LEB Final Exam
A
Absolutism:
Reject any departure from one’s moral code; opposites; extremes
Arbitrary Trademarks:
Dictionary terms given novel meaning and had absolutely no relation between what is being sold and the name
o
Ex: Apple computers
Acceptance:
Accepting contract: intent is on same page because they must have meeting of the minds.
Requirements for a valid acceptance
o
Must intend to form a contract
o
The acceptance should be mirror image of the offer.
o
The acceptance must be communicated.
It is possible for silence to constitute as acceptance. If someone sends you contract and you send response by saying thank you I will look at
contract and if you don’t hear back from me then you are good to go. When offer and acceptance come together, usually acceptance is valid
whenever it is sent out. If you are sent contract by regular mail, you put it in mailbox then yes that’s a contract.
Problem of being silent: “if you don’t hear from me, consider it done”—silence has indicated your acceptance, even if you don’t intend to
Accord and Satisfaction:
applies when one party owes a debt
o
Traditional consideration does not exist
o
You’re only able to pay $800 out of $1000, you say you’ll pay later
o
Later one, you can’t pay it, but can pay less, it was accepted
o
Settling a preexisting debt
refers to a situation where for example someone owes another person $1000 by virtue of a contract, but the person does not have this $1000, ultimately, they decide
that they’ll agree on a different amount that they can pay—they agree on $500 instead
An agreement that has been reached without mutual consideration—there hasn’t been a detriment or a promise on both sides
Person received a benefit for having to pay the person less, and the other person is receiving less than was originally agreed on
Both sides may not be happy about it, but it is a compromise and we will still consider this a contractual obligation because it has a lot of the same factors of a
contract
If you have an accord and satisfaction in writing then that is the end of it—cannot go back on this agreement
Acquisition: [27, 45]
A+B= A (not new and improved)
o
Survival
/ defensive business move
o
May have A (sub B) because B exists in name only after transaction
o
FB and Instagram = FB
o
Seattle's Best Coffee + Starbucks = Starbucks
o
Reasons for Acquisition
Another firm owns Intellectual Property, reduce competition.
Diversification of A’s business. (Branching out to other industries
)
Administrative agencies:
FDA or SEC
Adjudication:
means the objective process of applying the law to the facts in a legal dispute and making a decision that is binding on the parties to the dispute; generally, what is
going on in our court system; For a court to adjudicate your case that court must have matter jurisdiction and personal jurisdiction;
The fitting of rules to the facts required for setting legal controversies
