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TermDefinition
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
Created by: 516754436