Business Law 3 Flashcards

Terms Definitions
privity
relationship
wyoming valley
massacre
primogeniture *
abolished
daniel shays
class warfare
SAVAK
iranian secret police
interest
fee owed to borrower
us v lyon
search warrant
Verdict
specifies the jury's factual findings
Admission
an admission in pleadings, testimony, or otherwise in court makes the contract enforceable for the quantity of goods admitted
ministerial duty
mechanical (no personal discretion)
E-evidence
consists of all computergenerated or electronically recorded information
Breach
Failure to act reasonably
(does not mean you injured someone)
NATURAL LAW
UNIVERSAL MORAL  AND ETHICAL PRINCIPLES THAT ARE INHERENT IN HUMAN NATURE
Venue
Particular geographical place where a court with jurisdiction may hear a case
gambling
any scheme that involves the distribution of property by chance among persons who have paid valuable consideration for the opportunity to receive property
Promoter
Person who carries out the incorporation process by taking the initiall steps to organize and finance a business
Illegality
One requirement to have an enforceable contract is that the object of the contract must be lawful. Contracts with an illegal object are void and therefore unenforceable.There are 2 kinds of illegality: Contracts contrary to statutes, and contracts contrary to public policy.
discharge by law
bankruptcy
expiration of the statute of limitations
Punitive Damages
are generally not recoverable for breach of contract unless the conduct constituting the breach is also a tort for which plaintiff may recover punitive damages.
a present transfer of property or rights
assignment
If a person is intoxicated...what type of contract?
Voidable contract
Debentures are
long term, unsecured debt, typically issued byuy a corporation
Special Endorsement
endorsement payable to another person (that person is the endorsee)
judicial
pertaining to judgment in courts of justice or to the administration of justice:
Pretrial Conference
the attorneys meeting with the trial judge after 'discovery' and before the trial begins
Consideration
The promise must be supported by a bargained-for consideration that is legally sufficient. Gift promises and moral obligations are not considered supported by valid consideration.
Cyber law
laws governing aspects of using and operating in cyber space, laws applicable to internet transactions and communications.
Common Law includes contracts all of the following except:(May Be More Than One)A. EmploymentB. RegistrationC. ServicesD. InsuranceE. Real PropertyF. None of the above
B. Registration
HISTORICAL SCHOOL
 A SCHOOL OF LEGAL THOUGHT THAT EMPHASIZES THE EVOLUTIONARY PROCESS OF LAW AND THAT LOOKS TO THE PASLT OT DISCOVER WHAT THE PRINCIPLES OF CONTEMPORARY LAW SHOULD BE
Oral testimony in court about the terms of a written contarct
parol evidence
Define intent.
The subjective desire to cause the consequences of an act.
What is impersona jurisdiction
sometimes called personal jurisdiction which is jurisdiction over the person
Condition Precedent
An event that must occur before performance is due under a contract.
the process of which jury is selected
Voir Dire
98. If a stranger tells you to invest all your money in a company, and you do, and it collapses, losing all your money, you have a good fraud suit against that person.
f
Illegal Consideration
a promise to refrain from doing an illegal act.-Such a promise will not suprot a contract
Why is there a statue of limitation?
time
money
reliability of facts 
Mutual rescission
is an agreement between the parties to terminate their respective duties under the contract. 
Mutual rescission is a discharge by agreement of the parties rather than by operation of law.
What are false and deceptive practices? What law does it stem from and what does it provide?
omitting information, and misinformation, makes an unsubstantiated Advertising, bait and switch, door-to-door sales. It stems from the Federal Trade Commission Act (FTC Act) it is used to regulate business conduct. Prohibits false advertising.
Appellate court
A court that decides whether a trial judge has made a mistake of law
Parol Evidence
- Parol = \"Speech\" or \"Words\" - Parol Evidence refers to any evidence written or oral which is extrinsic to the written contract. Usually consists of previous agreements, negotiations, and understandings which one party offers for the purpose of varying or contradicting the terms of the written contract
usury
a lender who makes a loan at an interest rate above the lawful maximum
death or incompetency
death or incompetency of either the offeror or the offeree ordinarily terminates an offer (unless offer is contained in an option)
95. You see a house on fire and break down the door to see if anyone needs to be rescued. If the owner of the house sues you for the value of the door, you have a defense called privilege.
t
Buyer's right to "inspect goods"
a condition precedent to seller's demand for payment for goods.
6 things that are not a valid offer
 
