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Business Law QI:QI
Contract Law
| Question | Answer |
|---|---|
| a rule of civl conduct commanding you to do what is right and prohibiting you from doing what is wrong | law |
| original law produced in the US-old judge-made law that our forefathers brought from England | common law |
| laws based on custom and usage which the court recognize as being binding on the people | common law |
| any law that is a formal enactment of a legislature (federal or state) | statute |
| a statute that is enacted by local government (any gov below the state level) | ordinance |
| governmental body/commission created by either a state or federal government such as FTC or OSHA | administrative agency laws |
| first law of the US-supreme law of the land, all other laws are derived from it | US Constitution |
| document that defines the relationship btw the different parts of the government and the relationship btw the government and its people | US Constitution |
| relief awarded to the plaintiff OTHER than monetary damages | equity |
| first 10 amendments to the Constitution | bill of rights |
| laws which relate to business or commercial transactions, such as contracts between merchants | business law |
| decisions of the higher courts (appellate judges and supreme court decisions) are made into this kind of law | case law |
| latin for "stand by the decision"-guides decision-making in similar cases | stare decisis |
| a violation of a criminal statute or ordinance-offense against society as a whole | criminal law |
| a civil wrong, a wrong committed against a person or their property | tort |
| to listen to facts and testimony, review documents, and apply those facts to the interest of law involved | purpose of court |
| court must have authority to hear that type of case, called | jurisdiction |
| two types of jurisdiction: | 1) subject matter jurisdiction 2) personal jurisdiction |
| how do you get personal jurisdiction for: 1) plaintiff, 2) defendant | 1) voluntarily submit when they file suit, 2) summons |
| how do you secure a witness for testimony? | subpoena |
| the court with the original jurisdiction of the case in a state issue | trial court |
| what is the condition for appeal? | must be a matter of law at hand |
| second court that may hear a case at state level | first court of appeals |
| third court that may hear a case at state level, if appealed | Supreme Court of that State |
| court of original jurisdiction at the federal level | Federal District Court |
| if appealed at fed level, first go to | Court of Appeals |
| if appealed after Court of Appeals, my petition to be heard at | US Supreme Court |
| document to petition for US Supreme Court to hear your case appeal: | Application for a Writ of Certiorari |
| person who files the lawsuit to bring action against another | plaintiff |
| the name for a lawsuit (2 names) | petition or complaint |
| person being sued | defendant |
| in a civil matter the plaintiff is always: (2) | an individual OR a corporation |
| in a criminal matter, the plaintiff is: | the people of the state of ____ |
| a document issued to a person to obtain witnesses, who is not a party to the lawsuit | subpoena |
| a means of obtaining information from the other party to a suit before the trial begins | discovery |
| oral examination of a party under oath (taken down by a court reporter) - type of discovery | deposition |
| written questions that are submitted by your attorney to the other party which they must answer - type of discovery | interrogatories |
| decision of the jury | verdict |
| statements of the attorneys advising the jury what the case is all about and what you're trying to prove | opening statements |
| attorney speaks to the jury to summarize the facts and sway them to a favorable outcome for their client | closing arguments |
| a legally enforceable agreement btw two or more competent people | contract |
| 4 requirements for a valid contract | 1) mutual agreement 2) legally competent parties 3) consideration 4) contract must be composed of legal subject matter |
| contract with no formality attached is considered | simple |
| contract where a formality is required is considered | formal |
| a witness, notary, or seal on a contract is | formality |
| implies a social arrangement, not enforceable by law | agreement |
| involves a business transaction of some sort, enforceable by law | contract |
| All agreements are contracts, but not all contracts are agreements. TRUE or FALSE? | FALSE. All contracts are agreements, but not all agreements are contracts. |
| failure of one of the parties to a contract to perform | breach |
| contract that is completely unenforceable at law | void |
| contract that is completely enforceable at law | valid |
| a contract that is valid but may be avoided because of certain circumstances, one or both of the parties may agree to set it aside | voidable |
| a contract wherein all of the terms have been fully set forth by the parties (can be oral) | expressed |
| contracts wherein all of the terms have not been set forth-we infer from the parties' actions what the terms of the contract are | implied |
| sometimes parties don't actually agree to anything, but there are rights and obligations imposed by law on the parties due to certain circumstances (ex: if the landlord doesn't kick you out, it's assumed that you are allowed to rent for the next month) | quasi |
| all of the terms of a contract have been fulfilled | executed |
| if the parties have not yet performed all of the terms of the contract | executory |
| contract calling for an act to be given in the future for a promise made | unilateral |
| an exchange of promises | bilateral |
| 3 Essential requirements of an offer and proposal (mutual agreement) | 1) must be definite (know exactly what the offeror proposes) 2) must be seriously intended 3) must be communicated to the offeree |
| who can accept a proposal? | only the offeree or their agent |
| mutual agreement is valid once the written acceptance has been postmarked | postmark rule |
| a proposed acceptance that alters the terms of the original offer | counter-offer |
| TRUE or FALSE: offeror may revoke the offer at any time prior to acceptance | TRUE-UNLESS! The offeror accepted some consideration to keep the offer open for a certain period of time |
| when the offeror agrees to keep an offer open for a certain period of time and accepts some consideration to do so, then the offeror is bound | option contract |
| under common law, adulthood for contracts was | 21 |
| under statutory law, adulthood for contracts is | 18 |
| if a minor enters into a contract it is ______-at the option of whom? | voidable, option of the minor-EXCEPT for necessities (must pay the cost for the necessities that he/she received) |
| act of avoiding a contract (2 terms) | 1) disaffirmance of the contract OR 2) repudiation |
| when can a minor disaffirm a contract? | only when in minorhood |
| silence after adulthood is reached is consideration _____ of the contract | ratification |
| if a person is adjudicated as "mentally incompetent", every contract they enter thereafter is | void |
| if a person has not been adjudicated as mentally incompetent, any contract the individual enters is treated is if it were the contract of | a minor |
| anything of value given up in a contract (money, services, merchandise) | consideration |
| an act or a promise to act of to forbear/refrain 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 |
| you can promise NOT to do something as part of consideration as long as it's something you would have had a legal right to do | forbearance |
| does partial payment of a past due act as consideration to discharge the entire obligation? | NO, but 4 exceptions. |
| Exception 1: amount owed is in dispute, the creditor accepts the lesser sum, the obligation is | discharged |
| Exception 2: debtor has several creditors that he owes $ to, all creditors agree to accept a lesser sum to avoid debtor filing bankruptcy | composition of creditors agreement |
| Exception 3: creditor accepts a lesser sum and issues | a receipt acknowledging payment in full |
| Exception 4: if a collateral note was not originally signed as part of the agreement, and offers personal property as collateral plus lesser sum | exchanges unsecured note for secured not, it's enforceable |
| money in exchange for nothing, to a charitable organization can be enforced without dual consideration | pledge |
Created by:
amyziolkowski
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