Business Law Project Research Project 1
Tennessee Code Annotated (Uniform Commercial Code)
Evaluation of Lolitas contentions: Lolita feels that she should not to have to pay for the
encyclopedias because she notified the company with
a legal entity formed in compliance with statutory
requirements that is distinct from its shareholder-owners
a distribution to corporate shareholders of corporate
profits or income, disbursed in proportion to the number
of shares held
personal, natural rights guaranteed by the Constitution
change or alteration in the Constitution
system where each citizen may vote directly to decide
checks and balances
division/allocation of governments powers be
What do legal systems do?
evolve to encourage and promote stability and order in a
society and to give effect to public policy
Who is the law in interest of?
What does the law involve?
political, religious, social and/or economic questions
Agreement between two or more parties
What two elements must be present in a contract?
Offer + Acceptance
3 elements for a Valid Offer
1.Objective Intent 2.) Express Terms 3.) Has to be
Disabilities of Contracts
Infancy, Insanity, In
Who wrote "On the Laws and Customs of England"?
Year when "On the Laws and Customs of England" was
Significance of "On the Laws and Customs of England"
establishes the idea precendent
collected taxes and helped ke
why do legal systems evolve?
to encourage and promote stability and order
a body of enforceable rules which govern relationships
among and between individuals and society
defin substantive law
create rights, duties, and privileges consistent wi
A wrong against society proclaimed in a statute and, if
committed, punishable by society through fines,
imprisonment, or death.
Beyond a Reasonable Doubt
The standard of proof used in criminal cases.
A guilty (prohibited) act. The commiss
forms of business organizations
sole proprietorships, general partnerships, limited
partnerships, corporations, limited liability companies
(LLC's), limited liability partnerships (LLP's), franchises.
Advantages to sole proprietorships
1. no organizationa
Discharge by performance
most frequent method of discharging a contractual duty, in
refusal of a tender is a repudiation that discharges
from futher duty to perform the contract.
termination of a contractual d