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LEB Final ExamAAbsolutism: Reject any departure from one’s moral code; opposites; extremesArbitrary Trademarks:Dictionary terms given novel meaning and had absolutely no relation between what is being sold and the nameoEx: Apple computersAcceptance:Accepting contract: intent is on same page because they must have meeting of the minds.Requirements for a valid acceptanceoMust intend to form a contract oThe acceptance should be mirror image of the offer.oThe 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 toAccord and Satisfaction:applies when one party owes a debt oTraditional consideration does not existoYou’re only able to pay $800 out of $1000, you say you’ll pay lateroLater one, you can’t pay it, but can pay less, it was acceptedoSettling a preexisting debtrefers 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 decidethat they’ll agree on a different amount that they can pay—they agree on $500 insteadAn agreement that has been reached without mutual consideration—there hasn’t been a detriment or a promise on both sidesPerson received a benefit for having to pay the person less, and the other person is receiving less than was originally agreed onBoth 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 contractIf you have an accord and satisfaction in writing then that is the end of it—cannot go back on this agreementAcquisition: [27, 45]A+B= A (not new and improved)oSurvival / defensive business moveoMay have A (sub B) because B exists in name only after transactionoFB and Instagram = FB oSeattle's Best Coffee + Starbucks = Starbucks oReasons for AcquisitionAnother firm owns Intellectual Property, reduce competition. Diversification of A’s business. (Branching out to other industries)Administrative agencies:FDA or SECAdjudication: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