BMGT380 Second Midterm Review Sheet

BMGT380 Second Midterm Review Sheet - 3BMGT380 Second...

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3BMGT380 Second Midterm Review Chap 7 – Tort Reform (236-7) Ch. 20 – Omit 535 – 539 Ch. 9-13 Courts have trouble enforcing, and things have a lack of value, so questioning contracts about the rules in Ch. 12 Ch 13 – Consent must be real and not based on something that was a mistake or a false inducement, then the consent must not be and real and there is no valid obligation. Fraudulent misrepresentation rules, false assertion, concealement is generally a false assertion, materiality, justifiable reliance? Nondisclosure Mutual Mistake Duress Rare form of duress where the contract is void from the beginning Cabot Corportation Undue Influence
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Ch 7 – Tort Reform Tort Reform o Applies mainly to the insurance system o Recent trends in: Greater imposition of strict liability Increase in the frequency and d size of punitive damage awards Similar increases in awards for noneconomic harms such as pain and suffering o Greatest trend: Increase in price and diminish the availability of liability in insurance. Business can acquire insurance, but at a price that can’t be passed onto consumers Impedes ability to develop new products that might result in huge awards for injured plaintiffs o Reform occurs in two strategies: Limiting defendants’ tort liability (plaintiff’s ability to obtain a judgment) Limiting the damages plaintiffs can recover once they get a judgment Ch. 20 – Product Liability 19 th century: Caveat Emptor – “Let the Buyer Beware” 20 th /21 st century: Development of viable industrial economy needs less perceived need to protect manufacturers from liability for defective goods. o Caveat Venditor – “Let the Seller Beware” Theories of Product Liability Recovery Warranty: An express or implied promise about the nature of the product sold. o Warranty Cases: Plaintiffs claim product failed to live up to seller’s promise o Tort Cases: Plaintiff’s argue that defendant was negligent or that strict liability to apply. Express Warranty: Created in any three ways by UCC Section 2-313(1) o If an affirmation of fact or promise regarding goods becomes part of the basis of bargain. o Any description of the goods becomes part of the basis of the bargain creates an express warranty that the goods will conform to the descriptions
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Statements that goods are of a certain brand, type or model Adjectives that characterize the product (shatter-proof glass Drawings, blueprints, and technical specifications o Assuming it becomes part of the basis of bargain, a sample or model of goods to be sold creates an express warranty that the goods will conform to the sample or model. Statements of value or opinion don’t create an express warranty. o
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BMGT380 Second Midterm Review Sheet - 3BMGT380 Second...

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