2010BLaw1Summer.SylOutline

2010BLaw1Summer.SylOutline - 1 BUSINESS LAW I OUTLINE...

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1 BUSINESS LAW I OUTLINE UNIVERSITY OF TEXAS AT ARLINGTON Senior Lecturer: John V. Dowdy, Jr. Textbook – West’s Business Law , Clarkson, Miller, Jentz and Cross , 11 th Edition I. INTRODUCTORY LEGAL CONCEPTS A. Criminal law l. Nature 2. Burden of proof B. Civil law 1. Nature 2. Burden of proof C. Statutory and common law II. CONTRACTS CHAPTER 10 – Nature and Terminology A. General concepts 1. Express and implied in fact contracts a. No fundamental difference. Same elements. b. Contract may be entirely expressed either orally or in writing, or a combination of both, or c. Contract may be based on conduct of parties or a combination of conduct and expressed agreement. 2. Void, voidable and unenforceable contracts a. Void contract is no contract because essential element missing. The only one of the four elements which can be missing without the contract being void is contractual capacity, in which case the contract is voidable.
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b. Voidable contract is a good contract, but one of the parties is able to avoid liability on it. Generally, all of the elements are present, but a party is able to show grounds for avoiding liability (e.g., duress, fraud in the inducement, etc.). Exception: If the first three elements are present (assent, consideration, legality), but the fourth element (capacity) is missing, the contract is voidable at the option of the party lacking capacity. c. Unenforceable contract is a good contract, but for some reason, the party seeking enforcement is unable to do so (e.g., expiration of statute of limitations, non- compliance with the Statute of Frauds, etc.) 3. Unilateral and bilateral contracts a. Unilateral-Exchange of promise for an act. b. Bilateral-Exchange of a promise for a promise. 4. Executed and executory contracts a. Executed-Fully performed. b. Executory-Unperformed in whole or in part on either or both sides. 5. Quasi contracts (aka constructive contracts and implied in law contracts) a. Not really a contract because no manifestation of mutual assent. b. Obligation based on some form of unjust enrichment. 6. Overview of the two major bodies of contract law a. Common law b. Uniform Commercial Code, Art. 2 and Art. 2A 7. E-commerce and the law of contracts 8. Interpretation of contracts a. The Plain Meaning Rule b. Interpretation of ambiguous terms B. Essentials of a valid contract
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CHAPTER 11 – Agreement 1. Manifestation of mutual assent; Agreement a. Offer and acceptance ( Offer -Definite proposal or undertaking communicated by offeror to Offeree which, by its terms, is contingent upon some return act or promise being given in exchange. Essential requirements of an offer are (i)intent to make an offer , (ii) terms that are reasonably definite and certain , and (iii) communication by the offeror to the offeree. Acceptance
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2010BLaw1Summer.SylOutline - 1 BUSINESS LAW I OUTLINE...

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