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BusinessLaw101
| Question | Answer |
|---|---|
| Privity of Contract | Relationship between offeror & offeree |
| Sources of Law | Constitutions(Federal&State),Legislation,Municipal(Ordinances),Case Decisions, Treaties(Conventions),Administrative,Private Law(K) |
| Torts | Civil wrongs that interferes with one's property/person. (Ex.Legal Obligation,Negligence,Fraud,Assault&Battery,Kidnap,Emotional Distress,Liability,Wrongful Death,Trespass,Defamation) |
| Plaintiff in Criminal/Civil Cases | In Criminal Cases,the Govt., represented by the D.A. or Attorney General. In Civil Cases, plaintiffs are civilians, Corporations or the Govt. |
| Burden of Proof in Criminal/Civil Cases | Beyond a reasonable doubt in Criminal cases. Preponderance of evidence in Civil Cases |
| Penalty in Criminal/Civil Cases | Jail,fines,probation,community service,rehab, death in Criminal Cases. Money Damages in Civil cases. |
| Jury in Criminal/Civil Cases | Unanimous decision in Criminal Cases. Super-majority in civil cases(8/10 or 6/8). |
| Needs in a Contract(k) | Agreement(offer&acceptance),Competent Parties,Genuine Assent,Consideration,Lawful Purpose,(sometimes)written |
| Promisor | person who makes promise. |
| Promisee | Person to whom promise is made. |
| Offeror | Person who makes Offer. |
| Offeree | Person to whom Offer is made. |
| Express Contract | Agreement of parties by oral or written contract. |
| Implied Contract | Contract expressed by conduct or implied/deduced from the facts. |
| Valid Contract | Agreement that is binding & enforceable. |
| Voidable Contract | Agreement that is otherwise binding & enforceable but may be rejected at the option of one of the parties as the result of specific circumstances. |
| Void Contract | Contract has no legal effect. |
| Executory Contract | Agreement which has something to be done by one or both parties. |
| Executed Contract | Agreement that has been completely performed. |
| Bilateral Contract | Agreement where Each party is both promisor and promisee. |
| Unilateral Contract | A contract under which only one party is obligated to perform. |
| Quasi Contract | Court-imposed obligation to prevent unjust enrichment in the absence of a contract. |
| At-Will Contract | Either party can end the contract. (Ex. Jobs with no written contract) |
| Components of a VALID Offer | 1.Intent-No offer is made when person talks in anger, in opinion, or when invitation to negotiate is made. 2.Definiteness-Implied by law. Ex:time of performance,writing of contract, etc. 3.Communication-Offeree must know about offer |
| How to look at the Validity of an Offer | Look at intent objectively by standing in offeree's shoes. |
| Requirements Contract | Buyer agrees to purchase all items that he/she needs from one seller. |
| Output Contract | Seller agrees to sell all of its production to one buyer. |
| Components of a TERMINATED Offer | 1.Lapse of Time 2.Death/Mental Disability- offer dies with person/person's mental capacity 3.Change in Law- If action becomes illegal, contract is now illegal and is void. |
| Components of a TERMINATED Offer by a Party | Revocation of offer before an acceptance. The question now is when does the revocation and acceptance becomes effective. |
| An Option Contract | A contract to hold an offer to make a contract open for a fixed period of time. |
| A Firm offer | Offer stated to be held open for a specified time and cannot be revoked.(Ex. The UCC) |
| Uniform Commercial Code (UCC) | Sale of good to protect merchants with these requirements 1.Merchant offeror 2.Sale of Goods(NOT REAL ESTATE) 3.Written & signed offer 4.Assurance offer (Deadline cannot be revoked) |
| Promissory Estoppel | Doctrine that prevents promisor from withdrawing a promise made to an offeree if the latter has reasonably relied on that promise. There is no need for the reliance to be to the detriment of the promisee. |
| Counter-Offer | Acts as rejection of original offer w/ a new offer. Mirror rule- language must be absolutely the same as the offer, unequivocal, and unconditional. |
| Silence as Acceptance | Silence can not be acceptance. However, conduct can be acceptance. |
| Mailbox Rule | Rule that grants acceptance when sent in the mail. Is effective when out of offeree's control. The rule is not used when offeror uses language that would negate it. |
| Intestacy Statute | Refers to the body of law that determines who is entitled to the property from the estate under the rules of inheritance. |
Created by:
bja34
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