Business Law
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| show | Law
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| Determines rights/duties of those in society. | show 🗑
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| show | Procedural Law
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| Concerned with the punishment of those who commit crimes. | show 🗑
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| Concerned with private duties people owe each other (including corporations). | show 🗑
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| show | Tort Law
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| Monetary compensation for loss/injury. | show 🗑
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| show | Punitive Damages
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| Counterbalancing influences by which a system is regulated, typically ensures that power isn't concentrated. | show 🗑
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| show | Supremacy Clause
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| show | Commerce Clause
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| show | Taxing Power
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| Under the 16th Amendment, Congress can collect taxes on incomes from any source. | show 🗑
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| show | Bill of Rights
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| Guarantee certain rights to the people (ex. Free speech, freedom of religion and privilege against unreasonable search and seizure). | show 🗑
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| 5th & 14th Amendment say no one shall be "deprived of life, liberty or property without due process of law." | show 🗑
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| A system of government in which entities such as states share power with a national government. | show 🗑
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| Makes up the entire criminal law, the law applicable to sales of goods and almost all law limiting business activities. | show 🗑
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| show | Ordinances
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| show | Independent Agencies
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| A President's or Governor's declaration that has the force of the law. | show 🗑
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| Usually based on existing statutory powers and requires no action by Congress or state legislature. | show 🗑
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| The body of English law as adopted and modified by the U.S. states and federal government. | show 🗑
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| show | Equity
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| show | Judicial Review
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| Higher courts may decide that lower courts may decide that lower court decisions are invalid. | show 🗑
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| show | Private Law
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| show | Legal Reasoning
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| show | Legal Interpretation
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| show | Plain Meaning
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| Most courts refer to this when a statute's language is unclear. | show 🗑
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| Involves an examination of investigative committee reports, legislative hearings and press announcements. They also may look at discrepancies between how a bill was introduced and how it was enacted for help interpreting its meaning. | show 🗑
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| show | Purpose
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| show | Public Policy
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| show | Ex Post Facto Laws
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| show | Stare Decisis
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| show | Overrule
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| show | Distinguish
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| show | Jurisprudence
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| Sees law as the command of legit authority and believe it must be enforced to the letter. | show 🗑
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| Confine their analysis to the plain meaning of the words and, when needed, its legislative history. | show 🗑
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| show | Natural Law
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| One criticism is that it does not offer the same predictability of legal positivism because each judge's sense of morality may differ. | show 🗑
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| Stress the need for law to keep pace with changes in society. | show 🗑
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| show | Sociological Jurisprudence
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| Focuses on law in action rather than on the theoretical rules themselves. | show 🗑
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| Suggests that decision makers hide the motives for their decisions behind laws. | show 🗑
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| Premised on the notion that the truth and justice, will prevail, if each party to a legal dispute is represented by legal counsel. | show 🗑
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| Prevents an attorney from telling confidential information told to the lawyer by a client/potential client. | show 🗑
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| Protects materials prepared in anticipation of legislation from discovery discovery by opposing counsel. | show 🗑
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| show | Malpractice
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| show | Preventive Law
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| show | Negotiation
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| show | Alternative Dispute Resolution (ADR)
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| show | Alternative Dispute Resolution (ADR)
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| show | Alternative Dispute Resolution (ADR)
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| show | Mediation
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| Often tries first to communicate the positions of the parties to each other then proposes a basis or several bases for settlement. | show 🗑
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| They merely facilitate negotiation; no award or opinion on the merits of the dispute is given by the mediator. | show 🗑
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| If a mediation is successful, it can result in this. | show 🗑
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| Is another widely used alternative to settling disputes in court. It can be used after mediation fails or instead of it. | show 🗑
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| Unlike mediation, the 3rd party to whom the dispute is submitted decides the outcome. | show 🗑
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| The U.S. and most of its trading partners are signatories to this treaty, which is the legal framework by which the international community regulates the enforcement of arbitral agreements and awards. | show 🗑
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| show | World Trade Organization (WTO)
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| show | North American Free Trade Agreement (NAFTA)
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| show | North American Free Trade Agreement (NAFTA)
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| (1) Executives of the disputing companies, who have settlement authority, hear a shortened presentation of the case by the lawyers for each side. (2) The executives then meet with the lawyers to negotiate a settlement. | show 🗑
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| show | Mini-Trial
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| show | Summary Jury Trial
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| show | Summary Jury Trial
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| show | Private Judging
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| An individual appointed within an organization to settle disputes, to private panels, to small claims court. | show 🗑
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| A form of arbitration in which the arbitrators start as a mediator but in the event of a failure of mediation, the arbitrator imposes a binding decision. | show 🗑
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| When events occurring after the filing of the lawsuit have made decision beside the point. | show 🗑
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| show | Jurisdiction
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| Generally does not exist unless the defendant has some close connection with the territory where the suit is brought. | show 🗑
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| Is likely to exist if the defendant is a resident of the territory where the court is located or if a non-resident defendant is physically present in that territory. | show 🗑
