business law first test Flashcards

Terms Definitions
subsequent
following
protective tariff
hamilton
ratification
to approve
james otis
search warrant
james otis
search warrant
Executed
a fully performed contract
(performance)
marbury v madison
judicial review
Discovery
Pretrial exchange of information between opposing parties to a lawsuit
bank of the US
government funded
bona fide occupational qualification is a job requirement that would otherwise be _________is permitted in situations in which it is essential to the position in question
discriminatory
Complaint
contains a statement alleging the facts showing that the court has jurisdiction, the facts establishing the plaintiff's basis for relief, and the remedy the plaintiff is seeking
implied in law
created by law, standards
united transportation workers union v long island railroad
commerce
Arson
The willfull and malicious burning owned by another. Every stat has a special statue that covers this
REJECTION
LEGAL RESULT IS NOTHING NO CONTRACT
Ways a contract can be rejected or denied.
1. Rejection
2. Lapse of reasonable amount of time
3. Lapse of stated amount of time in contract.
4. Death
5. Subsequent Illegality
6. Revocation
7. Destruction of Subject Matter
76. You are charged with violating federal law because you allowed your factory to emit pollutants into the atmosphere. You may be held liable for $500,000 in civil penalties, which would bankrupt you. You have no right to a jury trial.
t
Summary Judgment
Binding determinations on the merits made by the judge before the trial
bargained-for exchange
there must me a bargianed-for exchange
Coffee Brokers, Inc. offers to sell Java Roasters, Inc. fifty bags of coffee beans. Java rejects the offer. The offer is
terminated.
judicial activism
The willingness shown by certain courts (and not by others) to decide issues of public policy, such as constitutional questions (free speech, equal protection, etc.) and matters of contract fairness (promissory estoppel, unconscionability, etc.).
Felonies
*Most sever. Punishable by death or imprisonment in a federal or state penetatary for more than a year*Such as rape, arson, muder, or robbery
Guarantees created by the Uniform Commercial Code and imposed on the seller of goods
implied warranty
Incidental Damages
reasonable expenses resulting from a breach.
misdemeanor
a criminal offense defined as less serious than a felony.
Deposition
sworn testimony by a party to the lawsuit or by any witness, recorded by an authorized official
voidable contract
contract where one or both parties have the option to avoid their contractual obligations. If a contract is avoided, both parties are released from theor contractual obligations.
Anticipatory breach
either inability to deliver by seller, or buyer no longer wants to accept goods--non-breaching party has remedies.
law is split into two categories
private and public
Express Ratification
Individual, on reaching the age of majority, state orally or in writing that he intends to be bound by the contract.
substantive law
Rules that establish the rights of parties. For example, the prohibition against slander is substantive law, as opposed to procedural law
Information
A formal charge issued by a public prosecutor?
we have reporters of what nature
regional and federal
3 different types of contracts
1. EXPRESS
2. IMPLIED
3. QUASI
A person who is engaged in the purchase of sales of goods.
Merchant
Foreign Contract Law
Code enacted in 1985 to attract foreign buyers for Chinese goods
Capacity
the law presumes that the parties to a contract have the requisite contractual capacity to enter into the contract. Certain persons do not have this capacity: minors, insane persons, and intoxicated persons.
termination operation of law
lapse of time
destruction of subject matter
death to the offeror or offeree
superverning eillegality
Nominal Damages
a small sum awarded where a contract has been breached but the loss is negligible or unproved
A type of ownership that lasts only for the life of the owner and cannot be extended
life estate
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
what is expressed authority
explicit instructions given to the agent by the principal
election of remedies
the process by which the nonbreaching party chooses the remedy to pursue, this is to prevent double recovery
The Mailbox Rule
The mailbox rule provides that the contract is formed when a properly prepaid and properly addressed letter of acceptance is posted, only eligable to the offeree
Sociological School
this school views law as a tool for promoting justice in society
definiteness of the terms includes
1. identification of the parties
2. identification of the object or subject matter of the contract
3. consideration to be paid
4. time of payment, delivery, or performance
A defense to negligence that asserts that the plaintiff knowingly acceted the risks of the activity causing the injury
Assumption of the risk
Mortgages - Statute of Fraud
- Security interests in real estate
2 TYPES OF CONTRACT LAW
COMMON LAW:Created by legal cases overtime the collection of them
U.C.C UNIFORM COMMERCIAL CODE (ARTICLE 2) CISG: For the sale of goods. It's a permanent exchange of any tangible property that is presently moveable at the time the contract identifies it to be sold.
Output contracts and requirement contracts
the two special types of business contracts that specifically allow a greater degree of uncertainty concerning consideration:
Children and those with a physical disability must conform to conduct of a reasonable person of like:A. AgeB. IntelligenceC. ExperienceD. All of the above
D. All of the above
what is a contract
a ste of promises where the courts will hold each party accountable and if one party does not perform he will be in breach and the other party can sue for damages
What is federal queston jurisidction
arisies anytime the basis of your lawsuit deals with the us constitution , federal statue, or federal treaty
Rule of Four
the supreme court will not hear a case unless 4 of the 9 justices agree to hear the case
Restitution is available in all of the following contractual situations:
•   Party Injured by Breach       if the other party totally breaches the contract by nonperformance or repudiation •   Party in Default      for any benefit conferred in excess of the loss caused by the breach •   Statute of Frauds     where a contract is unenforceable because of the statute of frauds, a party may recover the benefits conferred on the other party in reliance on the contract •   Voidable Contracts   a party who has avoided a contract is entitled to restitution for any benefit conferred on the other party
what is a requirment contract
is where you agree to purchase all you would need for a specific time period
contracts illegal through fraud, duress, or undue influence
when party has been induced to enter an illegal bargain through fraud, duress, or undue influence, they will be able to recover for the performance or its value
what type of lawsuit do shareholders have
derivative action suit the _____ are the plaintiffs
what 2 things do you have with the ucc
sale and contract for sale
When is an agency relationship irrevocable?
a. it is never irrevocable
b. when the agency is coupled with an interest of the agent in the subject matter
c. when the principal violates his duties to the agent
d. when the agency is gratuitous
b. when the agency is coupled with an interest of the agent in the subject matter
what happens if the judge does not give a direct verdict
then the defense will start their direct eximinations
What is the case precedent of chemical waste managment v hunt
the state has the right to protect their citizins but they cannot conflict with interstate commerce or federal law
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