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Business Law Bitch!
| Term | Definition |
|---|---|
| Kind of Contract: Express | i.Oral or Written ii.Terms (words) are specific. |
| Kind of Contract: Implied | i.In Fact: actions, conduct, behavior of parties ii.In Law (quasi contract): to prevent unjust enrichment |
| Certain Contracts that must be written | a.Interest in Land b.Sale of Goods $500 or more c.Promise to pay debt of another (ex. co-signer) d.Cannot be performed within (1) year. |
| Unilateral | Promise ←exchange→ Action The time of contract formation in a unilateral contract is not the moment when promises are exchanged but the moment when the contract is performed. |
| Bilateral | Promise ←exchange→ Promise The contract comes into existence at the moment the promises are exchanged |
| “deposited acceptance rule” or “mailbox rule” | a.Timeline of a valid contract i.Offer: Valid when Rec’vd ii.Revocation: Valid when Rec’vd iii.Acceptance: Valid when Sent |
| ‘quasi-contract’ and unjust enrichment | When a contracted party hires others to complete all or part of a contract and fails to pay them for their work and they aren't contracted by the original party. |
| Valid Contract | A contract that has the necessary contractual elements- 1) agreement 2) consideration 3) legal capacity of the parties & 4) legal purpose |
| Void Contract | No contract exists, or there is a contract w/o legal obligations. (_______ =NO CONTRACT) |
| Enforceable Contract | A valid contract that can be enforced because there are no legal defenses against it. |
| Voidable Contract | A party has the option of avoiding or enforcing the contractual obligation. |
| “Parol Evidence Rule” | a.Oral evidence cannot be introduced in contradiction to written contract. b.Ambiguity is ruled in favor of person (not) writing contract. c.Oral evidence to clarify is acceptable to court – not contradictory oral evidence. |
| Tort | Any civil wrong other than breach of contract. |
| Negligence Torts | i. Duty of reasonable care ii. Breach of Duty iii. Proximate Cause (Foreseeability) iv. Injury |
| Defamation | Intent to harm reputation or character of someone. |
| Slander | Oral, saying something false about someone |
| Libel | Written, publication |
| Assault | Immediate apprehension of physical harm. i. Make someone feel threatened physically ii. Words and/or actions iii. Perception iv. Capability / immediate danger |
| Battery | Unexpected, unpermitted or illegal touching. i. Harm ii. Physical contact iii. Unexcused, unpermitted, illegal |
| Defenses to defamation | - Truth (Not defamation if it’s the truth) - Privilege (Politicians) within scope of privilege - Public figures (greater burden of proof) |
| “injurious falsehood” (“trade disparagement”) | A lie that was uttered with malice |
| Intellectual Property | Any property that results from intellectual, creative processes. |
| Trademark | A distinctive mark, motto, device or implement that a manufacturer stamps, prints or otherwise affixes to the goods it produces so that they can be identified on the market and their origins made known. |
| Exceptions to copyright protection | a.Educational Use b.Criticism c.Commentary d.Parody |
| Trade Dress | Refers to the image and overall appearance of a product. A broad concept of image and overall impression. |
| Partnership Liability | a.Unlimited Liability b.Personally liable for the debts of the partnership (exclusive of % of ownership) |
| Performance | Use of reasonable diligence & skill in performing the work. |
| Accounting | Fiduciary responsibility, a duty to keep an account of all property/funds that are received/paid-out. |
| Obedience | Duty to follow all lawful and clearly stated instructions. |
| Loyalty | Agent has the duty to act solely for the benefit of principal and not in the interest of themselves or 3rd party. |
| Notification | Required to notify the principal of all matters that come to agent attention concerning the subject matter of the agency. Agent has a “duty to inform”. |
| Respondeat superior | The principal employer is liable for any harm caused to a third party by an agent- employee- within the scope of employment. |
| Clean Air Act | a.Primary: Protecting the health of the people. b.Secondary: Protecting the environment & buildings. |
| The primary purpose/goal of the Clean Water Act 1972 | To eliminate pollution. Navigable Waters, Water Quality Standards, Effluent (and outflow including pollutants) Limitations, Total Maximum Daily Loads |
| Other goals of the Clean Water Act 1972 | i.Make waters safe for swimming ii.Protect fish & wildlife iii.Eliminate the discharge of pollutants in the water. |
| Why does Tort Law exist? | To compensate those who have suffered a loss or injury due to another person’s wrongful act. |
| LLC | Hybrid form of a company that combines limited liability aspects of a corporation but get tax advantages of a partnership. So they are not taxed twice |
| Proprietorship | Unlimited Liability Control-Proprietor |
| C Corporation | Limited Liability Control- Control-Shareholders, Directors, Officers |
| S Corporations (i.e. mom and pop) | Limited Liability Control-Shareholders, Directors, Officers |
| Limited Liability Company | Limited Liability Control-Equal among members |
| Limited Liability Partnership (LLP) | Limited Liability Control-Equal among partners |
| Implied authority | Agent can do what is reasonable necessary to carry out express authority and accomplish objectives of agencies |
| Apparent Authority | When a principal has placed an agent in a position of apparent authority- making it possible for the agent to defraud a third party- the principal may also be liable for the agent’s fraudulent acts. |
| Scope of Employment | When an employee is performing work assigned by the employer or engaging in a course of conduct subject to the employer’s control. |
| Frolic and Detour | The employee must substantially detour from their employer’s business for the employee to be personally liable on _____ and _____. If the detour is not substantial enough, the principal is liable. |
| Bona Fide Occupational Qualification (BFOQ) | Identifiable Characteristics reasonably necessary to the normal operation of a particular business. These characteristics cannot include race, national origin, and color. Mostly apply to gender and religion. |
| Quid Pro Quo | “Something in exchange for something else” Sexual favors are demanded in return for job opportunities, promotions, salary increase, and benefits. |
| Hostile environment harassment | Occurs when the workplace is permeated with discriminatory intimidation, ridicule, and insult, that is sufficiently severe or pervasive to alter the conditions of the victim’s employment and create an abusive working environment. |
| Philosophy of the pollution control prior to the 1960’s | “The solution to pollution is dilution”- As long as the pollution seemed relatively small compared to the area (land/water) it was in, it was acceptable. |
| Comprehensive Environmental Response and Liability Act (CERCLA) | Deals with abandoned sites with hazardous waste. |
| Superfund | Money to care for hazardous waste at an abandoned site(stop leaking or removal of harmful waste) |
| High carbon dioxide levels-global warming- Greenhouse Effect. | Pollutants and emissions are created and create a layer of greenhouse gasses in the atmosphere. This layer of gas makes it difficult for uv rays to be released back into the upper atmosphere after entering in the layer. This causes the earth to heat up. |
| Resource Conservation and Recovery (RCRA) | Comprehensive regulatory systems for hazardous wastes. |
Created by:
jklevin3085
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