Legal Relationships for the Business Decision-Maker - Posted_1

Legal Relationships for the Business Decision-Maker - Posted_1

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Legal Relationships for the Business Decision-Maker
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Getting Ready of Exam #1 The test will be 80 multiple choice questions This class is more about “How” and “Why” NOT “What.” A lot of situational / applied questions Identify who are the stakeholders, what are their stakes, the economic, legal and ethical issues Read chapters before coming to class Take notes on the readings (including powerpoints) and during class Review the powerpoints Try to anticipate how you could be tested on the material. Get together in study groups Study alone first, then ask each other questions
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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. They Have 4 conditions that have to be met: 1. Voluntary Offer and acceptance Contracts must clearly and specifically state all the rights and responsibilities in the form of an offer by the offerer and then an affirmative voluntary acceptance by the offeree.
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1. Legal 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. 1. Competency Contracts can only be negotiated by parties who are of legal age and have legal capacity. 1. Consideration 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 implied duties in the world of commerce.
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