Lecture One - ClassOne Tuesday,September2,2008...

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LAW 525  – Law of the Marketplace Class One Tuesday,  September 2, 2008 Dr. Kernaghan Webb School of Business Management Faculty of Business Ryerson University
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Roadmap for Class One Review course outline Review classroom rules of engagement Three questions for you What is covered in LAW 525 (and what is  not covered) A possible strategy for succeeding in LAW  525 Review of Chapter One
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Classroom Rules for  Engagement Basic principle (1): courtesy and respect for  your fellow students and the professor Basic principle (2): the classroom is for  learning Talking in class Use of cellphones/computers/ipods/mp3 players Arriving late Leaving early  Etc. Agreement on break time
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Classroom Rules for Engagement  (2) Out of respect for your fellow students and  to encourage an optimal learning  environment, please: no chatting in class; Turn your cellphones/ipods/mp3s off water/drinks are fine Computers to be used for taking notes only Please be in class on time (3:10 pm), and be  back in class promptly after the break (4:30 –  4:45 pm) If you can’t make it to class, or need to leave  the class early, please arrange this with me in 
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Question for you (1): Who has taken LAW 122?  If you haven’t, you must have taken an  equivalent to LAW 122. Please contact me or  the Chair of the Department of Law and  Business, Professor Levin, after the class  It is assumed that everyone taking law 525  has a good grounding in the basic of law of  contract and the basic law of tort
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Question 2: The formation of a contract normally  requires three things. What are those  three things?
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Answer to Question 2 The three things required for formation of  a contract are: An intention to create legal relations A meeting of the minds (consensus ad idem) An exchange of value (consideration) Other acceptable answer:  - Offer - Acceptance - consideration
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Question 3 What is the difference between a contract  and a tort?
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Answer to Question 3 A contract is an agreement between  parties that creates rights and obligations  that can be enforced in law. A tort generally consists of a failure to fulfill 
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Lecture One - ClassOne Tuesday,September2,2008...

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