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| show | Personal Jurisdiction
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| show | Venue
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| Parties who feel they cannot get a fair trial in the designated area can ask the courts for a change of venue. | show 🗑
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| show | Courts of Record
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| show | Courts of Record
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| show | Trial De Novo
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| show | Inferior Courts
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| A lower court which usually tries criminal misdemeanors and civil lawsuits involving lesser amounts of money than superior, district or county courts. The authority, importance and geographical area covered differ from state-to-state. | show 🗑
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| In these courts, the procedures are informal, the parties may argue their own cases and the judicial officer (may not be a lawyer) determines both the facts and the law and renders a decision. | show 🗑
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| show | Small Claims Courts
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| A body of procedural law that provides rules for courts to follow in deciding which state's law to apply. | show 🗑
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| An appeal from a district court is taken here, usually to the designated court for the region. They only review legal conclusions reached by lower federal courts. They also hear appeals from many federal administrative agency decisions. | show 🗑
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| show | U.S. Court of Appeals
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| Usually a case is heard by a panel of 3 judges but some may be heard en banc (by all the judges of that circuit). The 13th circuit, the U.S. Court of Appeals for the Federal Circuit, hears a wide variety of specialized appeals. | show 🗑
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| show | U.S. Supreme Court
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| If the Court does hear a case, an opinion is usually published. In most cases the justices don't all agree. Then there may be a concurring opinion and a dissenting opinion. These opinions don't have the force of the law and can't be cited as precedent. | show 🗑
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| show | Writ of Certiorari (Cert.)
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| show | Writ of Certiorari (Cert.)
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| States the reasoning of those who agree with the result | show 🗑
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| Minority opinion. | show 🗑
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| Comprised of the complaint, answer and reply. They are the first documents filed with the court, they start and define a lawsuit. They serve two major functions: (1) Inform the parties of each other's claims and (2) form the basis for a trial. | show 🗑
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| Only those matters included are tried in court. If a fact material has been omitted, a court may permit a party to amend it. | show 🗑
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| Lawsuits can have more than one plaintiff and/or defendant. Sometimes when a defendant's actions have injured many plaintiffs, their claims may be consolidated into a class action lawsuit. | show 🗑
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| Tends to the worry that plaintiffs' attorneys abused the class action system to the harm of class members by capping the amount of fees attorneys may get in cases where a settlement implies for recovery of coupons by members to amount of coupons regained. | show 🗑
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| show | Class Action Fairness Act (CAFA)
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| show | Class Action Fairness Act (CAFA)
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| show | Class Action Fairness Act (CAFA)
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| The first step in starting a lawsuit is filing this with the court. Information about the claim of the plaintiff and the remedy requested, usually damages of a certain amount, are listed in numbered paragraphs. | show 🗑
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| show | Complaint
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| No evidence will be permitted to be given at a trial that is not related to a material fact stated in it. | show 🗑
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| show | Summons
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| Usually served by the sheriff or other public official and only inside the court's jurisdiction. In state courts this is normally a county. In some cases, service by mail or leaving it at the defendant's residence or place of business is allowed. | show 🗑
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| show | Appearance
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| This has the same effect as if the plaintiff had won in court everything requested in the complaint. | show 🗑
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| show | Answer
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| A rule of law enabling defendant to win even if all of plaintiff's allegations are true. It must be supported by facts presented in the same manner as in a complaint. | show 🗑
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| show | Counterclaim
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| The defendant can do this instead of give an answer. If it is clear that plaintiff has no case, it would be wasteful for the case to continue and the motion would be granted. | show 🗑
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| show | Reply
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| show | Discovery
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| Modern rules are designed to ensure that both parties have equal access to the facts so that the case can be judged on its merits. Thus, an attorney can request a copy of almost any relevant document, file, photo, etc. that the other party may rely on. | show 🗑
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| A procedural device designed to narrow issues to be proved at trial or to facilitate a settlement. Was created to help deal with the increasing congestion in most civil courts. It is held in the judge's chambers. The parties & witnesses aren't present. | show 🗑
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| show | Pretrial Conference
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| Agree to. | show 🗑
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| Frequently, cases have to be postponed and another date set for any one of several reasons. | show 🗑
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| show | Opening Statements
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| Each witness is sworn and then examined by the plaintiff's attorney. | show 🗑
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| show | Cross-Examination
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| The plaintiff's attorney can examine witnesses after a cross-examination to clarify the plaintiff's view of the facts and perhaps minimize any negative effects created in cross-examination. | show 🗑
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| Following the end of testimony by witnesses for the plaintiff, the defendant's lawyer frequently makes this motion. The judge grants the motion only if plaintiff's evidence is inadequate to support their allegations. | show 🗑
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| If the motion is granted, a trial ends. If motion is denied and trial goes on then there's direct examination of the defendant's witnesses by the defendant's attorney, followed by cross-examination. This is mostly followed by trying this motion again. | show 🗑
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| The duty of a party in a trial to produce the evidence that will shift the conclusion away from the default position, to that party's own position. | show 🗑
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| A norm that must be met by the prosecution's evidence in a criminal prosecution: that no other clear explanation can be taken from the facts except that the defendant did the crime, thereby beating the belief that a person is innocent until proven guilty. | show 🗑
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| The plaintiff must have shown that it is more likely than not that what was alleged is true. | show 🗑
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| Jurors aren't permitted to leave the supervision of the court until excused to keep outside influences away. Once there is unanimous agreement (or the legal majority is required) on a verdict, the jury foreperson reports this to the judge. | show 🗑
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| show | Hung Jury
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| show | Judgment Notwithstanding the Verdict (Judgment N.O.V.)
