4 The Legal Perspective

4 The Legal Perspective - Legal Relationships for the...

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Click to edit Master subtitle style Legal Relationships for the Business
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Legal Relationships for the business- decision-maker originates from four sources: 1) contract law 2) tort law 3) fiduciary relationships 4) statutory or regulatory law
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1) Contract law : parties negotiating agreements (either through the rules and guidelines of common law or the U.C.C. (Uniform Commercial Code)) which create legally enforceable rights and responsibilities on the parties. •) Contracts must clearly and specifically state all the rights and responsibilities in the form of an offer by the offerer and then an affirmative acceptance by the offeree.
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Contracts must also have legal purpose in that the contract doesn’t result in a legal harm, such as a crime or a tort being committed. Contracts can only be negotiated by parties who are of legal age and have legal capacity. Contract must also have mutual obligations and cannot have all the obligations on one side (such as a gift).
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2) Tort Law: The law, through the legal precedent of court decisions, recognizes that there are duties in the world of commerce. e.g., the duty to keep a store clear from any danger to customers. Failure, or breach of that duty, results in a tort. e.g., someone slipping and falling in a store because there is spilled soda pop all over the floor could sue the store owner for failing to clean up the spill in a timely manner
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The person who is injured by someone failing in their duty can collect damages for the amount of injury: medical expenses, damage to property, lost wages, pain and suffering. Punitive damages including attorney fees
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4 The Legal Perspective - Legal Relationships for the...

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