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Business Law
| Term | Definition |
|---|---|
| 3 branches of government | executive, legislative, judicial |
| Legislative | Makes laws: Congress, House of Representatives, Senate |
| Executive | Carries out laws: President, Vice President, Cabinet, Federal Agencies |
| Judicial | Evaluates laws: Supreme Court, Court of Appeals, District Courts |
| Types of Courts | US Supreme courts, State Supreme Courts, State Appellate Courts, State District Courts, Courts of Limited Jurisdiction, US Circuit Courts of Appeal, Federal District Courts, Specialty Courts |
| Statutes | |
| Common Law | |
| Precedents | |
| Equity | |
| Plain meaning | |
| Standing to sue | |
| Classifications of Law | Civil, Criminal |
| Functions of Law | Peacekeeping, gov. power/ personal freedom, reasonable expectations, economic growth, social justice, protecting environment |
| Kansas Courts | KS Supreme Court, KS Court of Appeals, District Courts, Small claims - Municipal Courts - Traffic/ other |
| Civil procedure | Summons, Pleading, Discovery, Summary Judgment, Pretrial Conference, Trial, Appeal |
| Pleading | Complaint, Answer, Reply |
| Discovery | Interrogatories, Request for Admission, Request for Production |
| Settlement | |
| Arbitration | |
| Court-Annexed Arbitration | |
| Mediation | |
| Summary Jury Trial | |
| Minitrial | |
| Nature of Contracts (CH9) | |
| Elements of a Contract | 1) Offer/ Acceptance, 2) Voluntary/ Capacity, 3) Legal/ Consideration |
| Bilateral Contract | |
| Unilateral Contract | |
| Valid Contract | |
| Enforceable Contract | |
| Voidable Conract | |
| Void Contract | |
| Express Contract | |
| Executed Contract | |
| Executory Contract | |
| Implied Contract | |
| Uniform Commercial Code - Art. 2 | Sale of goods & tangible, movable property |
| Common Law | Services, intangible goods, real estate |
| Hybrid Contracts | |
| Duty of Good Faith | |
| Unconscionable Contract | |
| Merchant v. Nonmerchant | |
| Restatement of (2nd) Contracts | |
| Quasi-Contract | Unjustly enrich, Matter of Law, Reasonable Value |
| Promissory Estoppel | Promisor induces reliance, injustice |
| Contract | voluntary agreement, enforce promise |
| 1st step in contract formation (CH 10) | |
| offeror vs offeree | |
| Intent to Contract | |
| Definiteness | |
| Common Law Standard | |
| UCC Standard | |
| Advertisements | |
| Rewards | |
| Auctions | |
| Bids | |
| Contract problem areas | Adverstisements, rewards, auctions, bids |
| Offer termination | terms, lapse of time, revocation, rejection, death/ insanity, destruction of subject matter, intervening illegally |
| Evidence of 3 factors, courts look for (CH11) | 1) Offeree intended to enter contract, 2) Offeree accepted terms from offeror, 3) Offeree communicated acceptance to offeror. |
| Acceptance must be | mirror image of the offer. Any attempt to add or change terms is considered a counteroffer. |
| Material variences btw offer and acceptance | counteroffer |
| UCC change for mirror image rule applied to sale of goods | Contract may be formed even when some variance btw terms, applying to preprinted forms would frustrate parties' true intent |
| Communication of acceptance bilateral contract | offeree must communicate his intent to be bound by the offer, promise, can be expressed or implied. |
| Communication of acceptance unilateral contract | offeree must perform required act to accept an offer, Offeror cannot revoke once performance has begun. |
| Stipulation | offeror has power to specify: time, place, manner - in which acceptance must be communicated |
| Instantaneous contract acceptance | face-to-face, telephone - "I accept" |
| Noninstantaneous contract acceptance | |
| Mailbox rule - traditional | Authorized (effective on dispatch), express or implied, non authorized (effective on receipt) |
| Mailbox rule - modern | effective on dispatch, any reasonable means |
| Mailbox rule under UCC | Acceptance by any reasonable means effective upon dispatch, attempted acceptance by unreasonable means is effective upon dispatch if it is received w/in reasonable time |
| Silence as acceptance | silence w/o more is not an acceptance, offeror cannot impose a duty to respond to the offer |
| Acceptance of Ambiguous Offers | Offer may be accepted in any reasonable manner when offer is unclear concerning manner of acceptance. |
| Acceptance upon shipment | a prompt promise to ship, prompt shipment of conforming or nonconforming goods |
| Consideration is | legal value, bargained for and given in exchange for an act or promise |
| Legal value | does/ agrees to do something w/ no prior duty to do, refrains from/ agrees not to do something w/ legal right to do, doesn't always have $ value. |
| adequacy of consideration | Courts don't care how much $, don't disguise a gift as consideration |
| Exchanges that fail to meet consideration requirements | Illusory promises, preexisting duties, forbearance to sue, past consideration, moral obligation |
| output contract | obligates one party to buy all of the output of the other party |
| requirements contract | obligates one party to buy all of its requirements |
| effect of exclusive dealing contract | gives distributor exclusive right to sell a mfg's products in particular territory. Duty to use best effort on seller, duty to provide goods by mfg. |
| preexisting duties | As general rule, performing or agreeing to perform a preexisting duty is not a consideration. Not committing a crime, not consideration - performance of his public resp. by a public official not consideration. |
| preexisting duty & contract modification under common law | an agreement to modify requires some new consideration to be enforceable |
| preexisting duty & contract modification under UCC | agreement to modify requires no new consideration to be enforceable, subject to principles of good faith & unconscionability. |
| Exceptions to consideration rule | |
| Promissory estoppel | |
| Contracts induced by these are voidable | misrepresentation, fraud, mistake, duress, undue influence |
| If contract ______, the protected party has power to _______ the contract | voidable - rescind |
| misrepresentation | an assertion that is not true |
| fraud | misrepresentation that is made with scienter (knowledge) |
| An untrue assertion of a fact | must be of a past or existing fact rather than an opinion or prediction |
| Requirements for rescission | untrue assertion of fact, fact material or assertion fraudulent, actual & justifiable reliance, economic injury if suing for damages for deceit |
| Requirements for rescission for fraud | committed knowingly w/ intent to deceive |
| untrue assertions of fact | Concealment, nondisclosure |
| untrue assertion of fact, concealment | through some active conduct is equivalent to a fraudulent assertion. |
| untrue assertion of fact, nondisclosure | when there is a duty to disclose may constitute a fraudulent assertion. |
| actual/ justified reliance | There must be a causal relation between the assertion and the decision to enter the contract (reliance). |
| mistakes & contracts | Under certain mistaken circumstances, parties may avoid their contracts |
| Requirements for mistake | Relates to basic assumption of contract, has material effect upon exchange, adversely affected party did not bear risk of mistake |
| Requirements for mistake, unilateral adds 2 elements | Nonmistaken party caused or knew, unconscionable to enforce the contract |
| Requirements for unilateral mistake to avoid contract | prove essential elements of mutual mistake PLUS nonmistaken party caused or knew of mistake OR unconscionable to enforce the contract |
| Duress | wrongful coercion that induces a person to enter or modify a contract. Contract voidable, plaintiff may rescind the contract |
| Physical duress | voids contract |
| undue influence | unfair persuasion or susceptible individual : relationship of trust/ confidence or dominance, persuasion unfair, person being influenced justifiably believes other looking out for best interest |
Created by:
kld0519
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