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| Orders the sheriff to seize and sell enough of the defendant's property to satisfy the judgment. All states have exemption laws that exempt certain classes and amounts of a debtor's property from execution. | show 🗑
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| Is designed to reach things belonging to the debtor that are in the hands of 3rd parties (ex. wages). When property needed to satisfy the judgment is out of state, the plaintiff has to use that state's procedures. | show 🗑
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| show | Contempt of Court
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| show | Transcript
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| A written argument by both parties attorneys supporting their claims when appealing. | show 🗑
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| In order to successfully appeal, the party must show that the errors that were made were, ________/important enough to possibly change the trial outcome. | show 🗑
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| Uphold. | show 🗑
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| show | Reverse and Remand
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| show | Rights Theory / Deontological Ethical Theory
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| show | Teleological Ethical Theories
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| Judging an action by applying it universally. | show 🗑
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| Always act to treat humanity, whether in yourself or in others, as an end in itself, never merely as means. In short, don't manipulate others for our own self-interest. | show 🗑
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| Believe that there may be circumstances when actions like lying and killing could be morally acceptable. One popular theory believes that you should abide by a moral rule unless a more important rule conflicts with it. | show 🗑
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| show | A Theory of Justice by John Rawls
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| Each person has an equal right to basic rights and liberties. | show 🗑
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| Holds that social inequalities are acceptable only if they can't be eliminated without making the worst-off class even worse off. | show 🗑
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| show | Justice Theory
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| show | Utilitarianism
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| show | Act Utilitarianism
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| Under this theory, the action is viewed as part of a rule or habit. | show 🗑
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| A teleological theory based on the laissez faire theory of capitalism first espoused by Adam Smith. It contends that business managers should maximize a business's long-run profits within the limits of the law and that will optimize total social utility. | show 🗑
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| Under this theory, the primary objective of a business corporation is to maximize profits. | show 🗑
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| show | Criticism of Allocational Efficiency Rationale
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| A group of people who must reach a consensus on an acceptable level of risk often decide on a level of risk higher than the risk they would accept as individuals. | show 🗑
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| show | Groupthink
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| show | Foreign Corrupt Practices Act (FCPA)
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| show | Foreign Corrupt Practices Act (FCPA)
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| show | Grease Payments
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| Whenever a U.S. company retains foreign agents to solicit business abroad, it should establish a: | show 🗑
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| show | Background Check
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| show | Regular Audits
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| show | Intrastate Commerce
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| Crosses state lines and is within the federal government's authority to regulate if it chooses. | show 🗑
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| Occurs when a legislature expressly states that only the state can pass an ordinance, and that localities are forbidden from passing them. | show 🗑
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| show | Implied Preemption
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| The U.S. Constitution, in both the 5th & 14th Amendments, prohibits the government (federal, state and local) from taking real or personal property for public use without paying just compensation. | show 🗑
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| This clause has three primary components: (1) There must be a taking, (2) it must be for a public purpose, and (3) the private property owner is then entitled to just compensation. | show 🗑
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| show | Eminent Domain
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| This clause in the 5th Amendment prohibits the federal government from depriving any person "of life, liberty, or property, without due process of law." The 14th Amendment applies the same standard to the states. | show 🗑
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| show | Procedural Due Process
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| Government actions that are procedurally fair may still be unconstitutional if they are substantively unfair. This notion protects people from arbitrary/unreasonable government interference with their life, liberty or property rights. | show 🗑
