Contract - a legally enforceable promise or set of promises
o Breach breaking a promise
o Promisor the person who made the promise
o Promisee the person to whom the promise was made
Four Elements to a Contract
o Offer a manifestati
At-will Employment an employment agreement of an indefinite duration is called an
at-will contract - MS follows this standard
o Employee can quit at anytime
o Employer can fire the employee at any time
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
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?
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. 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
1. What is our definition of law? Body of enforceable rules governing relationships among
individuals and between individuals and their society
2. Remember the statement that expresses how important law is our businesses today Laws
Commercial Law Test 1
Chapter 1- Nature and Terminology (Contracts)
What is a contract?
An agreement that can be enforced in court
A legal promise that reflects social values (Roscoe Pound quote)
Agreement that creates duties or obligations
What is the
Commercial Law Test 2
Chapter 10- Formation of Sales and Lease Contracts
Source of Law
o Sale of Goods- Article 2 of UCC
o Lease of Goods- Article 2a of UCC
o (are based on common law but relax)
What is the Goal of the UCC?
o To simplify and streamline co
Commercial Law Test 3
Chapter 14- The Function and Creation of Negotiable Instruments
What is the source of law for negotiable instruments?
Article 3 of the UCC
What is the definition of negotiable instruments?
Signed writing that contains an unconditio
Strategy formulation techniques integrated in a 3-stage decision-making framework. Help strategists to identify,
evaluate and select strategies. They require the integration of intuition and analysis.
Tools has to be uses to facilitate, no diminishing, co
Last half of Chapter 4
Performance of a Contract
a. Conforming goods (has to deliver to the buyer): correct quantity, quality, and
b. Adhere to warranties
i. Warranty: a guarantee about a product that the buyer relies
1. Classification and Coding of Goods
2. Customs Value
3. Country of Origin
Knowing the country of origin is very important.
Country of Origin
Substantial transformation test: used when the original good
BL exam 3
Chapter 11 Nature and Terminology (Contracts)
1. What is a contract?
Legally binding/enforceable agreement
2. What is the source of law?
3. What is the subject matter of our study of contracts?
Transfer of land, transfer of
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
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?
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
Introduction to Law
The law is pervasive. It permits, forbids, and/or regulates practically every
known human activity and affects all persons either directly or indirectly.
Because the areas of law are so highly inte
Civil Dispute Resolution
As we discussed in Chapter 1, substantive law sets forth the rights and duties of
individuals and other legal entities, whereas procedural law determines how these rights
are asserted. Procedural law attempts
1. State whether the following provisions in a note impair or preclude negotiability,
the instrument in each instance being otherwise in proper form. Answer each
statement with either Negotiable or Nonnegotiable and explain
Chapter 1 Business Law I
How is the law defined?
What is the primary function of the law?
Because the subject of law is so vast, classifying the law into categories is
helpful. How is the law classified? Be able to define and discuss substan
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Negotiation Diversity and
1. 4 Layers of Diversity
b. Internal Dimensions
iv. Physical Ability
v. Sexual Orientation
c. External Dimensio
Definition of Law
Duty to Rescue
Yanai v. Bigan
o Duty to Rescue
o An adult of full mental capacity is responsible for his own decisions.
o When danger is clear and apparent, a warning of danger is not necessary.
o You do
June 28th 2016
1. Exam question: What is your perspective on arbitration? Good or bad? From consumer and
2. Hofstedes Model (ON TEST)
a. Using Hofstedes model
i. Deal with people from unique backgrounds
ii. Focus on soluti
Professor Stephanie Mallette
Law, Ethics, and Dispute Resolution
29 June 2016
Insider Trading Regulations and Enforcement of the Misappropriation Theory
The United States boasts two of the most prominent securities exchanges in the world,