Chapter 11 Contracts; Nature and Terminology
Personal contracts, Employment Contracts, Business, Contracts All
are based upon agreements.
Basics Source of law is COMMON LAW. These are common law
contracts. Statutory does not affect this.
Subject matter of
1. What are the 3 principle forms of business that we are studying?
2. What is a sole proprietorship? What are the characteristics and advantages of a sole
One owner bus
1. Almost every business transactions involving people, also involves a contract.
2. What is a contract?
A legally binding agreement (judicially forcible agreement)
o The court will honor and enforce
3. What does this agreement create?
Business Law Test 2 ReviewChapter 31. Define Ethics a branch of philosophy that deals with values which effect human conduct
2. What is the tension between business ethics and the main goal of business? Start with
the main goal of business and use the wor
- Business Activities and the Legal Environment
- Laws and regulations affect virtually all business activities
- Knowledge of black-letter not enough business now assumes an
ethical dimension: more specifically applies to public trading
Business Law Chapter 12 Review Questions
1. There is a sentence at the beginning of this chapter that tells you how important these
chapters are. Almost every business transaction involving people also involve a contract.
Keep this in mind
2. What is a co
Business Law Chapter 15 Review Questions
1. What is consideration?
Consideration is what each party gives up to the other in making an agreement (also called the
bargained for exchange).
2. What are the 3 types of legal value that will support a valid agr
Business Law Chapter 13 Review Questions
1. What is an offer?
An offer is the expression of the offerors willingness to enter into a contractual agreement
2. What are the requirements of an offer? What kind of intent?
There are three requirements/elements
Business Law Chapter 14 Review Questions
1. What is contractual capacity
Contractual capacity is the ability to understand that a contract is being made and to understand
its general meaning
2. What 3 categories of persons lack contractual capacity?
Business Law Chapter 16 Review Questions
1. What is our definition of a contract that lacks legal purpose or a contract that is not legal?
An agreement is illegal if its formation or performance is a crime or a tort or it is contrary to
public policy or u
Business Law Chapter 17 Review Questions
1. Remember oral contracts are enforceable unless there is a statute requiring a writing.
However, the better practice is to reduce your agreements to writing.
2. What is the Stature of Frauds?
The statute of fraud
Business Law Chapter 19 Review Questions
1. What is the most common way to discharge contractual duties and obligations?
The most common way to discharge contractual duties and obligations is to perform the contract
according to the agreement
2. What is a
Business Law Chapter 20 Review Questions
1. What is a breach of contract?
A breach of contract is the failure to perform the duties and obligations created in the contract
2. What 4 types of monetary damages are available in the event of a breach of contr
Law is the single most influential factor in your daily life
Ignorance of the law is no excuse
BILL OF RIGHTS
o 4 freedoms: assembly, press, speech, and religion
o Right to keep and bare arms
o Right to ral
The court is an impartial tribunal (it has no info on the case, it is an impartial
A Court- an impartial tribunal established by government to hear and decide the
cases brought before it and provide remedies when wrongs are committed
1. The first day I told you one reason we should study law. What was it? (hint it is the singlemost
It is the singlemost import thing in your life. It effects your life in every aspect.
2. What is the definition of law?
Law is a body of pr
Chapter 48 Personal Property and Bailments:
1. The property that we own, both kinds of property, consists of our legally protected
rights and interests in the property.
2. What are the 2 kinds of property? Name and described with examples.
Chapter 11 Nature and Terminology (Contracts)
1. What is a contract? A contract is 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 a duty.
2. What is the source o
Chapter 49 Real Property
Aspects of real property (Land and anything attached to it permanently)
Has the characteristic of it being immovable
Can describe but we cannot hold it.
Couple of interests-o 1) Land and structures: soil, natural products (oil, mi
Strict Liability absolute liability without fault. 3 areas:
o Abnormally dangerous activities
Law is very old. As old as 1658.
Explosives are most obvious. Be careful with storage
and how you use them. If someone is injured you are
Chapter 48: Personal Property and Bailments
Property Our stuff. Anything that we own. But in the law, property
encompasses more than just physical objects. It encompasses rights as well.
o Right to possession That is ownership Title: nothing more than
Chapter 6 Torts
Purpose of Tort Law to make an injured party whole again. Usually by
Tort civil wrong that results from wrongful unreasonable behavior. Deals
with both person and property
Source of Law is common law b/c determining beh
Business Law Chapter 3 Court Procedures
Adversarial System Adversaries meet at neutral field with same procedures
so that outcome will be just.
Procedural law how case goes through system. 3 steps:
o Pre trial procedure
Cover the pleadings legal document
Business Law Chapter 1
Significance of law: John Locke: 1600s English social philosopher. Where
there is no law there is no freedom.
Provision of freedom- at the very basis of laws comes the freedoms we enjoy
3 things the law does for
1) Law p
Business Law Chapter 2
Two distinct court systems: Federal court system and every state has a court
system. Parallel systems meaning you cant go between one or the other.
What is a court and what does it do?
o It interprets and applies the law to specific
Chapter 10 Criminal Law and Cyber Law
Crime A wrong against society, which is punishable by a fine and/or
A crime may be a tort, a tort may be a crime, NOT ALL crimes are torts and
NOT ALL torts are crimes. Out of the same facts and circumst
Chapter 4 Business and The Constitution
Articles of confederation big power to states. Little national power. Big
So we adopted the US Constitution in1787.
Constitution Sets out the framework of government and the relationship of
the government to
1. What is the definition of a tort?
-Civil wrong that arises from wrongful unreasonable conduct
2. What is/are the source(s) of law where we find tort law?
-Based on common law, case law
3. This is civil litigation. The burden of proof i
Exam 1 Ch. 1-4
1. What are the 3 functions of law?
Provide stability and predictability
Allows citizens to know what is legally right and wrong
Law defines rights, duties, and privileges for our citizens
2. Definition of Law?
Chapter 36 Sole Proprietorships and Franchises
In choosing a form of business what are the 4 considerations we covered? Ability to raise capital,
Tax considerations, The liability of the owners, Ease of creation
2. What is a sole proprietorship? What a