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Chap 9 - 10

legal and regulatory environment of business

TermDefinition
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