notes for first 3 classes of Part 2

notes for first 3 classes of Part 2 - BUL 4310 Class Notes...

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BUL 4310 – Class Notes – The First Three Classes for Part Two © Robert W. Emerson, 2007 These notes are derived directly from the lectures and texts of Prof. Emerson, with editing from TAs and Prof. Emerson. While most comes directly from statements in class, some elaboration may come from the texts. Please feel free to print these notes and to integrate what you think may be helpful into your own test preparations. As has been repeatedly stated in class, your best approach to learning is to watch the classes themselves and take your own notes. But these notes can help you: (1) see how good your own note-taking is, and (2) further develop your own note-taking. THIS is NOT a substitute for watching class and taking notes. Studies are clear: simply using or otherwise depending upon someone else’s notes is not a good way to learn. Instead, these notes can be a supplemental tool for assessing what you are already doing to learn the material. If you have any questions or suggestions or corrections, please contact Prof. Emerson at [email protected] KEY – “2/20/07/L13b” means “Lecture of February 20, 2007, the thirteenth day altogether of lecturing (“L13”), with it the second (“b”) lecture of that day. (That same scheme is used for noting the start of each lecture – e.g., “2/22/07/L14a” means first lecture on February 22, 2007 (the fourteenth day of lectures for BUL 4310). LSB refers to Law, Society, and Business text, by Robert W. Emerson ______________________________________________________________________ 2/20/07 (L13a – Contract Law) We are now in Section Two of the Law, Society, and Business Text. We are also on the second set of stories. Contract Law Please note, there will be more terms to know with this section of the material. It is important to know the definitions of these terms as we come across them. Overview of Contract Law
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2 What are Contracts? Contracts are the foundation for everything in business. Contract law is law driven by the consent of the parties. Contracts are simply agreements that are legally enforceable. Contracts can be very simple, such as exchanging items for cash. We deal in contracts every day but we simply do not think about them o Examples: ± Every time you put quarters into a soda machine, it is a contract. If the soda machine company does not furnish your soda, it is in breach of contract. If you fail to put in the correct amount of American money, you are in breach of contract to the company. ± When you flip the light switch, or turn the spigot and get water, you are subjecting yourself to contractual liability. ± When you buy a coke or get the local newspaper, you’re entering into a contract. These examples are significant because the law is generally the same whether you
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This note was uploaded on 02/14/2011 for the course BUL 4310 taught by Professor Carolan during the Spring '08 term at University of Florida.

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notes for first 3 classes of Part 2 - BUL 4310 Class Notes...

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