BUS - Ethical Fundamentalism absolutism individuals look to...

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Ethical Fundamentalism: absolutism, individuals look to a central authority or set of rules to guide them in ethical decision making. Example: Looking to the BibleExclusive Federal Jurisdiction: includes federal criminal prosecutions; admiralty, bankruptcy, antitrust, patent, trademark, and copyright cases; suits against the United States and cases arising under certain federal statutes.Federal Question: any case arising under the Constitution, statutes, or treaties of the United States, no minimum dollar requirementDiversity Jurisdiction: a civil suit where there is diversity of citizenship and the amount in controversy exceeds $75,000 (must be made in good faith)Diversity of Citizenship: when people are from different states, different countriesState Jurisdiction: Have jurisdiction over all other mattersLong Arm Statute: jurisdiction over a person in which one state can hold trail against someone from another state in the state in which the crime was committed, minimum contacts applyUniform Commercial Code: governs the sale of goods besides property, includes a hybrid if a good is majority of the contractQuasi Contract (3 rules): an obligation imposed by law to avoid injustice, not a contract. Example: Willard delivers an unaddressed envelope to Roy with $100, intended for Lucia. Roy does not have a contract saying he has to return it, but Willard is permitted to recover the $100 from Roy. Prevents unjustness – Compensation must be reasonable, requires 3 rules:a.A benefit conferred upon the defendant by the plaintiffb.The defendant’s appreciation of knowledge of the benefitc.Acceptance or retention of the benefit by the defendant under circumstances making it inequitable for him to retain the benefit without compensating the plaintiff for its valuePromissory Estoppel: not a contract, a promise that can be enforced to avoid injustice – 3 rules:
a.The promise that is made can be reasonably relied onb.The promise is relied onc.An injustice occursBilateral Contracts: occurs when both parties make a promise. Example: Promise to mow the lawn, promise to pay you $10Unilateral Contracts: occurs when only one party makes a promise. Example: “If you mow my lawn, I willpay you $10,” other party doesn’t have to do anything, but if they mow the lawn, promisor must payVoid Contract: does not meet requirements of a contract, thus no contract at all. Example: promise made by someone incompetentVoidable Contract: a contract that is defective, but still has legal implications. Example: Fraud – person who was misrepresented does not have to perform dutiesUnenforceable Contract: can’t be enforced by law. Example: some contracts required to be in writing, or some have time limitOffers: a. Advertisement is not an offerb. Terminations1)Offeror Retracts2)Offer Lapses3)Counter offer is madeOption Contracts: a contract by which the offeror is bound to hold open an offer for a specified period oftimea)Must give considerationb)Creates a separate independent contractFirm Offers Under UCC: i)Must be a merchant in a signed writing that an offer is availableii)Offer must stay available for the given period of time

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