BUS 250 - Notes 03/27 - Chapter 19: Remedies
Someone breaches a contract when he/ she fails to perform a duty without a valid excuse.
A remedy is the method a court uses to compensate an injured party.
The courts focus is on compensating the injured pa
BUS 250 - Notes 03/08 - Chapter 16: Written Contracts.
The Statute of Frauds
Many agreements are UNENFORCEABLE, unless it, or some memorandum of it, is in
writing and signed, including agreements:
For any interest in land.
That cannot be performed withi
BUS 250 - Notes 03/08 - Chapter 15: Voidable Contracts: Capacity & Consent.
Reality of Consent
Claims to rescind a contract based on lack of consent:
A party to a contract represents something
BUS 250 - Notes 01/27 - Chapter 1
Law and Morality
The law is NOT always fair or moral.
Example: Slavery in Colonial America.
Jurisprudence > What is Law?
Jurisprudence > The philosophy of the law.
Schools of Jurisprudence
Legal Positivism > Law is wh
BUS 250 - Notes 03/06 - Chapter 15: Voidable Contracts: Capacity & Consent
Both parties must have the capacity to make a deal, and both must give genuine consent.
Problems with capacity and consent make a contract voidable.
When a contract is voidable,
BUS 250 - Notes 02/22 - Chapter 12:
Meeting of the Minds: The parties can form a contract only if they had a meeting of the
They must understand each other and intend to reach an agreement.
A judge will make an objective assessment of any disagr
BUS 250 - Notes 02/24 - Chapter 12: The Agreement: Offers and Acceptance
Essentials of an Offer:
Communication: The offeree must have knowledge of the offer, and the offer must
be made by the offeror to the offeree.
Intent: Determined by an objec
BUS 250 - Notes 03/03 - Chapter 14: Legality.
It is not enough to bargain effectively and obtain a contract that gives you exactly what you
want; you must also be sure that the contract is legal.
Illegal contracts are VOID and UNENFORCEABLE.
BUS 250 - Notes 02/22 - Chapter 11: Introduction to Contracts
Contract: A promise that the law will enforce.
The purpose of a contract is to make business matters more predictable.
A series of contracts may become mutually dependent.
A contract is a l
BUS 250 - Notes 02/27 - Chapter 13: Consideration
The law does not hold us accountable for every promise we make; the doctrine of
consideration determines which promises a court must enforce.
Consideration: The inducement, price, or promise that causes
BUS 250 - Notes 03/01 - Chapter 13: Consideration
Preexisting Duty: A promise to do something that the promisor is already obligated to do is
Alaska Packers Association v. Domenico.
Additional Work. When a promisor agree
BUS 250 - Notes 01/30 - Chapter 4: Common Law, Statutory Law, and Administrative Law
Administrative Law > Law created through administrative agencies.
Agencies are a branch of non-government that do the work that Congress cannot do.
A federal agency is
BUS 250 Notes 01/25 Chapter 1: Introduction to Law
Origins of our Law
Many sources ! Complex law: powerful, important, fascinating.
Much of our law has been inherited from the complex structure of British law.
Emphasizes the protection of the peoples righ
BUS 250 - Notes 03/01 - Chapter 14: Legality
Contracts that promote immorality or illegality are VOID and UNENFORCEABLE.
Illegal agreements fall into two groups:
1. Those that violate a statute:
A gambling contract is ILLEGAL unless it is a ty
1. Congress passed a law imposing penalties for displaying "indecent" material online where
children could see it. If the U.S. Supreme Court subsequently rules that the statute conflicts
with the First Amendment of the U.S. Constitution, the statute is vo
./}:hs 250 - FLAUTT NAME: #
gfglusi 2°16. EXAM #1: CHAPTERS l-Intro to Law;
5— Ilsa-near Ethic; d-Common Law and Statutory Law;
C1V11 Disputes; and 6-Constitutional Law
_ l. The Governor of Mississippi, an outspoken pro—life proponent,
Punctuation for Dummies:
A simple, no-nonsense guide to
using essential punctuation
Four Basic Comma Rules
1. To separate items in a series
I need butter, flour, eggs, and
sThe man was tall, dark, and
2. To set off words that