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final exam review - spr. 2007

final exam review - spr. 2007 - LEGAL ENVIRONMENT OF...

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LEGAL ENVIRONMENT OF BUSINESS FINAL EXAM REVIEW The final exam is comprehensive, so for the comprehensive portion of the exam just study the Midterm Exam. Make sure you know the material covered on that exam. There will not be any new material on the final exam that wasn’t covered in the midterm. The new material covered since the midterm exam is in Chs. 10 and 18 (contract law) 28-30, 32, 42 and 43. CONTRACT REVIEW Contract law – voluntary agreement made between 2 or more parties; tort law is a personal injury which is not based on the voluntary agreement between 2 or more parties. In other words contract law and tort law are two different areas of law. Be sure to be able to discuss the 4 element of a contract: Agreement – offer (all the terms, intent, and communication) and acceptance (when) o How offers can be revoked o Firm offer o Silence not acceptance o Advertisements – not offers o Auctions o Mutual mistake o Duress o Undue influence o Misrepresentation o fraud Consideration o Adequacy o
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