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Worsham Bus. Law Q1

Old definition of common law the old English law brought by our forefathers from England
Current definition of common law custom developed in England and is reconized by courts as binding on the community
acceptance an agreement to an offer resulting in a contract
assignee the party to whom the assignment is made
assignment a means whereby one party conveys rights to another person who is not a party to the original contract
assignor the party making the assignment
beneficiary recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will
breach of contract a situationin which one of the parties to a contract fails or otherwise refuses to perform the obligation established in the contract
business law those rules of conduct prescribed by a government and its agencies, regulating business transactions
compensatory damages an award paid to the injured party to cover the exact amount of their loss, but no more
complaint (petition) a written request initiating a civil suit
consideration that which the promisor demands and receives as the price for a promise
contract an agreement between 2 or more competent persons which is enforceable by law
couteroffer an intended acceptance which changes or qualifies the offer and is a rejection of the original offer
creditor beneficiary the person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor perfoms the promise
defendant the person against whom legal action is brought
discharge termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law
discovery pretrial steps taken to learn the details of the case
donee beneficiary a 3rd party beneficiary to whom no legal duty is owed and for whom performance is a gift
duress a means of removing one's free will; obtaining consent by means of threat to do harm to the person, his family or his property
executed contracts those contracts in which the parties have fulfilled the terms
executory contracts those contracts in which the terms have not been completely executed or fulfilled
express contract a contract in which the parties express their intentions, either orally or in writing, at the time of the agreement
felony a criminal offense that is punishable by confinement in prison or by death
fiduciary a relationship or trust and confidence, such as that which exists between partners in a partnership
formal contract those contracts that must be in special form or produced in a certain way, such as under seal
fraud the intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter tinto a contract to his/her detriment
implied contract one in which terms of the contract are implied by acts or conduct of teh parties
law (Blackstone's def) those rules of civil conduct commanding what is right and prohibiting what is wrong
liquidated damages a provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract
minor a person under full legal age; in most states the standard is under 18
necessaries (neccessities) items, required or proper and useful, for sustaining a human being at an appropriate living standard (food, clothing, shelter)
nominal damages a token award to symbolize vindication of the wrong done to the plaintiff; generally the award is $1000
navation the change of one of the parties to a contract at the mutual agrement of the original parties
offer an expression of willingness to enter a contractual agreement
offeree the person to whom an offer is made
offeror the party who initiates or makes an offer
ordinances laws enacted by local municipalities
petition (complaint) a written request initiating a civil suit
plaintiff the individual who initiates a civil action
price that consideration stipulated by contract, generally expressed in money or money's worth
punitive damages an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff
ratification confirming an act that was executed without authority or an act which was voidable
rescission canceling, annulling, avoiding
service contracts the contracting of services rather than goods
Sherman Antitrust Act legislation intended to promote competition among businesses by prohibiting restraint of trade
simple contract any contract other than a formal contract, whether written, oral or implied
stare decisis the principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future
statute of frauds a statute originally enacted by the English Parliament and now enacted in some form in all states, listing certain types of contracts which could be enforced only if in written form
statute of limitations a law that restricts the period of time within which an action may be brought to court
statutes laws which are enacted by legislative bodies
summons (process) a notice of complaint given to a defendant, defining the complaint and a time frame in which a response, or answer, must be filed, and which serves the purpose of conferring personal jurisdictin over the defendant
third party beneficiary person not party to a contract, but whom paries intended to benefit
tort a private or civil wrong, either intentional or caused by negligence, for which there may be action for damages
trial courts courts that conduct the original trial and render their decision
undue influence improper influence that is asserted by one dominant person over another, without the threat of harm
unenforceable contract an agreement which is not in the form required by law
usurious exceeding the maximum rate of interest which may be charged on loans
valid contract a contract which will be enforced by the court
void contract an agreement of no legal effect
voidable contract a contract that would be an enforcealbe agreement, but due to circumstances, may be set aside by one of the parties
the original law of the land or supreme law of the land Constitution
ordinances laws passed in a city, town or county
case law decisions of higher courts (supreme/apelet)
precednet 1st time a case of it's kind is ruled apon
administrative agency created by congress that have the power to regulate industries and implamint laws
FTC, OSHA and ADA are examples of administrative agencies
state court system trial court, court of appeals, supreme court
federal court system federal district court, court of appeals, supreme court
subpoena served to wittnesses
depositions recorded statements by other party thru Q & A
interrogatories written Q's the attorney submitted to the other attorney for client to answer
default when you are served a summons and do not answer or show up
what are the requirements of a contract 1-mutual agreement 2-competent parties 3-consideration 4-legal subject matter 5-formality
unilateral promise given in exchange for an act proformed
bilateral promise given in exchange for a promise
quasi parties have not agreed to anyting but is implied by law
a valid offer must have 1-offers must be definate 2-offers must be seriously intended 3-must be communicated to the offeree
invatations you are invited to make an offer such as ads, junk mail, flyers
mail box rule offer request acceptance in writting it becomes a mutal agreement when it's post marked
according to common law when is a person an adult 21
contracts with minors are voidable on the minors part, except for neccessaries
disafirmance of a contract a minor can repudiate the contract only until 17, after it becomes radified
injudicatioin declared incompitent by a judge
people that are injudicated that are apart of a contact, what happens to their contracts they are void
people that are mentally incompitent but have not been injudicated, their contracts are avoidalbe, just as a minors
forebarence promising to refrain from doing something you have a legal right to do but must be resonible
defective agreements where one or both parties have made a mistake
what are the 2 types of defective agreements if 1 party makes a mistake (unilateral) and if both made a mistake (mutual mistake)
when a unilateral error is made, what becomes of the contract remains enforcable except if the other party knew of the mistake or caused it intensionally
when a mutual mistake is made, what becomes of the contract it's unenforcable therefore it is void
divisable contract multiple parts, each part can be carried out individually. If any part is carried out illegally or any part is illegal, the legal parts can still be carried out
indivisable contract everything is carried out all together, at once. If any part is illegal the entire contract is void
Sunday contracts contracts entered into on a sunday, void in some states
Gambling contracts when parties stand to win or lose by chance
usurious contracts rate of interest on a loan of money
usury laws restrict the intrest rate on a loan
usuer going above the interest rate set forth by usury laws
legal rate of interest what the state says is the max interest you can charge when not agreed in a contract
maximum contract rate what the state says is the max interest you can charge when the rate is agreed apon in a contract, typically higher then the legal rate
contracts that unreasonalby restrain trade contracts not to compete and contracts that restrain trade
contracts not to compete are reasonable if time frame and geographical location are reasonable
contracts that restrain trade limits competition by price fixing
Sherman Antitrust Act & Clayton Act affect interstate competitor to restrick trade
what are the 5 ways a contract can be terminated 1-proformance 2-operation of law 3-volunteerary agreement of parties 4-impossibility of proformance 5-acceptance of breach
profomance when the contract has been substantually completed to the satisfaction of all parties
discaharge by opperation of law law can discharge contract or bar action from being taken (impssibility of proformance, becomes illegal, bankruptcy, statutes of limitations expired)
Created by: 1157564676