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Materially changes her position in justifiable

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Materially changes her position in justifiable reliance on the contract 106) Assignment – involves a transaction to which one party transfer rights of the contract to another 107) Restatement – an assignment as “manifestation of an intention to transfer a right to a third party” 108) Obligee – the person who assigns their rights 109) Assignor – upon assignment become 110) Assignee – the person whom the right is assigned 111) Obligor – the other party to the contract a) If X and Y have a contract that Y later assigns to Z, X is the obligor, Y is the assignor (previously the oblige) and Z is the assignee 112) Offer – must indicate intent 113) Slander – oral defamation of false statements to injure a person’s reputation to another person 114) Liquidated Damage Clause – when a contract includes damages which specify a dollar amount due upon breach 115) Mutual Mistake – mistake of material facts in a contract, may be cancelled a) Or both parties were mistaken 116) Unilateral Mistake – where only one party is mistaken a) If the mistake is made and one party knows and says nothing the contract may be cancelled 117) Bankruptcy - secured creditors have the highest priority get paid first (IRS, child support, school loans, etc.) a) Stockholders have the lowest priority get paid last 118) Law can be defined as a Rule of Conduct a) Law is a form of social control b) Broadly defined rules society enforces
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BUSINESS LAW - CLEP c) Rules a judge resolves 119) Two basic views of law a) Traditional view a.i) Defines law as a body of rules that courts apply b) Sociological view b.i)A function of society to promote justice 120) Statute of Limitations – the time limit on how long after an event a suit can be taken to court, or how long a contract is valid (if the contract does not have a specific time period) 121) Morals – people’s perceptions of right and wrong (some laws are also morals – ie. Stealing) 122) Laws – rules imposed by the government 123) Utilitarian Ethics - the rightness of an action depends on the value of the consequences a) Action is good if it increases total happiness 124) Natural Law School of thought – law is not made by human beings it is written in our hearts or “conscience” a) Natural law is reflected in documents such as a.i) Declaration of Independence “inalienable rights” a.ii) Magna Carta a.iii) United Nations Declaration of Human Rights 125) Positives Law or Legal Positivism a) Believes that law is the command of a constituted authority figure and even bad laws can be enforced 126) Historical School of Legal thought – looks at why law exists, its origin and history a) Asks “what is law” b) There is no bad law c) Law is an evolutionary process 127) Historical Jurisprudence – looks at law in the context of its origin 128) Legal Realism – sees law as an instrument of social control a) Law is good depending on how well it serves society 129) Puffery – used for advertising, flattering, exaggerated praise 130) The United States Constitution aka Federal Constitution
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