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| When governmental rules limit only economic rights (property rights), the government is granted great discretion. When life or valued liberty interests are at stake, the governmental action will be struck down unless it passes rigorous judicial scrutiny. | show 🗑
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| The states are barred from discriminating against persons by this clause in the 14th Amendment. A like restraint against the federal government also exists since the courts have interpreted the Due Process Clause as including an equal protection section. | show 🗑
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| Courts use this analysis when assessing legislation limiting economic interests or inequity on the basis of non-suspect classifications. This is an highly lenient level of scrutiny that presumes the regulation is constitutional. | show 🗑
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| show | Strict Scrutiny Analysis
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| In determining if a right fits this label, the inquiry is whether the right involved is such that it cannot be denied without violating the fundamental principles of liberty and justice. | show 🗑
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| show | Intermediate Scrutiny Analysis
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| The courts have given this type of speech the highest degree of constitutional protection. Governmental restrictions on this kind of speech must undergo strict scrutiny analysis. | show 🗑
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| In the 1970s, the Supreme Court held this type of speech was entitled to some constitutional protection. Beyond the need for it to be truthful, the courts also analyze regulations with an intermediate scrutiny. | show 🗑
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| The act created a bipartisan administrative agency that was designed to provide expert and continuing enforcement of federal anti-trust policies and to prevent unfair competitive practices in the marketplace. | show 🗑
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| a document sent to an individual or business to halt purportedly illegal activity and not take it up again. The FTC has the power to issue these. | show 🗑
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| show | Trade Regulation Rules
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| Private (civil) wrongs against persons or property | show 🗑
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| show | Actual/Compensatory Damages
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| show | Punitive Damages
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| When both sides have presented their evidence, the greater weight of the believable evidence must be on the plaintiff's side. | show 🗑
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| show | Intentional Torts
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| This tort protects a person's right to be free from injurious or unpleasant physical contact with others. It is an intentional, unconsented-to touching that is harmful or offensive. | show 🗑
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| This tort is designed to protect people from threats of battery. It is putting another in apprehension of an imminent threat to their physical safety. No contact is necessary. | show 🗑
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| This tort protects both physical and mental interests. It is the intentional confinement of a person for an appreciable time without the person's consent. | show 🗑
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| show | Confinement
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| show | Outrageous Conduct
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| show | Libel
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| Oral defamation. | show 🗑
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| When a statement exposes a person to hatred, contempt or ridicule. | show 🗑
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| False statements about the quality of a company's products or services may give rise to a cause of action. | show 🗑
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| show | Actual Malice
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| Private persons who are famous or have involved themselves in some public controversy. | show 🗑
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| The concept that one's personal information is protected from public scrutiny. | show 🗑
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| Intrusion on a person’s solitude or seclusion. | show 🗑
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| Gives a remedy for the financial, emotional and reputational harm that can result when criminal proceedings are wrongfully brought. | show 🗑
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| show | Wrongful Use of Civil Proceedings
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| show | Abuse of Process
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| show | Abuse of Process
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| Any entry by a person onto land in the possession of another, unless the entry is done with the possessor's permission or is privileged. | show 🗑
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| The unlawful taking of or exercise of control over the personal property of another person. | show 🗑
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| show | Tort of Disparagement
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| This tort seeks to shield the sanctity of private contractual bonds. One who knowingly gets a person breach a contract with another or who stops performance of another's contract may be liable in damages to the party denied of the profits of the contract. | show 🗑
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| Intentional interference to drive away a person's customers or employees. | show 🗑
