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Chap 9 - 10
legal and regulatory environment of business
| Term | Definition |
|---|---|
| Rules of Interpretation | Businesses use printed form contracts // Parties type or handwrite additional terms to printed contracts. |
| Parol Evidence Rule | Prohibits testimony about the oral // Applies to evidence of oral agreements made at the time of or prior to the written contract |
| Duty of Performance | Performance required by the other party as promised in the contract |
| Discharged | Occurs when the party is relieved from all further responsibility of performance |
| Condition precedent | If something must take place in the future, before a party has a duty to perform |
| condition subsequent | Excuses contractual performance if some future event takes place |
| Express conditions | Explicitly mentioned in the contract governing performance |
| Implied conditions | Not explicitly mentioned but can be read into the parties obligations to perform |
| Concurrent Condition | Parties have a simultaneous duty of performance |
| Delivery | Legal term referring to transfer of possession from the seller to the buyer |
| Tender performance | Offer to perform |
| Substantial Performance | Represents a less than full performance // work done is sufficient to avoid the claim of a breach // party who substantially performs is entitled to a partial recovery under the contract // more than some performance and greater than significant performan |
| Divisibility of Performance | Contract can be divided into segments or installments in terms of performance // benefit of divisibility views the duty to perform as a series of smaller contracts // reduces the amount of disputes that arise due to nonperformance |
| Excuses for Nonperformance | Party who refuses to perform a promise can be sued for breaching the agreement // Legitimate excuse for nonperformance results in a party being discharged from contractual performance |
| Impossibility of Performance | Excuses a party's nonperformance // contract becomes impossible to perform if subject matter of the contract is destroyed // Impossibility must be objective and apply to any party in a similar circumstance |
| Commercial Impracticability | Permits a party of a sale of goods contract to receive discharge from performance // depends upon the circumstances of the situation |
| Waiver | Occurs when a party intentionally relinquishes a right to enforce the contract // happens after a contracting party fails to perform |
| Release | Occurs when a party declares the other party does not have to perform as promised // happens before a contracting party fails to perform |
| Beach of Contract | Arises when a party does not accomplish the obligation of contractual performance |
| Breach of contract Remedies | Damages awards // compensatory // consequential // Liquidated |
| Breach of contract Equitable | Specific performance // Injunction // Rescission |
| Efficient Breach | Breaching contract by monetarily compensation the non-breaching party according to the contract terms // Parties arrive at a better position than if the contract was performed |
| Tort | A civil wrong other than breach of contract // limits how people act and use their resources |
| Intentional Torts: Intent | Desire to bring about certain results // Results are substantially like to result from an action |
| Assault | Placing of another in immediate anxiety for his or her physical safety |
| Battery | Illegal touching of another |
| Infliction of mental distress | battery to the emotions // arises from outrageous conduct that has a chance of causing mental distress in the victim |
| Invasion of privacy | Comprises invasions of personal interest // using a person's name or likeness for personal gain |
| False Imprisonment | Intentional unjustified confinement of a non-consenting person |
| Malicious prosecution | causing someone to be arrested criminally without proper grounds |
| Trespass | Entering another's land without consent or to remain there after being asked to leave |
| Conversion | Wrongful exercise of dominion and control over resources |
| Defamation | Publication of untrue statements about another that hold up that individual's reputation to ridicule |
| Fraud | Intentional misrepresentation of a material fact that is relied upon by someone to his or her injury |
| Injurious Falsehood | Publication of untrue statements that disparage the business owner's product or its quality |
| Negligence | Major area of tort which involves unreasonable behavior that causes injury // Duty of care, Breach of duty, Causation in fact, Proximate causation, Actual injury |
| Duty of Care | Without a duty to another person, one does not owe that person reasonable care // duty arises out of a person's conduct or activity // one has no duty to avoid injuring others through on-conduct or lack or relation |
| Malpractice | Negligence of professionals |
| Breach of Duty | Unreasonable behavior that breaches the duty of care that defendant owes to plaintiff |
| Cause in fact | Plaintiff must prove that the defendant actually caused the injury |
| Proximate Causation | Represents the proposition that those engaged in activity are legally liable only for the foreseeable risk that they cause // doctrine requires the injury to be caused directly by the defendants negligence |
| Affirmative defenses: Contributory negligence | Plaintiff's fault. Doctrine of comparative responsibility |
| Affirmative Defenses: Assumption of Risk | Plaintiff's knowing and willing undertaking of an activity |
| Strict Liability in Tort | Injury-causing behavior that is neither intentional nor negligent |
| Strict products liability | Seller who wells an unjustly dangerous faulty product that causes injury to a user of the product is strictly liable |
| Production defects | Not created to standards |
| Design defects | Injury caused due to unsafe design |
| Ultra hazardous Activity | Transporting and using explosives and poisons // keeping dangerous wild animals // artificial storage of large quantities of liquid |
| Dram shop acts | Business that sells alcohol // selling to intoxicated person who goes out and causes damages. your business can be sued for damages |
| Intentional Torts: Intent | Desire to bring about certain results // Results are substantially like to result from an action |
| Assault | Placing of another in immediate anxiety for his or her physical safety |
| Battery | Illegal touching of another |
| Infliction of mental distress | battery to the emotions // arises from outrageous conduct that has a chance of causing mental distress in the victim |
| Invasion of privacy | Comprises invasions of personal interest // using a person's name or likeness for personal gain |
| False Imprisonment | Intentional unjustified confinement of a non-consenting person |
| Malicious prosecution | causing someone to be arrested criminally without proper grounds |
| Trespass | Entering another's land without consent or to remain there after being asked to leave |
| Conversion | Wrongful exercise of dominion and control over resources |
| Defamation | Publication of untrue statements about another that hold up that individual's reputation to ridicule |
| Fraud | Intentional misrepresentation of a material fact that is relied upon by someone to his or her injury |
| Injurious Falsehood | Publication of untrue statements that disparage the business owner's product or its quality |
| Negligence | Major area of tort which involves unreasonable behavior that causes injury // Duty of care, Breach of duty, Causation in fact, Proximate causation, Actual injury |
| Duty of Care | Without a duty to another person, one does not owe that person reasonable care // duty arises out of a person's conduct or activity // one has no duty to avoid injuring others through on-conduct or lack or relation |
| Malpractice | Negligence of professionals |
| Breach of Duty | Unreasonable behavior that breaches the duty of care that defendant owes to plaintiff |
| Cause in fact | Plaintiff must prove that the defendant actually caused the injury |
| Proximate Causation | Represents the proposition that those engaged in activity are legally liable only for the foreseeable risk that they cause // doctrine requires the injury to be caused directly by the defendants negligence |
| Affirmative defenses: Contributory negligence | Plaintiff's fault. Doctrine of comparative responsibility |
| Affirmative Defenses: Assumption of Risk | Plaintiff's knowing and willing undertaking of an activity |
| Strict Liability in Tort | Injury-causing behavior that is neither intentional nor negligent |
| Strict products liability | Seller who wells an unjustly dangerous faulty product that causes injury to a user of the product is strictly liable |
| Production defects | Not created to standards |
| Design defects | Injury caused due to unsafe design |
| Ultra hazardous Activity | Transporting and using explosives and poisons // keeping dangerous wild animals // artificial storage of large quantities of liquid |
| Dram shop acts | Business that sells alcohol // selling to intoxicated person who goes out and causes damages. your business can be sued for damages |
Created by:
kpatrick21
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