Commercial Law Cheatsheet - SEM A2014.pdf

Commercial Law Cheatsheet - SEM A2014.pdf - Contents...

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Contents Negligence ............................................................................................................................................................................... 1 I. Duty of care ...................................................................................................................................................................... 1 II. Breach of duty of care ..................................................................................................................................................... 2 III. Causation ........................................................................................................................................................................ 2 IV. Defenses ........................................................................................................................................................................ 3 V. Money damages .............................................................................................................................................................. 3 How To Form A Contract ......................................................................................................................................................... 3 I. Intention to be bound ...................................................................................................................................................... 3 II. Consideration .................................................................................................................................................................. 4 Valid consideration ......................................................................................................................................................... 4 1. Consideration may not be past (past consideration -> not a contract - > can’t sue) .................................................. 4 2. Consideration does not need to be adequate ............................................................................................................ 4 3. Consideration must be sufficient ................................................................................................................................ 4 Option contract ............................................................................................................................................................... 5 III. Agreement ..................................................................................................................................................................... 6 Offer ................................................................................................................................................................................ 6 Rejection and Acceptance ............................................................................................................................................... 8 IV. Legal capacity ................................................................................................................................................................. 9 Minor (under 18 years old) ............................................................................................................................................. 9 Mentally ill ....................................................................................................................................................................... 9 Intoxicated ...................................................................................................................................................................... 9 Content Of The Contract ....................................................................................................................................................... 10 I. Parol Evidence Rules (PER) ............................................................................................................................................. 10 II. Term or Representation ................................................................................................................................................ 10 III. Condition or Warranty ................................................................................................................................................. 12 IV. Incorporation by Reference (Reasonable notice) ........................................................................................................ 12 Inside the contract / Outside the contract (In writing and signed / Reasonable notice) ............................................. 12 Exempting/Exclusion/ Waiver clauses .......................................................................................................................... 13 Avoiding A Legal Transaction ................................................................................................................................................ 14 I. Duress ............................................................................................................................................................................. 14 II. Undue Influence ............................................................................................................................................................ 14 III. Unconscionable Dealing ............................................................................................................................................... 15 IV. Mistake ........................................................................................................................................................................ 16 Common Mistake .......................................................................................................................................................... 16 Mutual Mistake ............................................................................................................................................................. 16
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Page 2 Unilateral Mistake ......................................................................................................................................................... 16 V. Actionable Misrepresentation ...................................................................................................................................... 17 VI. Illegality ........................................................................................................................................................................ 17 Illegal as formed: ........................................................................................................................................................... 17 Illegal as performed ...................................................................................................................................................... 17 Incidentally illegal ......................................................................................................................................................... 18 Remedies ............................................................................................................................................................................... 18 I. Remoteness .................................................................................................................................................................... 18 II. Liquidated damages (Money damages) ........................................................................................................................ 18 III. Equitable damages ....................................................................................................................................................... 19 Specific performance .................................................................................................................................................... 19 Injunction: ..................................................................................................................................................................... 19 Restriction: .................................................................................................................................................................... 19 Agency ................................................................................................................................................................................... 19 I. Scope of Authority ......................................................................................................................................................... 19 1. Express Actual Authority ........................................................................................................................................... 19 2. Implied Actual Authority ........................................................................................................................................... 20 3. Apparent Authority ................................................................................................................................................... 20 4. Agency Of Necessity .................................................................................................................................................. 21 5. Authority Of Ratification ........................................................................................................................................... 21 II. Fiduciary duties ............................................................................................................................................................. 21 1. Duty to follow instructions ........................................................................................................................................ 21 2. Duty of care ............................................................................................................................................................... 22 3. Duty to the act in the best interests of the principal ................................................................................................ 22 4. Duty to account ......................................................................................................................................................... 23 5. Duty to communicate information ........................................................................................................................... 23 6. Duty to act personally ............................................................................................................................................... 23 7. Duty to confidentiality .............................................................................................................................................. 23 III. The agent’s entitlements ............................................................................................................................................. 24 Remuneration ............................................................................................................................................................... 24 Indemnity ...................................................................................................................................................................... 24 Lien ................................................................................................................................................................................ 24 IV. Liability Of Agent And Principal ....................................................................................................................................... 25 1. Personal liability of agent .............................................................................................................................................. 25
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Page 3 Intentionally liability ..................................................................................................................................................... 25 Undisclosed principal .................................................................................................................................................... 25 Breach of warranty of authority ................................................................................................................................... 25 2. Vicarious liability of principal: ....................................................................................................................................... 25 V. Concluding the Agency ................................................................................................................................................. 26 Termination By The Parties ........................................................................................................................................... 26 Automatic Termination ................................................................................................................................................. 26 Statutory law ......................................................................................................................................................................... 26 I. Misleading or deceptive conduct section 18 .............................................................................................................. 26 III. Unconscionable conduct .............................................................................................................................................. 27 General unconscionable conduct section 20 ............................................................................................................. 28 Unconscionable conduct in connection with the supply or acquisition of goods or services section21 ................... 28 II. Unfair contract terms section 23 ............................................................................................................................... 28
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Page 1 Negligence I: The legal issue is whether A can successfully sue B for negligence. R: To prove this, we must analyze three elements, including duty of care , breach of duty of care and causation of damage, injury, or loss. I. Duty of care I: The first element is that whether B owed A a duty of care (DOC) regarding [Physical Injuries/Negligent Misstatement/Pure Economic Loss]. Physical Injuries I: The legal issue is whether B owed A a duty of care (DOC) regarding Physical Injuries.
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