Business Law 29 Flashcards

Terms Definitions
unconsented touch
two houses
darmouth v woodward
articles of confederation
agree to different performance
An intentional, unpermitted, offensive contact or touching.
not from the home country
Truth, absolute privilege, conditional privilege, and constitutional privilege are --- to a defamation action
vice admiralty courts
abolished jury trials
97. The tort of intentional misrepresentation requires a showing that the defendant knew there was false information being passed.
contractual parties who agreed to receive something from the other party
The court's supervision of the management and distribution of the estate.
Social Security Act
Provides unemployment compensation and disability benefits
An unconditional written promise that the maker of the instrument will pay a specific amount of money on demand or at a definite time. Typically payable w/in five years for a large corporation (short term debt)
Written questions for which written answers are prepared and signed under oath.
minors cannot
ratify a contract while still minors
Ways to prove causation
party delegating his duty to a third party
the promise or performance that the promisor demands as the price of the promise in a contract
Federal Question
Any case arising unde the Constitution, statutes, or treaties of the United States
monopoly for sale of tea
east india company
Site Draft
payable at the site-drafts with current date is payable on demand IMMEDIATLEY
Three requirements for Trial
Standing, Jurisdiction and Venue
Undue influence
free will of the person is lacking
Implied authorization
mode of acceptance that is implied from what is customary in similar transactions, usage of trade, or prior dealings between the parties
Something to convince a person to make a deal
time of copyright
life + 70 years (corp. 95)
Best Products, Inc. files a suit against City Trucking Service for breach of contract, based on what Best claims was City's offer. For a court to determine if a contract has been breached, under the common law, the offer must include terms that are
reasonably definite.
A type of property ownership for married couples recognized in 9 states, all property bought or acquired during marriage is owned equally by both spouses
community property
Non binding process in which a third party acts as an intermediary between the disputing parties and proposes solutions for them to consider
Other Manners of Discharge
- Bankruptcy
- Statute of Limitations (not actually a discharge but rather a bar to any legal remedy)
- Mutual rescission
- Accord and Satisfation
- Novation
- Release - Contractual granting of Discharge
substitutes a third party for one of the original parties. All parties agree to substitutions. Requirements of a novation are as follows:
in delegation you are giving someone a job, doesn't work if it is personal in nature
hostile work environment
Under the Title VII an environment where co-workers make offensive sexual comments or propositions, engage in suggestive touching, show nude pictures or draw sexual graffiti. (Defense is the employer taking fast proper actions)
a contract in which the object of the contract is performed.
Creditor Beneficiary
a third pary that benefits from a contract in which the promisor agrees to pay the promisee's debt.
US Constitution created three branches of gov and gave them what powers
legislative(Congress)-power to enact law
executive(president)-power to enforce law
judicial(courts)-power to interpret and determine the validity of the law
4 categories of Damages

Compensatory: to cover direct losses and costs
Consequential: Cover indirect and foreseeable losses.
Punitive: To punish and deter wrongdoing
Nominal: To show wrongdoing when no monetary loss is shown.
trial court
Any court in a state or federal system that holds formal hearings to determine the facts in a civil or criminal case.
occurs when an asset that is not the subject of a loan is used to collateralize that loan.
An independent contractor
undertakes tasks for others and whose work is not closely controlled
Primary Liability
Promissory note - maker is the PRIME LIABILITY
Check - DRAWEE/ACCEPTEE is the PRIME liability
administrative law
the body of rules and principles that governs the duties and operations of federal or state administrative agencies, as commissions and boards.
State uniform law –
State uniform law – makes banking funds transfers and sales of goods all uniform makes business easier and less expensive
Two Types of Persuasive Authority:
Uniform Codes
statutory schemes compiled by experts to be adopted by state legislatures to help insure consistency of the law in all states
Examples: Uniform Code; Uniform Probate Code
What is Executory contract?
At least one party's performance is due under the contract.
statute of frauds: writing requirement
Following types generally required to be in writing (state statutes vary slightly from state to state):
1. Contracts involving interests in land
2. Contracts that cannot by their terms be performed within one year from the day after the contract is formed
3. Collateral contracts, such as promises to answer for the debt or duty of another
4. Promises made in consideration of marriage
5. Under UCC contracts for sales of goods priced at $500 or more
unfair competition
acts done by a seller to confuse or deceive the public with intent to acquire a larger portion of the market, as by cutting prices below cost, misleading advertising, selling a spurious product under a false identity, etc.
Name the 7 schools of law
natural law school, historical school, analytical school, sociological school, command school, critical legal studies school, and law and economics school
Motions Challenging Verdict
Include motions for a new trial and a motion for judgement nonwithstanding the verdict
what are appleate cases
cases that have already gone to trial, judge has made a decicion and there is an appeal
Beneficiaries to a Contract
1. Intended
a. Has right in contract can sue one or both
b. Two subsets of rights
i. Creditor
ii. Beneficiary
2. Donee Beneficiary
a. More of a gift and can only sue A not B.
b. It's an incidental type of benefit has not right in contract.
elements of a business tort, CONTRACT 
1. existence of a binding contract
2. intentional interference, even if D's intentions are pure, malice not required, D had knowledge of contract
3. causation 
Name and Describe of 3 Irrevocable Offers.
1. Option contract - pays consideration to keep an offer.2. Promissory Estoppel - one relies on a promise to their detriment.3. Merchant's Firm Offer - offer made by a merchant in writiing to stay open for a stated amount of time. If not stated for a reasonable amount of time, not to exceed 3 months.
What is proof of perponderance
the easiest standard of proof in court and used in most civil cases. it is a weighing of the evidence
breach of promise suit is when
one party wants out ONLY if pregnant or have child with person
Who can modify a contract w/out new consideration?
Anyone, merchants and nonmerchants, as long as modifications are agreed to by both parties.
what is the case precedent to the Circuit City Stores v Saint Clair Adams case
Transportation workers are the only one excluded from the federal arbitration act
why does the ocntract have to be in writing sometimes
it staisfies the statue of fruads
What is Rule 10b of the Securities Act of 1934?
Prohibits the use of manipulative and deceptive representations to sell securities. fraud
Net INC. / Equity
NET Inc / Sales x Sales / Assets x Assets / Equity
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