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Business Law Qtr 1

QuestionAnswer
Rule of civil conduct commanding you to do what is right and prohibiting you from doing what is wrong Law
Old judge made law that our founders brought from England based on custom & usage that the courts recognized as being binding on the community Common Law
Any law that is a formal enactment of legislature Statute
Laws that are formally enacted by the legislature Statutory Law
Statute enacted by local gov't Ordinance
Gov't body or commission created by state or federal gov't (ex. OSHA, FTC) Administrative Agency Laws
The supreme law of the land that defines the relationship between the branches of gov't and its people Constitution/ Constitutional Law
First 10 Ammendments of the Constitution Bill of Rights
Those laws which relate to business or commercial transactions Business Law
Decisions of the higher courts that set precedents Case Law
Violation of a statute or ordinance; offense against society as a whole Crime
Civil wrong committed against a person or their property Tort
What is the purpose of the court? To listen to the facts/evidence and they apply those facts to law
2 Types of jurisdiction a court must have Subject Matter Authority & Personal Jurisdiction
Person filing a suit against another Plaintiff
Proper place to file a suit Venue
Recieving something that isn't money Equity
2 Classifications of Courts Federal & State
When a suit is filed on the state level, it will be first heard in.... Trial Court (Court of Original Jurisdiction)
The Appellate Courts are made up of the..... Court of Appeals & Supreme Court
When one party fails to perform a contract Breach
When a suit is filed on the federal level, it will first be heard in the.... Federal District Court
A statement issued by the Supreme Court saying they will hear a case and asking to produce the records of the case Writ of Certiorari
When one person sues another Lawsuit
Person being sued Defendant
Document issued to produce a witness Subpoena
Means of obtaining information from the other party before a trial begins Discovery
2 Methods of Discovery Deposition & Interrogatories
Decision of the jury Verdict
Legally enforceable agreement between two or more competent people where one party or the other would be able to file suit in a court of law if the other party breached the document Contract
Requirements of a Valid Contract Mutual Agreement Consideration Legally Competent Parties Composed of legal subject matter Formality
Contract that is completely enforceable by law Valid
Contract that is completely unenforceable by law Void
Contract that is valid but may be avoided because of certain circumstances Voidable
Where all the terms of a contract have been fully set forth by the parties and fully known Expressed
Where all the terms of a contract have not been set forth Implied
Contract that is imposed upon the parties by law Quasi
Contract that has been fulfilled Executed
Contract that has not been fulfilled Executory
Contract that requires a formality Formal
Contract that does not require a formality Simple
Contract calling for an act to be given in the future for a promise Unilateral
Exchange of promises Bilateral
In mutual agreement, the proposal is made by the ______ Offeror
The agreement is accepted by the _____ Offeree
3 Requirements for a Valid Offer Must be definite Must be seriously intended Communicated to offeree
Acceptances can be made in writing if put into the mail the acceptance date is the postmarked date Mailbox Rule
Proposed acceptance of an offer by changing the original offer Counter Offer
Can the offer be revoked at any time before acceptance? Yes
If an offeror accepts some consideration to keep an offer open for a certain amount of time, they must do so. This is an ________ Option Contract
To be considered a minor they must be..... 17 years old or younger
Under common law, a minor was under.... 21 years old
Contracts with minors are ______ Voidable
Repudiation of a contract by a minor Disaffirmance of the Contract
Silence after reaching adulthood is _____ Radification
If someone has been adjudicated, every contract they make thereafter is ________ Void
If someone has not be adjudicated but are mentally incompetent, their contract is ________ Voidable
An act or promise to act or to forebear from acting where you had a legal right to do so given up in exchange for the other party to the contract's promise or action or refraining to act Consideration
Wherein 1 or both parties have made a mistake on something Defective Agreement
When 1 person made a mistake Unilateral Mistake
When both parties have made a mistake Mutual Mistake
If there is a mutual mistake will it affect the validity of a contract? Yes, it will be void
2 Types of Fraud Fraud in the Inducement & Fraud in the Execution
A contract in which there was fraud in the inducement is _______ Voidable
A contract in which there was fraud in the execution is ______ Void
A contract created under duress is _______ Voidable
A contract created with undue influence is _______ Voidable
Multiple parts of a contract that are performed seperately or in stages ex: Funeral Contract Divisible Contract
Are gambling contracts illegal by statute? YES
Sunday contracts are _______ Illegal
Usurious contracts are _________ Illegal
In a divisible contract, can a judge enforce parts of the contracts that are legal? Yes
If someone enters into a contract with someone who doesn't have a license, the contract is _________ Void
Contracts that unreasonably restrain trade are _________ Illegal & Void
Certain contracts must be in writing to be enforced if there is a breach in the contract Statute of Frauds
Person named in a will to take care of an estate Executor
Person appointed by a court to take care of an estate Administrator
Once you have a written contract, if there was a breach and a suit is filed, you can't introduce oral testimony to vary the terms of the contract into evidence Parol Evidence Rule
Person assigning rights of a contract Assignor
Person recieving the assigned rights of a contract Assignee
A transfer of duties Delegation
Delegation of responsibility to another person which forms a new contract with the customer Novation
1.) That you are the true owner of the right 2.) That what you are assigning is valid 3.) That there are no defenses the other party can raise for no performance Warranties of an Assignor Under Contract
At least 2 people on one side of the contract Multiple Party Contract
If 2 people agree to perform an obligation together Joint Contract
If 2 people agree to perform seperately and do their parts of a contract Several
When 2 people agree to perform jointly and seperately Joint & Several
Created by: sbarton