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Business Law

Chapter 7

What is an express term? Ambiguous or explicit promise
What is an implied term? Intended not expressly. Judge is entitled to add implied terms and there is statutory requirements. Also, implied terms are for parties with previous dealings.
What is quantum meruit? (Contractual) Awards one party a reasonable sum for goods
How do courts interpret contracts? Rules for construction, parole evidence rule ( Limits evidence for parties or contents), statutory requirements, entire contract clause ( Agree complete as written), and electronic contracts ( Person who introduces must prove authenticity) .
What are the contractual terms to managing risks? Changed circumstances similar to frustration and conditional agreements, such as: Condition subsequent: Condition when occurs contract ends and condition precedent: condition when occurs suspends parties contracts obligations to perform
How do you manage liability? By limitation of liability, exemption clause, and liquidated damages clause ( How much one part will owe the other in breach)
What is a standard from contract? Take it or leave it, read and understand before signing because it is non-negotiable and protect your own interest
What is shrink wrap? Is enclosed terms with product ( Prepackaged)
What is click wrap? User agrees to terms when buying or downloading stuff ( License)
What is browse wrap? Accept terms on the site
Created by: Marlenathibeault