Business Law 13 Flashcards

Terms Definitions
pre-emption
supreme
mohammed mossadec
populist
Plaintiff
the party suing
iron act
no manufacturing
fletcher v peck
contract
warren christopher
secretary of state
jared ingersoll *
stamp act
Statutory Law
Laws enacted by legislative bodies at any level of government such as the statutes passed by Congress or by state legislatures make up the body of law 
martin v hunter's lessee
judicial review
Privity of Contract
relationship between parties.
economic duress
threats to a person's business
ICAANWipo
no money damages, just the site
the seller who delivers nonconforming goods to thebuyer can correct the deficiency if the contract time limit has not expired
cure
The difference between extortion and bribery is that, in extortion, both parties are willing participants in the crime.
false
Impossibility of Performance
something prevents the performance.
bilateral contract
one promise in exchange for another
Annulment-
NULL marraige like it never happened, problems existed from beginning & must be acted upon quickly EX STD, Lie abt age, finance, marraige past
cash dividend
pay out determined by owners (money)
citation
A  REFERENCE TO A PUBLICATION IN WHICH A LEGAL AUTHORITY-- SUCH AS A STATUTE OT A COURY DECISION--OR OTHER SOURCE CAN BE FOUND
brief
The written legal argument that an attorney files with an appeal court.
Gibbons vs. Ogden
Steamboat monopoly being interstate commerce
Concurrent Conditions
Occurs when mutual duties of performance are to take place simultaneously. Unless agreed they are not concurrent law will assume they are.
consideration
each party to a contract must intentionally exchange a legal benefit or incur a legal detriment as an inducement to the other party to make a return exchange
Derivative Suit
Suit brought against a corporation's management by the shareholders on behalf of the corporation
Jury instructions
Judge gives the jury the particular rules of law that apply to the case
contracts violating statutes include
1. wagering
2. blue laws
3. usury
Accord
is a contract by which an obligee promises to accept a stated performance in satisfaction of the obligor's existing contractual duty.
Merchant's Firm Offer
Firm offer = Irrevocable offer, offeree does research before accepting.
equity
The broad powers of a court to fashion a remedy where justice demands it and no common law remedy exists. An injunction is an example of an equitable remedy.
Larceny is a broad term that includes most forms of theft
true
A principal directs an agent to undertake a transaction, the agent has the right to do acts taht are incidental to it, usually accompany it, or are reasonably necessary to accomplish it
implied authority
Types of Promissory Notes
Coupon Bond, Registered Bond, Collateral Note, Real Estate Notes,Debenture Note, CD's,
sovereign
a monarch; a king, queen, or other supreme ruler.
Question of Fact
deals with what really happened in regard to the dispute being tried
Inferior Trial Courts
hear minor criminal cases such as traffic offenses and civil cases involving small amounts of money and conduct preliminary hearings in more serious criminal cases
statute of fraud-marriage
a unilateral promise to make a monetary payment or to give property in consideration of a promise to marry must be in writting
Administrative Laws/ Definitions:
 
Agencies
a unit of the executive branch regulating a certain area
Ownership of property by 2 or more persons. when one dies, his share is automatically distributed to the co-owners who survive. Joint tenants cannot leave their share to their heirs. Shares must be equal
Joint tenancy
Promises Enforceable without Consideration
-Promissory estoppel-Promise to pay a debt where the S/L run-Promise to make charitable contributions
what is the supreme law of the land
us constitution
White Collar Crime
Various crimes that do not involve force or violence
Reward
1)An offer to pay a ____is an offer to form a unilateral contract.2)To collect a _____, the offeree must...1) Have knowledge of the ____offer prior to completing the requested act. 2) Perform the requested act.
2 ways agreement can be discharged
1) agreement of both parties2)operation of lawA) statute of limitationB) BankruptcyC) impossibility
Ownership of property by two or more persons. Each can sell his share or leave to heirs. Shares do not have to be equal
tenancy in common
what is apparent authority
comes into play when the principal gives an impression the agent can do something he really isn't supposed to do
real estate note/real estate mortage note
note secured by REAL property
Contract (general definition)
“a promise or a set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as duty”
Detrimental Reliance and partial performance
After accepting an offer, the offeree has a reasonable amount of time to perform.  The offer cannot be revoked if the offeree has already completed a substantial amount of performance.
Marriage Contracts that Must be in Writing - Statute of Fraud
- All Executory Antenuotial=Prenuptial Agreements
- Promises to make certain provisions in a will for marriage
- Promises of Dowry
 - \"Marry my son and I will give you $\"
what type of challenges are there
challenges of cause and prempotory challenges
Motion for a New Trial
granted only if the judge is convinced that the jury was in error but does not feel it is appropriate to grant for the other side
Exceptions to illegal contracts - Restitution

Justifiable ignorance of the facts - One party is innocent by ignorance - Trucker unknowingly carrying illegal goods can recover performance
members of protected classes - Airline pilots exceeding monthly hours still get paid.
Withdrawal from illegal agreement - Betting on boxers.  Early withdrawal can get money back.
Contract illegal though fraud, duress, or undue influence - Victim can get performance back.
Relationship of Parties - Assignments
- Assignee \"stands in the shoes\" or assignor, having no greater rights than the assignor and subject to all of the claims and defenses that could be raised against the assignor
- An assignment will extinguish the rights but not the duties of the assignor, he will remain liable for any obligations or duties under the contract. 
- An assignment cant affect performance in any material way
- A contract may be assigned more than once - lease - sublease - sub sub lease etc.
Briefly discuss the evolution of the Commerce Clause and discuss the significance of the clause to business.
The commerce clause states that Congress has the power to regulate commerce with other nations, with Indian tribes, and between states. Over time it came to mean that Congress could regulate all activities having interstate impact.
Ace Earth Movers, Inc., uses dynamite to prepare land for highway projects. Strict liability is imposed on this activity because
the activity is of an inherently dangerous nature.
how can the federal sumpremacy law come into play
if you have aonclfict between federal and state laws
What is a material nonconformity when the seller breaches?
if the buyer would have rejected goods had he found nonconformity at inspection (wants rescission/revoke acceptance).
Damages include 1)the harm that a plaintiff complains of at trial such as an injury to her person or money lost because of a contract breach and 2)
Money awarded by a trial court for injury suffered
after the advisory opinion ids made what can happen
the parties can talk it over some more and if they still can't make an agreement then they would have to go to court
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