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| An unintentional breach of duty by the defendant that results in harm to another. A plaintiff in this kind of suit must prove these to recover: (1) the defendant had a duty not to injure the plaintiff (2) the defendant breached that duty, | show 🗑
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| show | Objective Standard
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| Generally, people who do not do what a statute requires are considered to be this because they are not acting as the "reasonable person" would. | show 🗑
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| show | Breach of Duty
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| show | Cause in Fact
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| show | Proximate Cause
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| show | Foreseeable
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| "The thing speaks for itself." This puts the burden on the defendant to show that the injury was not caused by their negligence. If the defendant fails to do so, they may be found liable. | show 🗑
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| show | Contributory Negligence
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| Arises when a plaintiff knowingly and freely assumes a risk of harm linked to the negligence of the defendant. If plaintiff has taken the risk, they can't get damages for harm resulting from defendant’s conduct, even if defendant was negligent/reckless. | show 🗑
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| This doctrine holds that even though plaintiff was negligent, they can still recover if it can be shown that the defendant had the "last clear chance" to avoid the harm. | show 🗑
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| show | Comparative Negligence
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| When a defendant's behavior indicates a "conscious disregard for a known high degree of probable harm to another," the defendant is guilty of this. | show 🗑
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| Means that a person who participates in certain kinds of activities is held responsible for any resulting harm to others, despite the use of the utmost care and caution. | show 🗑
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| Deals with the rules for securing and enforcing legal rights to inventions, designs, and artistic works. | show 🗑
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| Provide their owners with the exclusive right to make, use or sell an invention or process during the patent period. It is generally effective for 20 years from the filing date. It deprives rivals of the opportunity to use the invention without consent. | show 🗑
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| show | First to Invent Standard
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| show | First to File Standard
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| This certificate doesn't entitle its holder to exclusive use of the creation, it does require all users to pay royalties to the holder if they exploit the invention. | show 🗑
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| show | Compulsory Licensing
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| A distinctive word, name, symbol or device used by a business to distinguish its goods from those of its competitors. | show 🗑
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| Descriptive terms that identify the businesses themselves, rather than their products or services are called this. | show 🗑
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| A legally registered name or designation used in the manner of a trademark to distinguish an organization's services from those of its competitors. | show 🗑
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| show | Distinctive
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| Bear no logical or suggestive relation to the actual characteristics of the goods. | show 🗑
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| Suggest rather than describe the characteristics of the goods. | show 🗑
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| show | Descriptive Terms
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| Function as the common descriptive name of a product class. | show 🗑
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| show | First in Time Equals First in Right
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| Says that priority of trademark rights in the U.S. depends solely upon priority of use in the U.S., not on priority of use anywhere in the world. Earlier use in another country usually doesn't count. | show 🗑
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| show | Trademark Dilution Laws
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| Prohibits the unauthorized reproducttion of creative works such as books, magazines, drawings, etc. It generally lasts for the life of the author plus 70 years, because of various amendments, the precise life of a copyright may vary. | show 🗑
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| Occurs when a person without authorizaton reproduces, distributes, displays, or performs a copyrighted work, or prepares a derivative work based on a copyrighted work. | show 🗑
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| show | Fair Use
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| One who knowingly causes or materially contributes to copyright infringement, by another but who hasn't participated in the infringing acts themselves, may be held liable as a contributory infringer if they had knowledge of the infringement. | show 🗑
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| show | Trade Secrets
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| The person who owns the intellectual property. | show 🗑
|
||||
| show | Licensee
🗑
|
||||
| show | Granting Clause
🗑
|
||||
