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| Term | Definition |
|---|---|
| law | set of rules that govern relationships between individuals and individuals and state and individuals |
| civil | individual v. individual plaintiff v. defendant |
| criminal | Prosecutor/DA v. Defendant State v. individual |
| Standing | actual reason to sue |
| venue | the place were the legal action is tried |
| jurisdiction | where the defendant is reasonably expected to be sued. |
| Federal/State Court | Trial/District Court Appellate Supreme (50 states/1 Fed) |
| Affirmed court decision | higher court agrees and confirms lower court's decision |
| Modified court decision | final trial court decision may be affirmed by a higher court with minor modification that does not affect the substance of the decision |
| Remanded court decision | sent back to lower court with instruction on what lower court should do |
| Overturned court decision | an appeals court decision to reverse a case is a ruling that the trial court should have reached the opposite conclusion |
| UCC | Uniform Commercial Code |
| Contract | legal agreement between two or more people that can be enforced in court |
| Elements of a contract | Agreement/Consideration/Contractual Capacity/Legality |
| Functions of a contract | Provide stability and predictability for both buyers and sellers in the marketplace/Avoid potential problems/Makes promises enforceable/Ensure compliance with a promise |
| Defenses to the enforceability of a contract | Genuineness of assent or voluntary consent/form: contract must be in whatever form the law requires |
| Litigation | a lawsuit in court, usually very long |
| ADR | Alternative Dispute Resolution: other ways of Solving disputes. It's cheaper, saves money and time. |
| Arbitration | all parties in the same room until both parties agree on a settlement that is binding, with a judge present. |
| Mediation | all parties are in the same room, mediators taking notes, until both parties agree on a settlement. If not content, issue can be taken to a judge as there is no judge present but mediators. |
| Proprietorship | unlimited liability/most common/1 person owns/taxes (proprietor pays taxes as individual) |
| Partnership | 2 or more people coming together for business for a profit/ recommended under law: articles of partnership (Rights/Obligations) Duties, profits, dispersion, investments,should be as explicit as possible. Unlimited liability for all partners. |
| Limited Liability Partnerships | 1 general partner(unlimited liability)/limited liability partners (silent investors)/has to file with the secretary's state office in the state you reside |
| Corporations | owned by shareholders/managed by board of directors/ demarcations: Co. Corps,LTD, INC/Articles of incorporation |
| Corporate Veil | legal concept that separates the personality of a corporation from the personalities of its shareholders, and protects them from being personally liable for the company's debts and other obligations |
| Piercing the corporate veil | treats corporations as partnerships (unlimited liability) |
| Business judgment rule | prove you sought advice from 3 professional advisors to prevent being sued personally |
| Watered down stocks | shares of stock of a corporation which have been issued at a price far greater than true value. in this case, the actual value of shares is less than the value carried on the books of the corporation |
| Limited Liability Corporation | file: articles of organization/has members/demarcation LLC/taxed as individual or company/lack of case law |
| LLP | Doctors and lawyers, same as LLC but has a P that stands for partners. |
| Franchises | business opportunities based on contract law between franchiser and franchisee |
| Standards | toilet paper, napkins, temperature, brown trays, 30% is your franchise fee |
| Franchise formation | management, taxation and liability. The two latter depends on business entity. Ideally, they would form as an LLC |
| Types of contracts | Express/Quasi |
| Promissory estoppel | (has to do with quasi contract) stops person from lying and saying that there was no promise where there was one |
| Mailbox rule | as soon as offeree puts acceptance in the mail, the offer is accepted |
| Capacity | do parties know what they're getting into? |
| Consideration | both parties have to give up something of legal value |
| Offeror | has the power of revocation until the offer is accepted |
| Defenses against valid contract | Minority/Intoxication/Mental illness |
| Statute of frauds [writing requirement] | 1.Land/prop/lease 2.Prenup 3.Employment for over one year 4.Debts of others 5.Sale of goods over $500 |
| Defendant | person who breached the contract |
| Breach of contract | violating aspect of contract, did not live up to the end of the bargain |
| Offer + acceptance | Agreement |
| Compensatory damages | getting your money back |
| Consequential damages | Caused by circumstances outside of the contract itself but parties should be aware of the potential of these damages |
| Incidental damages | extra costs that came about because of the breach |
| Punitive damages | damages given by a jury that are over and above the damages to make something never happens again because the party's actions were so heinous. |
| Types of compensatory damages | Land Sale of goods |
| Land | difference between the contract price and the actual value of the land |
| Sale of goods | difference between the contract's price and the market price at the time of the sale/delivery = usually loss profits to the seller for buyer breaching |
| Liquidated damages clause: | an amount, stipulated in the contract, to be paid in the event of a default or breach of a contract. The amount must be a reasonable estimate of the damages that would result from a breach in order for the court to enforce it as liquidated damages. |
| Four corners rule | requires to interpret the meaning and understanding of the provisions contained in a document by considering the overall meaning and intentions of that document. In such an interpretation of document, the external factors will not influence the meaning. |
| Unilateral k | a k that results when an offer can be accepted only by the offeree's performance |
| Bilateral k | a type of k that arises when a promise is given in exchange for a return promise. Most common in the US |
| Defenses brought on by defendant | Fraud-Lie: prove someone lied to you Misrepresentation: False information (Material or serious enough) Undue influence: somebody in a position of power uses their influence and exerts it over people who are vulnerable Duress: blackmail Capacity: ncmpe |
| Executor/Executrix | person appointed to administer the estate of a person who has died leaving a will which nominate that person |
| Consideration | what parties give up |
| Legality | if the subject matter isn't legal, the contract isn't valid |
| Tort | personal injury cause by another |
| 3 types of torts | 1. intentional 2.negligence 3.strict liability/product liability |
| intentional tort | defamation: slander (spoken) libelous (written) misappropriation: intentionally going after someone else's logo |
| negligence tort | unintentional, accident |
| strict liability/product liability | put a product in the world from your company and you will be held liable if it harms somebody |
| Tort elements | A)Duty is owed to the plaintiff by the defendant B)Breach of duty occurred C)Causation: is it forseeable that breach could cause damages? D)Damages/injuries |
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