Chapter 17-20, 28-31
Statue of frauds- in order to prevent fraud, there are requirements stating that certain
transactions must be stated in writing in order to be binding or enforceable
Suretyship- undertaking to pay
BUSINESS LAW Chapter One
A. Nature of Law and Legal Rights a. Law consists of the body of principles that govern conduct and that can be enforced in courts or by administrative agencies. The law can also we described as a collection or bundle of righ
Gift promises are not enforceable
Adequacy of consideration- does it have to be equal or substantially equal?
+ pepper corn theory- does not matter how small the matter is, there must be some
consideration taken into perspective
Study guide test 1
-main 3 court systems: Court of appeals, Appellate Division, Supreme Court
Local courts-County, City, Town/Vil
Specialty Courts- Court of Claims, Surrogates Court, Family Court
-town/village court: judge does NOT have to be a licensed a
Chap 12 Contracts
Legally binding agreement
Promise(s) that the law recognize as a duty
Agreement creating an obligation
each party is legally bound to do or refrain from doing certain acts
Elements of a contract :
1. an agreement
Uniform Laws- An attempt to have commissioners from various states to purpose draft laws that
can be uniformly allowed in other states. The UCC: Uniform Commercial Code. The UCC is
the most widely adopted of the Uniform Laws.
Substantive law vs Procedural
Primary Focus: Which courts handle which cases?
Local Courts: County Ct, City Ct, Town & Village Ct.
Specialty Courts: Ct of Claims, Family Ct, Surrogates Ct.
Main 3 Tier System: Ct of Appeals, Appellate Division, Supreme Ct.
Town & Villag
Rules of interpretation
Rules of construction to interpret
Primary rule- Court will always interpret words to fulfill the intent of the parties. What was intent of the parties.
Second rule- you have to do enough work, the court wont do it for you. the
Morally binding agreements are not binding contracts.
Breach-When one of the parties fails to honor or perform their contractual duties or obligations.
Anticipatory breach- expressly indicated that a party cannot fulfill their end of the cont
Statues of fraud - contracts MUST be in writting
prenuptual agreement - agreed ahead of time are the exact terms of the contract in the case that a couple gets divorced. It can be whatever the couple agrees on, whether it be a 50/50 split of valuables, or
Commercial Paper- to serve as a money substitute
4 words used interchangably:
2. Commercial paper
4. Negiotable Instruments
All commercial paper has to satisfy 8 Factors
2. Has to c
Business Law 420 Lecture/discussion Outline
Class 1: Review of Contract Law and Introduction to Uniform Commercial Code, Sales (if it has been some time since you studied contracts, a review of chapters 10 and 15 will prove useful)
1. Contract: a legally
REVIEW SHEET Definitions/General Concepts 1. executory contract; executed contract- contract that needs to be done; contract that is done 2. implied contract- interaction with someone means there is a contract 3. voidable; void 4. burden of proof5. T
Business Law Definitions Firm Offer Rule- an offer stated to be held open for a specified time, which must be so held in some states even in the absence of an option contract, or under the UCC, with respect to merchants Merchant- a seller who deals i