CHAPTER THIRTEEN/CONTRACTS: CONSIDERATION
As you should now understand, not every promise is binding. Continuing the discussion of when
a promise is binding, this chapter focuses on consideration.
The first concept you should understand abou
CHAPTER FOUR/BUSINESS AND THE CONSTITUTION
Many people assume that a government acts from a vague position of strength and can enact any
regulation it deems necessary or desirable. This chapter emphasizes a different perspective from
Federal Government: A form of government where states
form a union and the sovereign power is divided between the
national government and the various states.
The Privileges and Immunities Clause: Article IV of the
U.S. Constitution provides tha
Business Law 1- BUSN 210
11 February 2016
1. a. There are four sources of American law. Describe each source.
There are primary and secondary sources of law. Secondary sources summarize primary sources
with books and a
Read chapters 4, 6 and 7. Each fully correct answer is worth 4 points.
1. What clause of the Constitution sets out to prevent states from establishing laws and
regulations that would interfere with trade and
Consulting with an Attorney: The first step to take when
contemplating a lawsuit, or when facing a lawsuit, is to
consult a qualified attorney.
Legal Fees: The anticipated expenses of investigating and
prosecuting or defending the
CHAPTER TWELVE: CONTRACTS/AGREEMENTS IN TRADITIONAL AND ECONTRACTS
This chapter explains the nature of the agreement, which forms the basis of a contract. Through
a discussion of offer and acceptance, the chapter helps you to begin to unders
Agreement: Mutual assent to a contracts essential terms,
voluntarily manifested through offer and acceptance.
Offer: An offerors promise or commitment to perform
or refrain from performing some specified act presently
or in the future.
1. There are four sources of American law. The four sources are (Executive)
Constitutional law, which is the body of law, which defines the relationship of different
entities within a state, namely, t
CHAPTER SEVEN/STRICT LIABILITY AND PRODUCT LIABILITY
If someone burned himself/herself on scalding hot coffee purchased at a fast food drive-through
window and wanted to sue, what legal theories could that person use? In this type of persona
CHAPTER ONE/LAW AND LEGAL REASONING
The first chapters in Unit 1 provide the background for the entire course. Chapter 1 sets the
stage. At this point, it is important to establish goals and objectives. In order to benefit from this
CHAPTER FOURTEEN/CONTRACTS: CAPACITY AND LEGALITY
Chapter 14 logically follows the material covered in Chapters 12 and 13, which concern determining when an agreement is reached and if an agreement is supported by legally sufficient
This chapter continues the opportunity begun in the previous chapter to make you aware of the
functioning of the judicial branch of our government. The previous chapter outlined the
theoretical framework of our
CHAPTER EIGHTEEN/PERFORMANCE AND DISCHARGE IN TRADITIONAL AND
This chapter answers these questionswhen have the parties to a contract done all that is required under the contract? When is a party excused from doing what he or sh
Judicial Review: The process by which a court decides the
constitutionality of legislative enactments and actions by the
While the U.S. Constitution makes no mention of the
power of judicial review, Alexander Hamilton and
TORTS: AN INTRODUCTION
Tort: A civil wrong, not arising from a breach of contract or
other agreement. A breach of a legal duty, proximately
causing another person harm or injury.
The duty that the tortfeasor (i.e., the wrongdoer)
violates must exist as a
NEGLIGENCE: BASIC PRINCIPLES
Negligence: Failing to exercise the standard of care that a
reasonable person would exercise in similar circumstances.
Negligence requires no intent on the part of the
tortfeasor, nor does it require that the tortfeasor know o
Crime: A wrong against society, defined in a statute, and
punishable by fines, imprisonment, or in rare cases death.
Requisites: A person may not be criminally liable unless she
(1) performed some prohibited act (or failed to perform
CONTRACT VS. PROMISE
Promise: A persons declaration that he will perform or
refrain from performing some present or future act.
Promisor: The person making the promise.
Promisee: The person to whom the promisor made the
Contract: An agreement bet
Consideration: Legally sufficient value that an offeror
bargains for and an offeree gives in exchange for the offerors
Legally sufficient consideration may take the form of:
(1) promising to do something that the promisee has no
Contractual Capacity: The minimum mental capacity the
law requires to bind a party who enters into a contract.
The law presumes that the following classes of persons
lacked contractual capacity when they entered into a
contract to bin
Mistake of Fact: The parties entered into a contract with
different understandings of one or more material facts
relating to the contracts performance.
Mutual Mistake: A mistake by both contracting parties
about one or more material facts generall
PRIVITY OF CONTRACT
As a general rule, only the parties to a contract the promisor
and the promisee owe any duties and enjoy any rights
arising from the contract. Common law recognizes three
Assignment (of Rights): A transaction whereby an
DISCHARGE AND PERFORMANCE
Discharge: The termination of a partys obligations arising
under a contract. Discharge occurs either when:
(1) both parties have fully performed their contractual
(2) events, conduct of the parties, or operation o
TYPES OF MONETARY DAMAGES
A breach of contract entitles the non-breaching party to sue
for money damages, including:
Compensatory Damages: Damages that compensate
the non-breaching party for the injuries or losses
actually sustained as a result of the bre
NATURAL LAW AND POSITIVE LAW
Law: A body of enforceable rules governing relationships
among individuals and between individuals and their society.
Natural Law: A system of universal moral and ethical
principles that are inherent in human nature and that