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Business Law QI:QI

Contract Law

QuestionAnswer
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