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Bus Ess - Legal

Business Essentials - Ethics & Legal Responsibility Unit

QuestionAnswer
Moral principles by which people conduct themselves personally socially or professionally Ethics
An action that results in unfair benefit Conflict of Interest
A written or unwritten agreement to exchange goods or services for something of value Contracts
1. Agreement 2. Competent Parties 3. Consideration 4. Legality Contract Basics
An offer must be made, and an acceptance must occur Agreement
Showing a willingness to enter into a bargain in such a way that another person would interpret that they could accept it and it would conclude negotiations. Can be words or actions, advertisements can be offers, negotiatons are not. Offer
Once an offer has been made, the other party can accept the offer in any reasonable way, including starting performance. Can back out until performance begins. Acceptance
Those entering into the contract must be of legal age and must be mentally competent Competent Parties
Something of measurable value must be exchanged by the parties involved. Both parties have to get something, doesn't have to be equal, can't be a gift. Consideration
The contract must be for a product or service that may be legally sold; also, no fraud or deception exists in the agreement. Legality
Failure to perform contract Breach
One party was tricked, fraud or duress, taking advantage of someone, if a company knows of a flaw, if terms require illegal behavior Things that Make a Contract Void
Plantiff is the state, guilty or non-guilty, guilty=prison, must prove guilt beyond a reasonable doubt Criminal Law
Plantiff is private party, liable vs. non-liable, liability results in paying damages, plantiff only needs preponderance of evidence Civil Law
An undesireable or unfortuante happening that occurs unintentionally and usually results in harm, injury, damage, or loss. Accident
The failure to exercise that degree of care, in the circumstances the law requires for protection of other persons Negligence
A civil wrong for which a remedy may be obtained in the form of damages Tort
Torts that are caused by the negligence of the person who commits the tort. Negligent Tort
Torts caused intentionally by the person. Intentional Tort
Torts where the law has determined that some activities are so dangerous that an individual engaging in those activities is liable for damages regardless of intent. Strict Liability Tort
1. Duty 2. Breach 3. Causation 4. Damages Basic Tort Elements
The amount of care that a person would exercise under the circumstances Due Care
If it wasn't for the person's actions would the injury have occured? Causation
Where the law wants to cut off liability for negligence. 1.Foresability 2.Direct Causation 3. Danger Zone Proximate Cause
All injuries can be reduced to a monetary amount. Damages
Created by: mryan396