LAW OF BUSINESS
Professor Robert Wagner
What is an agent?
Why do we have them?
A relationship between two persons, Principal
by which Principal consents that Agent may
act on Principals behalf
Type of Court
NY State Court
NY Court of Appeals
Appellate Court- second level
US Court of Appeals- divided
Trial Court- first court
US District Court- divided into
Fundamentals of Business Law
A. Decision: Judgement for Maria.
Legal Issue: The promisor didn't pay the promisee the amount of money that they claimed they
Legal Principles: Accord and Satisfaction. A
What is law?
*Law- set of rules of society having the sanction of the state and enforceable in courts by the
government (official status within the gov)- what we are required, allowed and prohibited to do
morals have the same rules of conduct except aren
Adequacy of Consideration (Fairness of the bargain) does not determine or affect whether an
agreement is supported by consideration
The ways to modify a contract:
a. New and different consideration. Something you did not have the
Consideration- an exchange of something legal value that is bargained for
1. Legal Value (legally sufficient value)
a. Promissor must receive something he didn't have a legal right to receive (legal
b. Promisee must do or give something it did no
An offer may terminate by
1) Passage of time
2) Revocable by the offeror
Offer is made
Offer remains open mutual agreement a contract has been made
Acceptance of offer
Revocation of an Offer
The offeror may revoke an offer any time before it is accepted,
UCC= very effective, written 1950: not include Louisiana
- Monetary Damage
- Specific Performance: court ordering to follow with contract especially for real-estate
transaction if only one or small number value cant compete
Fundamentals of Business Law
Decision: Judgement for Stan for a valid revocation of the offer.
Legal Issue: Revocation of the offer. The offer didnt remain open for the amount of time that the
offeror claimed it would.
Ability to understand nature and consequence of transaction
Minors- to age 18
Considered to have limited capacity
-alcohol and lack of sanity
Contract is voidable at minors election
Personal defense- only minor can use
BLTS-10E PRACTICE QUIZ
CHAPTER 1: THE LEGAL ENVIRONMENT
1. One of the oldest and most significant schools of jurisprudence is:
a Incorrect. Administrative law is not a school
Indicate whether the sentence or statement is true or false.
_F_ 1. "I promise to pay you $100 if you will promise to fix my car next month." This is an offer for a unilateral
_F_ 2. Maria posted several signs in the neighborhood offe
Was the overall purpose/ assignment accomplished?
BBA ORAL COMMUNICATION WORKSHEET
3. Exceeded Expectations
2. Met Expectations
1. Below Expectations
fulfilled requirements for assignment;
International Business Law Final Notes
Industrial Revolution and comparative advantage in 1940s: people started to realize that restricting
F1s jurisdiction to only F1 citizens restricted commerce. It was poor jurist prudence.
Tort: a breach of a civil du
Written Communication Assessment Sheet
3: Exceeded Expectations
Paper # _ Scorer_
2: Met Expectations
1: Below Expectations
Thesis or focus well stated and
Thesis or focus adequately stated and
Dont get a bad reputation in business. You cant conquer anyone and make your own laws.
Trade Associations: facilitates trade. Each industry has an association that creates a book with contract forms to
assist buyers and sellers within the industry to cond
1COURSE INFORMATION SHEET
Course Title: LAW AND INTERNATIONAL BUSINESS
Course Number: Law 9740
Course Description: The course will provide students with an understanding of law and legal
institutions in the context of the global economy and doing business
Chapter 7 Business Ethics
- Ethics is the study of right and wrong behavior; whether an action is fair, right or just.
- In business, ethical decisions are the application of moral and ethical principles to the
marketplace and workplace.
Chapter 6 Criminal Law and Cyber Crime
Key Differences between Civil Law and Criminal Law
Note : Criminal Laws must be set forth by statute
*KEY DIFFERENCE BETWEEN CIVIL AND CRIMINAL*
CIVIL LAWCOMPENSATES THE PERSON WHO IS INJURED
CRIMINAL LAW PUNISHES TH
Chapter 11 Consideration
Essential Elements of a Contract
Mutual Assent (Agreement)
Legality of Object and Performance
Contract defined as set of promises that the law will enforce
Not all promises are considered to
Chapter 9 - Nature and Classification
11, (promissory estoppel)
14, (Recovery Based on Quasi Contract)
15, (The Scope of the UCC and Article (Sales) and 2A( Leases)
INTRODUCTION TO CONTRACTS
Where do the contract rules come from?
Common Law Statutes - pr
LAW - WHERE DOES THE WORD COME FROM
something laid down or fixed
The Common Law Tradition
Early English Courts of Law.
Kings courts started after Norman conquest of 1066.
Established the common lawbody of general legal principles applied thro
Chapter 11 (capacity,legality) ,1
Chapter 11 Capacity/ Legality
Coming-of-age - When does a minor come-of-age?
In almost all states and NY -18 years of age
DISAFFIRMANCE (voidable contractural obligation)
Disaffirmance-may come durin
Chapter 4 Tort
TORT = WRONGFUL ACT AS DEFINED BY COMMON LAW OR STATUTE
- a wrongful act, that results in injury to another's person, property, reputation, or the like, and
for which the injured party is entitled to compensation.
The Basis of Tort L
Chapter 10 Agreement in Traditional and E-Contracts
MUTUAL ASSENT OFFERS
REVIEW: HOW TO FORM A CONTRACT
LEGAL SUBJECT MATTER
Q, HOW IS MUTUAL ASSENT ACH
Chapter 5 - Intellectual Property
What is intellectual property?
The information in books and computer files, the apps for phones and ipads, movies you
watch and the music you listen to are all examples of intellectual property. (any
Chapter 3 Courts and Alternate Dispute Resolution
The Judiciarys Role in American Government
Judicial Review - was established by the U.S. Supreme Court in Marbury v. Madison (1803)
where Chief Justice Marshall wrote:
It is emphatically the province and d
TEXAS REAL ESTATE EXAM STATE PORTION
STUDY GUIDE (Updated 3/15/16)
I. Commission Duties and Powers (Sale Agent-2, Broker-3 Questions)
A. General Powers: Composition, Duties, and Powers; Real Estate Broker-Lawyer Committee
B. Investigations and Subpoena Po
Some law notes for the final:
Only need signed writing if statute is within. Is the contract covered by statute of frauds?
If answer is no, contract is enforceable even if its oral.
If the answer is yes, only enforceable only if we have a signed writing o