • private loans: no more than 16%
    • credit card: 25%
  46. Lottery Tickets
    must be ran by state

    • there must be:
    • -a prize
    • -consideration
    • -chance at winning
  47. Malum Pre Se
    a clearly wrong contract
  48. Mallum Prohieitum
    • cannot be enforced because its against the law 
    • its a defense
    • it is void
  49. In Pari Delicto
    both parties are guilty because its illegal
  50. If you don't have a license
    • you don't have to pay
    • if you knew about it, you have to pay
  51. Convenant
    • not to compete
    • promise by one party to refrain from conducting business similar to another party's business for a certain period of time within a certain geographic region

    • must be a reasonable amount of time
    • must be a reasonable geographic area
  52. Power of attorny
    written document by which one person gives another person the authority to act
  53. Principle
    gives the power
  54. Agent/Attorney in fact
    receives the power
  55. Exculpatory Clause
    contractional prevision that relieves one or two parties to a contract from tort liability of ordinary negligence

    • Exceptions:
    • landlords
    • caterers
    • public garages
    • gyms
  56. Compensatory Damages
    designed to compensate
  57. Punitive Damages
    designed to punish you and other from doing it
  58. Statute of Limitations
    defense to a contract

    • 3 things must be present:
    • -if contract is in writing
    • -if writing contains all the important facts
    • -signed by the party
  59. M
    Y
    L
    E
    G
    S
    • Marriage
    • Year
    • Land
    • Executor in a will
    • Goods
    • Surrety
  60. Marriage (fraud)
    • prenuptial agreement:
    • -defines each parties ownership rights and the others properties
    • -signed by rich people
    • -both parties must represented by lawyers
  61. Year (fraud)
    if its over a year, governed by the statute of fraud
  62. Land (fraud)
    • contracts involving the sale of real property or the lease of property, governed by the statute of fraud
    • if it involves land, doesn't matter the amount of time
  63. Contingency
    condition in a contract that must be met to by one of the parties (buy house if sold house)
  64. Executor (fraud)
    • wills
    • in charge of giving out your property from your will
    • a promise by the executor to pay any of the debts of the estate
  65. Goods (fraud)
    sale of goods over $500
  66. Surrety (fraud)
    • someone primarily liable for the debt of another
    • no price limitations
  67. Partial Performance
    takes out of statute of frauds to the extent that the contract was performed
  68. Assignments of a contract
    when a party transfers the rights under the contract

    • not vaild if they increase the burden on the other party of the contract
    • assignment must occur after the contract has been signed
    • assignee can't be in a better position than the assignor
  69. Assignor
    transfers their rights
  70. Assignee
    personal who receives the transfer
  71. Promisor
    making the promise
  72. Promisee
    receiving the promise
  73. Delegation of a contact
    • transferring your obligation under the contract
    • transferring your duty to another party
  74. Delagator
    transfers the obligation
  75. Delagatee
    takes on the obligation
  76. Parol Evidence
    • only applies to written contracts
    • bans any oral or written words outside the written document

    if contract is complete, nothing before matters

    designed to give you certainty
  77. Exceptions to the parol evidence rule
    • if its void, its admissible
    • if it shows fraud/duress
    • to explain unclear language in the contract
    • to correct typographical error
    • prove a contract modification that occurred after the making of the contract
  78. Liquidated Damages
    • when parties enter a contract, they agree on what the damages will be
    • based on certainty
    • delivery with goods
  79. Mitigation of damages
    requires people to take responsibility to limit their damages
  80. Specific Performance
    • enter into a contract, one party breaches it, you want specific item not the money
    • applies to unique items
  81. Title 7
    • can't discriminate because of:
    • age
    • race
    • color
    • gender
    • national origin
    • religion
  82. Disparate Treatment
    employer treats someone less favorable because of race/religion
  83. Disparate Impact
    when you don't discriminate on purpose

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