1. Briefly summarize the UCC provisions that we have discussed in prior units.
a. Statute of Frauds; Sale of Goods (tangible personal property) by a
Merchant; Battle of the Forms rule; Mixed Transactions; Firm Offer
b. NOT ON EXAM
1. Explain the primary differences between criminal law and civil law.
a. Criminal Law: more press; punishment for breaking statutes; people vs. defendant.
b. Civil Law: less press; normally handled with money; plaintiff vs. defendant.
1. Discuss the three basic requirements for the formation of a contract.
b. Acceptance: Agreement to the terms (material terms).
c. Consideration: Something bargained for or exchanged for a specific
and definite proposal to ente
1. Discuss the general rule regarding contracts entered into by minors.
a. Contracts entered into by minors are Voidable, (at the option of the
minor). Adult cannot void.
i. 17yr old buys a motorcycle for $5,000 a month, after he buys i
April 11, 2016
Giannetti vs. Cornillie Case Analysis
In the Giannetti Vs. Cornillie case the defendants, the Giannettis, and the plaintiffs, the
Cornillies, are attempting to settle a dispute ov
2 Basic things
that can be
1-A promise for a
contract) 2-A promise
for an act/forbearance to
act (unilateral contract)
We are stuck with our bad
deals, you can't take back
the bad deal, you'r
of an Offer
a party's intent to
enter into a
3 terms that
normally need to
be present for an
offer to be
the formation of
Specific & definite
proposal to enter into a
contract. Bound into
contract if offeree says
yes. offeree cannot
change terms of offer
Agreement to the
into by minors
contracts entered into by
minors are voidable by the
minor (at the option of the
minor). ex-17 y/o buys a
motorcycle on credit and
returns it after 4 months, the
minor can undo the contract
The New Rulers of the World
The New Rulers of the World investigates economic globalization and specifically its
impact on one countryIndonesia. The facts of globalization are revealing, a small group of
powerful individuals are now richer than most of th
Developmental assets are positive qualities that influence young peoples development.
Studies have shown that the more assets that a young person has, the less likely they are to
engage in range of high-risk behaviors. Based off the 4
Requirement 1 Bad debt expense = $67,500 (1.5% x $4,500,000) Requirement 2 Allowance for uncollectible accounts Balance, beginning of year Add: Bad debt expense for 2009 (1.5% x $4,500,000) Less: End-of-year balance Accounts receivable writte