Business Law Qtr 1
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each of the black spaces below before clicking
on it to display the answer.
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| Rule of civil conduct commanding you to do what is right and prohibiting you from doing what is wrong | Law
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| Old judge made law that our founders brought from England based on custom & usage that the courts recognized as being binding on the community | Common Law
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| Any law that is a formal enactment of legislature | Statute
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| Laws that are formally enacted by the legislature | Statutory Law
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| Statute enacted by local gov't | Ordinance
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| Gov't body or commission created by state or federal gov't (ex. OSHA, FTC) | Administrative Agency Laws
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| The supreme law of the land that defines the relationship between the branches of gov't and its people | Constitution/ Constitutional Law
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| First 10 Ammendments of the Constitution | Bill of Rights
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| Those laws which relate to business or commercial transactions | Business Law
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| Decisions of the higher courts that set precedents | Case Law
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| Violation of a statute or ordinance; offense against society as a whole | Crime
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| Civil wrong committed against a person or their property | Tort
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| What is the purpose of the court? | To listen to the facts/evidence and they apply those facts to law
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| 2 Types of jurisdiction a court must have | Subject Matter Authority & Personal Jurisdiction
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| Person filing a suit against another | Plaintiff
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| Proper place to file a suit | Venue
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| Recieving something that isn't money | Equity
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| 2 Classifications of Courts | Federal & State
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| When a suit is filed on the state level, it will be first heard in.... | Trial Court (Court of Original Jurisdiction)
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| The Appellate Courts are made up of the..... | Court of Appeals & Supreme Court
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| When one party fails to perform a contract | Breach
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| When a suit is filed on the federal level, it will first be heard in the.... | Federal District Court
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| A statement issued by the Supreme Court saying they will hear a case and asking to produce the records of the case | Writ of Certiorari
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| When one person sues another | Lawsuit
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| Person being sued | Defendant
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| Document issued to produce a witness | Subpoena
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| Means of obtaining information from the other party before a trial begins | Discovery
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| 2 Methods of Discovery | Deposition & Interrogatories
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| Decision of the jury | Verdict
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| Legally enforceable agreement between two or more competent people where one party or the other would be able to file suit in a court of law if the other party breached the document | Contract
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| Requirements of a Valid Contract | Mutual Agreement
Consideration
Legally Competent Parties
Composed of legal subject matter
Formality
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| Contract that is completely enforceable by law | Valid
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| Contract that is completely unenforceable by law | Void
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| Contract that is valid but may be avoided because of certain circumstances | Voidable
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| Where all the terms of a contract have been fully set forth by the parties and fully known | Expressed
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| Where all the terms of a contract have not been set forth | Implied
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| Contract that is imposed upon the parties by law | Quasi
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| Contract that has been fulfilled | Executed
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| Contract that has not been fulfilled | Executory
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| Contract that requires a formality | Formal
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| Contract that does not require a formality | Simple
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| Contract calling for an act to be given in the future for a promise | Unilateral
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| Exchange of promises | Bilateral
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| In mutual agreement, the proposal is made by the ______ | Offeror
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| The agreement is accepted by the _____ | Offeree
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| 3 Requirements for a Valid Offer | Must be definite
Must be seriously intended
Communicated to offeree
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| Acceptances can be made in writing if put into the mail the acceptance date is the postmarked date | Mailbox Rule
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| Proposed acceptance of an offer by changing the original offer | Counter Offer
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| Can the offer be revoked at any time before acceptance? | Yes
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| If an offeror accepts some consideration to keep an offer open for a certain amount of time, they must do so. This is an ________ | Option Contract
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| To be considered a minor they must be..... | 17 years old or younger
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| Under common law, a minor was under.... | 21 years old
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| Contracts with minors are ______ | Voidable
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| Repudiation of a contract by a minor | Disaffirmance of the Contract
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| Silence after reaching adulthood is _____ | Radification
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| If someone has been adjudicated, every contract they make thereafter is ________ | Void
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| If someone has not be adjudicated but are mentally incompetent, their contract is ________ | Voidable
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| An act or promise to act or to forebear 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
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| Wherein 1 or both parties have made a mistake on something | Defective Agreement
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| When 1 person made a mistake | Unilateral Mistake
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| When both parties have made a mistake | Mutual Mistake
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| If there is a mutual mistake will it affect the validity of a contract? | Yes, it will be void
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| 2 Types of Fraud | Fraud in the Inducement & Fraud in the Execution
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| A contract in which there was fraud in the inducement is _______ | Voidable
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| A contract in which there was fraud in the execution is ______ | Void
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| A contract created under duress is _______ | Voidable
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| A contract created with undue influence is _______ | Voidable
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| Multiple parts of a contract that are performed seperately or in stages ex: Funeral Contract | Divisible Contract
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| Are gambling contracts illegal by statute? | YES
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| Sunday contracts are _______ | Illegal
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| Usurious contracts are _________ | Illegal
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| In a divisible contract, can a judge enforce parts of the contracts that are legal? | Yes
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| If someone enters into a contract with someone who doesn't have a license, the contract is _________ | Void
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| Contracts that unreasonably restrain trade are _________ | Illegal & Void
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| Certain contracts must be in writing to be enforced if there is a breach in the contract | Statute of Frauds
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| Person named in a will to take care of an estate | Executor
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| Person appointed by a court to take care of an estate | Administrator
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| Once you have a written contract, if there was a breach and a suit is filed, you can't introduce oral testimony to vary the terms of the contract into evidence | Parol Evidence Rule
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| Person assigning rights of a contract | Assignor
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| Person recieving the assigned rights of a contract | Assignee
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| A transfer of duties | Delegation
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| Delegation of responsibility to another person which forms a new contract with the customer | Novation
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| 1.) That you are the true owner of the right 2.) That what you are assigning is valid 3.) That there are no defenses the other party can raise for no performance | Warranties of an Assignor Under Contract
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| At least 2 people on one side of the contract | Multiple Party Contract
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| If 2 people agree to perform an obligation together | Joint Contract
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| If 2 people agree to perform seperately and do their parts of a contract | Several
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| When 2 people agree to perform jointly and seperately | Joint & Several
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Created by:
sbarton
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