| show | Exclusive License
🗑
|
||||
| The licensor can license the technology to others in their territory. | show 🗑
|
||||
| show | Grant-Back Provision
🗑
|
||||
| show | Technical Service Clause
🗑
|
||||
| When the licensed technology is a trade agreement, this clause restricts the licensee's right to disclose the information. | show 🗑
|
||||
| While the licensee may wish to fully exploit the licensed technology throughout the world, the licensor often prefers to reserve certain markets for itself or for the other licensees. | show 🗑
|
||||
| show | Requirements Clauses
🗑
|
||||
| Prohibits a licensee from providing goods or services that are competitive with those supplied by the licensor. | show 🗑
|
||||
| show | Royalty Payments
🗑
|
||||
| A legally enforceable promise or set of promises. However, not all promises are contracts. | show 🗑
|
||||
| Applies to all contracts for the sale of goods. | show 🗑
|
||||
| show | Merchant
🗑
|
||||
| A contract that meets all the legal requirements for a contract. They are enforceable in court. | show 🗑
|
||||
| show | Unenforceable Contract
🗑
|
||||
| show | Voidable Contract
🗑
|
||||
| A contract that lacks one or more of the basic requirements for a contract. Such an agreement has no legal force/effect. | show 🗑
|
||||
| show | Unilateral Contract
🗑
|
||||
| show | Bilateral Contract
🗑
|
||||
| show | Executed
🗑
|
||||
| The status of a contract as long as it has not been fully performed. | show 🗑
|
||||
| A contract where both parties have directly stated its terms at the time the contract was formed. | show 🗑
|
||||
| show | Implied Contract
🗑
|
||||
| An obligation of one party to another imposed by law independently of an agreement between the parties. | show 🗑
|
||||
| show | Promissory Estoppel
🗑
|
||||
| A "meeting of the minds" between two parties is the main thing courts look for in deciding if parties entered into a contract. | show 🗑
|
||||
| Offer + Acceptance = | show 🗑
|
||||
| show | Offeror
🗑
|
||||
| show | Offeree
🗑
|
||||
| show | Present Intent to Contract
🗑
|
||||
| show | Option
🗑
|
||||
| Any attempt by the offeree to change the material terms of the offer to add significant new terms to the offer. | show 🗑
|
||||
| show | Authorized Means of Communication
🗑
|
||||
| show | Express Authorization
🗑
|
||||
| show | Stipulated Means of Communication
🗑
|
||||
| show | Reasonable Means of Communication
🗑
|
||||
| show | Non-Authorized Means of Communication
🗑
|
||||
| show | Promisor
🗑
|
||||
| show | Promisee
🗑
|
||||
| Requires a promise to pay the "price" the promisor asked for in order to gain the right to enforce the promisor's promise. | show 🗑
|
||||
| Can have legal value if (1) the promisee does/agrees to do something they had no prior legal duty to, in exchange for the promsior's promise. (2) The promisee agrees not to do something they have a legal right to do in exchange for the promisor's promise. | show 🗑
|
||||
| show 🗑
|
|||||
| The greatest number of these cases involve contractual duties. These cases usually occur when the parties attempt to modify an existing contract but no new consideration is furnished to support the agreement to modify. | show 🗑
|
||||
| Generally, a court will enforce a modification that is not supported by new consideration if a contracting party has run into this and it makes their performance impossible or highly impractible | show 🗑
|
||||
| a debt that is due and certain, which means there is no dispute about the existence or amount of the debt. | show 🗑
|
||||
| The general rule is that a promise to discharge this kind of debt for the part payment o the debt at or after its due date is unenforceable due to lack of consideration. | show 🗑
|
||||
| show | Unliquidated Debt
🗑
|
||||
| The legal term for settling a disputed claim. | show 🗑
|
||||
| show | Compositions
🗑
|
||||
| show | Compositions
🗑
|
||||
| Creditors usually enter these when they believe that not doing so may result in the debtor's bankruptcy, in which case they might recover a smaller % of their claims than that agreed to in the this. | show 🗑
|
||||
| show | Moral Obligations
🗑
|
||||
| These promises are worded in a way that allows the promisor to decide whether or not to perform the promise. A bilateral agreement based on these is unenforceable due to lack of mutuality. They can't serve as consideration. | show 🗑
|
||||
| The law uses this word to describe the ability to do a legally valid act. | show 🗑
|
||||
| Certain classes have this because the law sought to protect them in their contractual relations with others. Three major classes are: (1) Minors, (2) The mentally impaired and (3) Intoxicated persons. | show 🗑
|
||||
| Cancel. | show 🗑
|
||||
| show | Voidable Contracts
🗑
|
||||
| show | Emancipation
🗑
|
||||
| Generally defined as those things that are essential to a minor's continued existence and general welfare. | show 🗑
|
||||
| show | Voluntary
🗑
|
||||
| Contracts entered into as a result of misrepresentation, fraud, duress, undue influence and certain kinds of mistakes are this. | show 🗑
|
||||
| show | Rescind (Cancel)
🗑
|
||||
| show | Disaffirm (Deny the Validity of)
🗑
|
||||
| show | Ratified (Validated)
🗑
|
||||
| The elements of this are ordinarily given as: misrepresentation of a material fact justifiably relied on to the detriment of (causing harm to) the person relying. | show 🗑
|
||||
| Intentional misrepresentation. To prove it, one must prove all the elements of misrepresentation plus; the misrepresentation was (1) knowingly made with the (2) intent to deceive (technically called scienter). | show 🗑
|
||||
| show | Scienter
🗑
|
||||
| show | Fraud in the Execution
🗑
|
||||
| The basic idea is that one of the parties, by making some threat of harm, forced the other party to enter an agreement they would not otherwise have entered. | show 🗑
|
||||
| show | Undue Influence
🗑
|
||||
| show | Mistake
🗑
|
||||
| show | Mistake Cases
🗑
|
||||
| Even if the parties to an agreement have met every other requirement for a valid contract, their agreement is unenforceable if either its formation or its performance is illegal or contrary to the public interest. | show 🗑
