Chapter 11 - Nature and Terminology
Contract law demonstrates which excuses our society accepts for breaking certain types of
Contract law does not distinguish between promises that create only moral obligations an
Sal assures Tom that she will deliver a truckload of hay to his cattle ranch. A
persons declaration to do a certain act is part of the definition of
Smith & Jones, Accountants, agrees to perform an
A material fact is a fact that a reasonable person would consider important
when determining his or her course of action.
Voluntary consent may be lacking because of misrepresentation but not
because of a
In contract law, the term consideration refers to the serious thought that
underlies a partys intent to enter into a contract.
If a promise is made, it can be enforced.
To be legally sufficie
Every state has a statute that stipulates what types of contracts must be in
The writing requirement under the Statute of Frauds means that an agreement
must be a formal written contract.
A financing statement is an agreement that creates or provides for a security
Attachment gives the debtor a defense against a creditors attempt to enforce a
security interest in the debtors colla
A transfer of contract duties to a third party is an assignment.
Banks may not assign their loan contracts to other firms.
In an assignment, the party receiving the rights is the assignee.
With a mechanics lien, real estate becomes security for a debt.
Liens generally take priority over other claims against the same property.
Creditors who have a perfected security interest in a
The Rhode Island Court System (Structure)
-> Review handout
A concept that requires lawsuits to be heard by the court with jurisdiction that is nearest the location in
which the incident occurred or where the parties reside.
Standing to Sue
A contract entered into by a minor is voidable at the option of either of the
A person who has been determined by a court to be mentally competent cannot
form a legally binding contrac
Tort Law Damages
are designed to compensate a part for harm suffered as a result of another's wrongful act
Contract Law Damages
are designed to compensate the non-breaching party for the loss of the bargain . Innocent party should be
place in a position t
Planning is coping with uncertainty by formulating future courses of
action to achieve specified results. (T/F)
Which of the following statements about planning is true?
Planning helps you check your progress
According to Miles and Snow, when a compa
a declaration by a person (promisor) to do/not to do a certain act. As a result, the person whom the promise
was made (promisee) has the right to expect/demand that something either will/ won't happen in the future.
formed by two or more
Person making promise
person to whom promise was made
"promise or 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"
-Primary Basis for the enforcement of a promise
- essential element required for a contract.
- Something of value must be in exchange.
- The Value given in return for a promise
(Bilateral = Cash) (Unilateral = Performance)
What is Organizational Behavior?
The study of factors that affect how individuals and groups act in organizations and how organizations
manage their environment
Organizational Behavior consists of:
Psychology: Study of Individuals
Social Psychology: Study
wrongful acts for which an injured party has the right to sue
Basic Purpose of Tort Law
Provide remedies for the invasion of various protected interests.
Two Types of Damages in Tort Actions
Chapter 3 - Court Procedures
Procedural law does not have a significant impact on a persons ability to pursue a legal claim.
The litigation pro
A Tale of Two Stories
During the summer of 2016, I had the opportunity to intern at Citigroup, one of the worlds
largest multinational banking and financial services. Citigroup consists of 357,000 employees
spanning across 140 countries, with approximatel