Business Law Quiz 1 Study Guide

Business Law Quiz 1 Study Guide - Review for BSL 212 Quiz...

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Unformatted text preview: Review for BSL 212 Quiz WH Y D O W E N E E D L AW? To prevent chaos and create predictabil ity Consider the following case: • A L EGA LL Y E N F O R CEAB L E C O N T RAC T o Valid offer + Valid acceptance = A greement Example: Jack sees that Jill has a car for sale, and asks about the p rice. Jill says she’d sell i t to Jack for $5000. Jack accepts the offer but as he goes to pay, Jill changes her mind and decides she wants to sell i t for $6500. This begins the dispute: • 3 O U T CO M ES T O A D I S P U T E o Walk away, settle, sue There are disadvantages to suing: • I t’s expensive, i t’s time consuming, information that you don’t want d isclosed may be revealed, it may damage business relationships, and you may not win o 90% of disputes are settled • IS o T H IS A CI V I L OR C R I M I N A L C ASE ? Civil : Civil law defines duties, the violation of which constitutes a w rong against the pa rty injured by the violation Between private parties—part of private law Remedy is usually compensation (typically money) Decided through majority in jury o Criminal : Criminal law establishes duties, the violation of which is a w rong against the whole community • Part of public law Decided t rough unanimous jury I M P O R TA N T T O C H EC K T H E S OU RC ES O F L AW B E F OR E F I L I N G S U I T o Federal and state constitutions o Federal and state statues and executive orders o Judicial precedent—prior cases o • IT’S The supreme law of the land, the U.S constitut ion W HA T W I L L B E T H E L EGA L R E M E D Y ? ...
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This note was uploaded on 09/18/2011 for the course BSL 212 taught by Professor Guzzi during the Spring '07 term at University of Miami.

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Business Law Quiz 1 Study Guide - Review for BSL 212 Quiz...

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