|
||||
| Prohibit charging more than a stated amoutn of interest for the use of money. The penalty for violation ranges from forfeiture of excess interest, through forfeiture of all interest, to forfeiture of interest and principle, depending on the state. | show 🗑
|
||||
| Limits the performance of certain work and the transaction of certain business on Sunday. They vary state-to-state. Some states allow weekday "ratification" of Sunday contracts. There are some allowances to protect health/life/property. | show 🗑
|
||||
| show | Revenue Raising Statutes
🗑
|
||||
| A person in a position of trust or confidence like a trustee, agent or partner. Any agreement that tends to induce a person in this position to breach their duties is illegal. | show 🗑
|
||||
| A provision in a contract that attempts to relieve one party to the contract from liability for the consequences of their own negligence. | show 🗑
|
||||
| Contracts in which the only choice for one of the parties is between "adhering" to the terms dictated by the other party or not contracting at all. | show 🗑
|
||||
| show | Statute of Frauds
🗑
|
||||
| A situation where one person agrees to be responsible for the debts or default of another. | show 🗑
|
||||
| show | Leading Object Doctrine
🗑
|
||||
| In some cases, this level of performance of a contract for the sale of land takes the contract out of the coverage of the statute of frauds. | show 🗑
|
||||
| show | Parol Evidence Rule
🗑
|
||||
| At the same time as. | show 🗑
|
||||
| show | Assignment
🗑
|
||||
| The transfer of duties. | show 🗑
|
||||
| show | Assignor
🗑
|
||||
| The person who accepts an assignment. | show 🗑
|
||||
| show | The American Rule
🗑
|
||||
| The first assignee that gives notice assignment gets priority. | show 🗑
|
||||
| Assignors who are paid for making an assignment are potentially liable to assignees for certain: | show 🗑
|
||||
| show | Novation
🗑
|
||||
| There are two cases of these kind of beneficiaries that have such enforcement rights: (1) Donee beneficiaries and (2) Creditor beneficiaries | show 🗑
|
||||
| show | Incidental Beneficiary
🗑
|
||||
| Parties may provide that a party's duty to perform is qualified by the happening of some event. | show 🗑
|
||||
| If the event must occur before a party's duty to perform arises, it is called: | show 🗑
|
||||
| show | Condition Subsequent
🗑
|
||||
| show | Concurrent Conditions
🗑
|
||||
| Are created by oral or written statements in the contract. | show 🗑
|
||||
| The nature of the parties' contract may also lead the courts to imply a condition on the parties' duties of performance. | show 🗑
|
||||
| (1) Complete (2) Satisfactory performance (3) Substantial performance (4) Material breach of contract | show 🗑
|
||||
| Performance that falls short of complete performance in minor respects but doesn't derive the promise of a material part of the consideration that was bargained for. | show 🗑
|
||||
| A promisor is guilty of this kind of breach of contract if their performance fails to reach the degree of perfection the other party is justified in expected under the circumstances. | show 🗑
|
||||
| show | Anticipatory Breach/Repudiation
🗑
|
||||
| When the promisor agrees to perform to the promisee's personal satisfaction in contracts involving matters of personal taste/comfort, the promisee who's honestly dissatisfied may reject the performance without liability, even if doing so is unreasonable. | show 🗑
|
||||
| Commonly require the builder to give the owner a certificate issued by a specific engineer or architect before the owner has a duty to pay the builder. | show 🗑
|
||||
| Contracts in which failure to perform on time is a material breach. | show 🗑
|
||||
| In the legal sense , it means "I cannot be done," not "I cannot do it." | show 🗑
|
||||
| show | Commercial Impracticability
🗑
|
||||
| under this doctrine, performance is excused when events occur after the formation of the contract that would make the return performance of the other party worthless to the promisor. | show 🗑
|
||||
| Parties who have been released from their obligations under a contract. | show 🗑
|
||||
| show | Mutual Agreement
🗑
|
||||
| show | Waiver
🗑
|
||||
| show | Intentional Alteration
🗑
|
||||
| show | Discharge by Statute of Limitations
🗑
|
||||
| show | Compensatory Damages
🗑
|
||||
| show | Consequential Damages
🗑
|
||||
| Very small damages that the court may award the plaintiff when a technical breach of contract has occurred without causing any actual loss. | show 🗑
|
||||
| show | Liquidated Damages Provisions
🗑
|
||||
| show | Punitive Damages
🗑
|
||||
| show | Mitigate
🗑
|
||||
| show | Equitable Remedy
🗑
|
||||
| show | Specifically Perform
🗑
|
||||
| show | Injunctions
🗑
|
||||
| show | Mandatory Injunction
🗑
|
||||
| show | Prohibitory Injunction
🗑
|
||||
| show | Sale of Goods
🗑
|
||||
| show | Ownership (Title)
🗑
|
||||
| show | Identification
🗑
|
||||
| show | Reject
🗑
|
||||
| show | Good Faith
🗑
|
||||
| show | A Buyer in the Ordinary Course of Business
🗑
|
||||
| show | FOB (Free on Board)
🗑
|
||||
| show | FAS (Free Alongside)
🗑
|
||||
| show | CIF (Cost, Insurance and Freight)
🗑
|
||||
| show | C&F (Cost & Freight)
🗑
|
||||
| show | Ex-Ship
🗑
|
||||
| show | No Arrival, No Sale
🗑
|
||||
| The Code rules that govern risk of loss are supplemented by rules that give the parties this type of interest in the goods, which allows them to insure themselves against most of the risks they must bear. | show 🗑
|
||||
| In this type of contract, the goods are delivered to the buyer primarily for resale with the understanding that the buyer has the right to return them. | show 🗑
|
||||
| The goods are delivered to the buyer primarily for the buyer's use. | show 🗑
|
||||
| show | Sales on Consignment/Memorandum
🗑
|
||||
| show | Past Course of Dealing
🗑
|
||||
| These customs and practices are usually assumed by parties to a contract for goods of that type. | show 🗑
|
||||