Expressions of Opinion
Preliminary Negotiations
Statements of Future Intent
Agreements to Agree (Unless parties intend to be bound by the contract terms)
Advertisements
Auctions - Offeror is the bidder and auctioneer is the offeree. His asking for bids is not an offer.
 
what is definteness
offer must be clear enough that you know exactly what is being offered ( all terms are present
breach of contract
occurs when a party fails to perform part or all of the required duties under a contract. Non-breaching party can then seek remedy
Motion for Judgment n.o.v
granted only if the jury's verdict was unreasonable and erroneous
Jay tells Kim that he will buy her textbook from the last semester for $80. Kim agrees. Jay and Kim have
an express contract.
Who can accept an offer?
Identified offeree may only accept an offer.Silence will not constitude acceptance, exceptions:1. Gesture does constitude2. Implied in fact contract3. Offeree solicits the offer
what are the special courts on the state level
probate court, family court
acceptance following a prior rejection
an acceptance sent after a prior rejection is not effective when sent by the offeree, but when and if received by the offeror before he receives the rejection (first thing offeror receives is effective)
Which of the following statements are true about unenforceable contracts?A. Unenforceable contracts are the same as void contracts.B. Unenforceable contracts are the same as voidable contracts.C. Unenforceable contracts are always executed.D. Unenforceabl
D. Unenforceable contracts have no remedy available.
 
Voidable contracts are contracts where the law permits at least one of the parties to avoid the legal duties of the contract. Unenforceable contracts may meet all the essential elements to otherwise be a valid contract, but the law can provide no remedy.
what are the five requirements for a valid contract
offer or promise, aceeptance, consideration, capacity, and legality of the subject matter
what are the special courts on the federal level
tax courts . bankruptcy courts
If the buyer doesn't know about the breach (material nonconformity), what must he show?
(A) nonconformity would have been difficult for buyer to discoverOR(B) seller have buyer assurance of conformity.
What is Quantum Meruit?
"As much as he or she deserves" in an implied in Law.Someone offers services and they will receive payment as much as he or she deserves.
What is stated in the tenth amendment?
Powers not delegated to the United States in the Constitution are reserved to the states or the people, except for those powers prohibited to the states by the constitution, which are reserved to the people.
what is the case precedent of the wickard v filburn case
if you intrastate commerce has a direct or indirect affect on interstate commerce congress can regulate it
Sale of Real Estate - Statute of Fraud
- Statute applies to contracts for the sale of land or an interest therein including:
 - Oil and Mineral Leases
 - Easements 
 - Water Rights
 - Mortgages
 - Leases
- In Indiana, leases that doesn't Exceed 3 years can be enforced if not in writing. 1 year for some states
- Contract for the sale of minerals (oil and gas included) or a structure is a contract for the sale of goods (personal property) Crops and Timber are goods
- There is a Part Performance Exception

