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Business Law

TermDefinition
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