| This means that the seller must make the goods available to the buyer. This must be done during reasonable hours and for a reasonable period of time so that the buyer can take possession of the goods. | show 🗑
|
||||
| Sellers are required to let the buyer know that the goods have been shipped. | show 🗑
|
||||
| show | Cash on Delivery (COD)
🗑
|
||||
| show | Acceptance of Goods
🗑
|
||||
| To refuse goods, the buyer must notify the seller of the rejection and specify the defect or non-conformity. | show 🗑
|
||||
| show | Commercial Unit
🗑
|
||||
| show | Timely Notice
🗑
|
||||
| show | Revoke
🗑
|
||||
| show | Assurance
🗑
|
||||
| show | Liquidated Damages
🗑
|
||||
| Liability for these kinds of damages resulting from a breach of contract may also be limited or excluded by agreement. | show 🗑
|
||||
| Include storage charges and sales commissions paid when the goods were resold. | show 🗑
|
||||
| Include expenses the buyer incurs in receiving, inspecting, transporting and storing goods shipped by the seller that don't conform with those called for in the contract. | show 🗑
|
||||
| in certain cases, an injured buyer is able to recover these kinds of damages, such as buyer's lost profits caused by the seller's breach of contract. | show 🗑
|
||||
| show | Unique
🗑
|
||||
| The buyer can require the seller to give the buyer goods covered by the contract. | show 🗑
|
||||
| show | Agent
🗑
|
||||
| show | Employees/Dependent Agents
🗑
|
||||
| show | Independent Contractors/Agents
🗑
|
||||
| Typically purchase products directly from the manufacturer and bear the risk of no sale or non-payment by the ultimate purchaser. | show 🗑
|
||||
| One who is trusted to act in the best interests of another rather than pursuing their own interests. | show 🗑
|
||||
| show | Agent's Duty of Loyalty
🗑
|
||||
| The duty of loyalty demands that the agent avoid this. | show 🗑
|
||||
| Courts make an exception when the dual agent is employed as a: | show 🗑
|
||||
| show | Gratuitous Agent
🗑
|
||||
| If an agent mixes goods that are identical and cannot be separated—the agent bears the risk of any loss. | show 🗑
|
||||
| If an agent takes the property of the principal with the intent to deprive them of it, the agent is guilty of this crime. | show 🗑
|
||||
| Whether or not an agent wrongfully uses the property of the principal, the agent must return it or be liable for its value in an action for: | show 🗑
|
||||
| When an agent was the primary factor in a purchase or sale, this rule may entitle the procuring agent to their commission regardless of who eventually completes the sale. | show 🗑
|
||||
| show | Power to Terminate
🗑
|
||||
| Stems from the judicial reluctance to force people to continue personal relationships against their will. | show 🗑
|
||||
| show | Agency Coupled with an Interest
🗑
|
||||
| To avoid being bound by acts of the agent after termination, the principal must give this type of notice to those who have dealt with the former agent. | show 🗑
|
||||
| show | Constructive Notice
🗑
|
||||
| When the principal specifically describes the extent of the agent's powers. | show 🗑
|
||||
| The technical label given to an agent whose authority is in writing. | show 🗑
|
||||
| The authority to act for another person in specified or all legal or financial matters. | show 🗑
|
||||
| show | Implied Authority
🗑
|
||||
| Agents have implied power to act in emergencies. | show 🗑
|
||||
| show | General Agent
🗑
|
||||
| Authorized by the principal to do a specific act or to handle one or a few of certain types of business transactions. | show 🗑
|
||||
| Created by the conduct of the principal that causes a third person reasonably to believe that another has the authority to act for the principal. | show 🗑
|
||||
| An agent of an agent. | show 🗑
|
||||
| Agents may delegate to employees acts for the principal that involve no judgment or discretion. | show 🗑
|
||||
| When the 3rd person knows he is dealing with an agent but doesn't know the identity of the principal. | show 🗑
|
||||
| show | Respondeat Superior
🗑
|
||||
| show | Direct Liability
🗑
|
||||
| May refer to an object such as a building or legal rights connected with an object. Can also refer to legal rights that have economic value but aren't connected with an object. | show 🗑
|
||||
| show | Ownership of Property
🗑
|
||||
| show | Real Property
🗑
|
||||
| All other objects and rights that can be owned. | show 🗑
|
||||
| Personal property attached to, or used in connection with, real property in such a way as to be treated as part of the real property, it is known as a: | show 🗑
|
||||
| Has a physical existence; land, buildings and furniture are examples. | show 🗑
|
||||
| Property that has no physical existence; patent rights, easements and bonds are examples. | show 🗑
|
||||
| If property is owned by the government or a government unit, it is classified as this type of property. | show 🗑
|
||||
| show | Private Property
🗑
|
||||
| show | Abandoned property
🗑
|
||||
| show | Lost Property
🗑
|
||||
| show | Mislaid Property
🗑
|
||||
| show | Estray Statute
🗑
|
||||
| All states have these statutes that require the true ownership of property to claim it or bring a legal action to recover possession of it within a certain number of years. | show 🗑
|
||||
| A way title to personal property can be obtained. | show 🗑
|
||||
| show | Donee
🗑
|
||||
| A person who gives a gift. | show 🗑
|
||||
| Title to personal property can be obtained this way. It is the intermixing of goods belonging to different owners in such a way that the goods cannot later be separated. | show 🗑
|
||||
| Title to personal property can be obtained this way. It means increasing the value of property by adding materials and/or labor. | show 🗑
|
||||
| show | Bailment
🗑
|
||||
| show | Reasonable Care
🗑
|
||||
| show | Implied Warranty
🗑
|
||||
| Persons who are licensed by government agencies to carry the property of anyone who requests the service. | show 🗑
|
||||
| show | Private Contract Carriers
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
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