Assignment
Assignment
judicial restrain
?
First degree
5-99 years
boston tea party
protest
Bilateral
contains two promises.
trevett v weeden
paper money
Delegation
transfer of a duty.
injurious falsehood
-commercial
-tort not defamation 
- about PRODUCT
- has to show economic loss
-reputation of goods
mens rea
guily state of mind
Plantiff
the one who is suing
Promissory Estoppel
A promise enforceable without consideration
Intentional infliction of harmful or offensive bodily contact. (Physical)
Battery
one which is inherently dangerous
ultrahazardous activity
what is sometimes the sixth requirements for a vaslid contract
writing
Opinions
contains the court's reasons for it's decision, the rules of law that apply, and the judgment
Contract law
Contracts relating to services, real estate, employment, and insurance, for example, generally are governed by the common law of contracts
secret limitation
not binding to a 3rd person
Severable Contract
Contract consists of separate elements of performance and consideration and can be divided into separate ones.
discovery
A stage in litigation, after all pleadings have been served, in which each party seeks as much relevant information as possible about the opposing party's case
intrastate commerce
commerce within a state (Congress cannot regulate)
Defective Warning
Warn people of foreseeable dangers. Rule for not making product safe: In the totality of the circumstances it fails to adequately warn all foreseeable users of all the inherent dangers in the product.
1. Product name
2. Languages
3. Pictures
4. Size of label relative to product packaging
5. Coloring
6. Placement
7. Clarity- does it convey proper warning.
Malum per se
void, not enforceable very illegal
Distributorship
A type of franchise in which the franchisor manufactures a product and licenses a dealer to sell the product in an exclusive territory.
Respondent
the party being sued - In EQUITY proceeding
Demurrer
Motion to dismiss for failure to state a claim
Mirror Image Rule
requires teh offeree's acceptance to match the offeror's pffer exactly
Out-of-Pocket Damages
difference between the value given and the value received
an offer that cannot be revoked, withdrawn, or amended for the time stated
firm offer
supremecy clause
From Article VI of the Constitution, it declares that federal statutes and treaties take priority over any state law, if there is a conflict between the two or, even absent a conflict, if Congress manifests an intent to preempt the field.
what is a executed contract
both parties have perfromed
a partnership _____ is a partnership that has no fixed duration. Each partner has the right to resign from the parnership at any time
at will
Aliens
people who are living in this country but owe allegiance to another.
stare decisis
the doctrine that rules or principles of law on which a court rested a previous decision are authoritative in all future cases in which the facts are substantially the same.
Milton owns a business delivering coffee and donuts within the downtown are of the city. Smith Co. calls him to deliver a large quantity of his products to their office. Milton is in building and drops it on Lester, scalding him. Who is liable
milton alone is liable
how long does a patent last
it last 20 years
degree of care that a reasonable person would exercise in a given situation.
Reasonable Person Standard
An agreement to give a lender a legal right in real property owner by another person
mortgage
What is Unilateral contract?
A promise for an act.-Acceptance takes place once the act had been completed.
What is not ripe
you have not suffered the inhjury
COUNTEROFFER
IS A REJECTION FOLLOWED BY A NEW OFFER SWITCHES ROLES.
What are the 2 classification of torts
intentional and unintentional
Courts of Appeals
Hear appeals from the district courts and review orders of certain administrative agencies
Documents reflecting Natural Law School Theory
U.S. Constitution, magna carta, united nations charter
negligence per se
Violation of a standard of care set by statute. Driving while intoxicated is illegal; thus, if a drunk driver injures a pedestrian, he has committed negligence per se.
What kind of court system do we have
common law system
firm offers (under UCC)
a merchant's irrevocable offer to sell or buy goods in a signed writing that ensures that the offer will not be terminated for up to three months
De Facto Corp
Corp is unaware of some defect in the corp formation such as not holding the organizational meeting.  Its existence can't be challenged by third persons, only by the state.
What does the Securities Act of 1933 require to be filed and describe it.
A written registration statementContains required information about the issuer, the securities to be issued, and other relevant information
what is judicial review
allows you to challenge the actions of government
an offeree may expressly accept the offer or may imply acceptance
by doing something that objectively indicates agreement
offeree's terms will control contract UNLESS.....1.
offeror specifies it must be shipped on/by a certain date.
what is the mediator jobs
to open the line of comuunication and suggest possible solutions
Purpose of Article 2
to tell us who has title to property
need to know who has risk/liability...
Kate begins to perform, intending that the completion of her performance act as an acceptance of Lyle's offer. Under the modern-day view, an offer that can only be accepted by completion of a specific act can
not be revoked once performance has substantially begun.
case precedent from gertz v robert welch
order for public offical or public figure to sue for deformation they must show malice
Gwen claims that she and Hal entered into an implied-in-fact contract. To establish this contract, it is not necessary to show
that a court imposed a fictional promise in the interest of fairness and justice.
Employment at will or for a term
period of time someone can sue for damages if fired before contract ends
if a contract which is voidable for lack of capacity is ratified
it cuts off the right to dis affirm and all contracts made by minors and mentally impaired people are voidable.
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