Business Law
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| 3 branches of government | executive, legislative, judicial
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| Legislative | Makes laws: Congress, House of Representatives, Senate
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| Executive | Carries out laws: President, Vice President, Cabinet, Federal Agencies
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| Judicial | Evaluates laws: Supreme Court, Court of Appeals, District Courts
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| Types of Courts | US Supreme courts, State Supreme Courts, State Appellate Courts, State District Courts, Courts of Limited Jurisdiction, US Circuit Courts of Appeal, Federal District Courts, Specialty Courts
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| Statutes |
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| Common Law |
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| Precedents |
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| Equity |
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| Plain meaning |
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| Standing to sue |
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| Classifications of Law | Civil, Criminal
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| Functions of Law | Peacekeeping, gov. power/ personal freedom, reasonable expectations, economic growth, social justice, protecting environment
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| Kansas Courts | KS Supreme Court, KS Court of Appeals, District Courts, Small claims - Municipal Courts - Traffic/ other
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| Civil procedure | Summons, Pleading, Discovery, Summary Judgment, Pretrial Conference, Trial, Appeal
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| Pleading | Complaint, Answer, Reply
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| Discovery | Interrogatories, Request for Admission, Request for Production
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| Settlement |
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| Arbitration |
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| Court-Annexed Arbitration |
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| Mediation |
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| Summary Jury Trial |
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| Minitrial |
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| Nature of Contracts (CH9) |
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| Elements of a Contract | 1) Offer/ Acceptance, 2) Voluntary/ Capacity, 3) Legal/ Consideration
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| Bilateral Contract |
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| Unilateral Contract |
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| Valid Contract |
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| Enforceable Contract |
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| Voidable Conract |
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| Void Contract |
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| Express Contract |
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| Executed Contract |
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| Executory Contract |
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| Implied Contract |
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| Uniform Commercial Code - Art. 2 | Sale of goods & tangible, movable property
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| Common Law | Services, intangible goods, real estate
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| Hybrid Contracts |
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| Duty of Good Faith |
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| Unconscionable Contract |
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| Merchant v. Nonmerchant |
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| Restatement of (2nd) Contracts |
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| Quasi-Contract | Unjustly enrich, Matter of Law, Reasonable Value
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| Promissory Estoppel | Promisor induces reliance, injustice
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| Contract | voluntary agreement, enforce promise
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| 1st step in contract formation (CH 10) |
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| offeror vs offeree |
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| Intent to Contract |
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| Definiteness |
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| Common Law Standard |
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| UCC Standard |
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| Advertisements |
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| Rewards |
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| Auctions |
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| Bids |
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| Contract problem areas | Adverstisements, rewards, auctions, bids
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| Offer termination | terms, lapse of time, revocation, rejection, death/ insanity, destruction of subject matter, intervening illegally
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| Evidence of 3 factors, courts look for (CH11) | 1) Offeree intended to enter contract, 2) Offeree accepted terms from offeror, 3) Offeree communicated acceptance to offeror.
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| Acceptance must be | mirror image of the offer. Any attempt to add or change terms is considered a counteroffer.
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| Material variences btw offer and acceptance | counteroffer
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| UCC change for mirror image rule applied to sale of goods | Contract may be formed even when some variance btw terms, applying to preprinted forms would frustrate parties' true intent
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| Communication of acceptance bilateral contract | offeree must communicate his intent to be bound by the offer, promise, can be expressed or implied.
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| Communication of acceptance unilateral contract | offeree must perform required act to accept an offer, Offeror cannot revoke once performance has begun.
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| Stipulation | offeror has power to specify: time, place, manner - in which acceptance must be communicated
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| Instantaneous contract acceptance | face-to-face, telephone - "I accept"
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| Noninstantaneous contract acceptance |
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| Mailbox rule - traditional | Authorized (effective on dispatch), express or implied, non authorized (effective on receipt)
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| Mailbox rule - modern | effective on dispatch, any reasonable means
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| Mailbox rule under UCC | Acceptance by any reasonable means effective upon dispatch, attempted acceptance by unreasonable means is effective upon dispatch if it is received w/in reasonable time
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| Silence as acceptance | silence w/o more is not an acceptance, offeror cannot impose a duty to respond to the offer
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| Acceptance of Ambiguous Offers | Offer may be accepted in any reasonable manner when offer is unclear concerning manner of acceptance.
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| Acceptance upon shipment | a prompt promise to ship, prompt shipment of conforming or nonconforming goods
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| Consideration is | legal value, bargained for and given in exchange for an act or promise
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| Legal value | does/ agrees to do something w/ no prior duty to do, refrains from/ agrees not to do something w/ legal right to do, doesn't always have $ value.
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| adequacy of consideration | Courts don't care how much $, don't disguise a gift as consideration
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| Exchanges that fail to meet consideration requirements | Illusory promises, preexisting duties, forbearance to sue, past consideration, moral obligation
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| output contract | obligates one party to buy all of the output of the other party
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| requirements contract | obligates one party to buy all of its requirements
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| effect of exclusive dealing contract | gives distributor exclusive right to sell a mfg's products in particular territory. Duty to use best effort on seller, duty to provide goods by mfg.
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| preexisting duties | As general rule, performing or agreeing to perform a preexisting duty is not a consideration. Not committing a crime, not consideration - performance of his public resp. by a public official not consideration.
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| preexisting duty & contract modification under common law | an agreement to modify requires some new consideration to be enforceable
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| preexisting duty & contract modification under UCC | agreement to modify requires no new consideration to be enforceable, subject to principles of good faith & unconscionability.
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| Exceptions to consideration rule |
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| Promissory estoppel |
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| Contracts induced by these are voidable | misrepresentation, fraud, mistake, duress, undue influence
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| If contract ______, the protected party has power to _______ the contract | voidable - rescind
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| misrepresentation | an assertion that is not true
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| fraud | misrepresentation that is made with scienter (knowledge)
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| An untrue assertion of a fact | must be of a past or existing fact rather than an opinion or prediction
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| Requirements for rescission | untrue assertion of fact, fact material or assertion fraudulent, actual & justifiable reliance, economic injury if suing for damages for deceit
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| Requirements for rescission for fraud | committed knowingly w/ intent to deceive
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| untrue assertions of fact | Concealment, nondisclosure
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| untrue assertion of fact, concealment | through some active conduct is equivalent to a fraudulent assertion.
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| untrue assertion of fact, nondisclosure | when there is a duty to disclose may constitute a fraudulent assertion.
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| actual/ justified reliance | There must be a causal relation between the assertion and the decision to enter the contract (reliance).
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| mistakes & contracts | Under certain mistaken circumstances, parties may avoid their contracts
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| Requirements for mistake | Relates to basic assumption of contract, has material effect upon exchange, adversely affected party did not bear risk of mistake
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| Requirements for mistake, unilateral adds 2 elements | Nonmistaken party caused or knew, unconscionable to enforce the contract
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| Requirements for unilateral mistake to avoid contract | prove essential elements of mutual mistake PLUS nonmistaken party caused or knew of mistake OR unconscionable to enforce the contract
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| Duress | wrongful coercion that induces a person to enter or modify a contract. Contract voidable, plaintiff may rescind the contract
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| Physical duress | voids contract
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| undue influence | unfair persuasion or susceptible individual : relationship of trust/ confidence or dominance, persuasion unfair, person being influenced justifiably believes other looking out for best interest
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