Worsham Bus. Law Q1
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| Old definition of common law | the old English law brought by our forefathers from England
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| Current definition of common law | custom developed in England and is reconized by courts as binding on the community
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| acceptance | an agreement to an offer resulting in a contract
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| assignee | the party to whom the assignment is made
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| assignment | a means whereby one party conveys rights to another person who is not a party to the original contract
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| assignor | the party making the assignment
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| beneficiary | recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will
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| 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
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| business law | those rules of conduct prescribed by a government and its agencies, regulating business transactions
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| compensatory damages | an award paid to the injured party to cover the exact amount of their loss, but no more
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| complaint (petition) | a written request initiating a civil suit
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| consideration | that which the promisor demands and receives as the price for a promise
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| contract | an agreement between 2 or more competent persons which is enforceable by law
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| couteroffer | an intended acceptance which changes or qualifies the offer and is a rejection of the original offer
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| 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
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| defendant | the person against whom legal action is brought
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| discharge | termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law
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| discovery | pretrial steps taken to learn the details of the case
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| donee beneficiary | a 3rd party beneficiary to whom no legal duty is owed and for whom performance is a gift
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| 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
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| executed contracts | those contracts in which the parties have fulfilled the terms
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| executory contracts | those contracts in which the terms have not been completely executed or fulfilled
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| express contract | a contract in which the parties express their intentions, either orally or in writing, at the time of the agreement
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| felony | a criminal offense that is punishable by confinement in prison or by death
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| fiduciary | a relationship or trust and confidence, such as that which exists between partners in a partnership
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| formal contract | those contracts that must be in special form or produced in a certain way, such as under seal
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| 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
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| implied contract | one in which terms of the contract are implied by acts or conduct of teh parties
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| law (Blackstone's def) | those rules of civil conduct commanding what is right and prohibiting what is wrong
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| liquidated damages | a provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract
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| minor | a person under full legal age; in most states the standard is under 18
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| necessaries (neccessities) | items, required or proper and useful, for sustaining a human being at an appropriate living standard (food, clothing, shelter)
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| nominal damages | a token award to symbolize vindication of the wrong done to the plaintiff; generally the award is $1000
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| navation | the change of one of the parties to a contract at the mutual agrement of the original parties
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| offer | an expression of willingness to enter a contractual agreement
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| offeree | the person to whom an offer is made
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| offeror | the party who initiates or makes an offer
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| ordinances | laws enacted by local municipalities
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| petition (complaint) | a written request initiating a civil suit
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| plaintiff | the individual who initiates a civil action
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| price | that consideration stipulated by contract, generally expressed in money or money's worth
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| punitive damages | an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff
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| ratification | confirming an act that was executed without authority or an act which was voidable
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| rescission | canceling, annulling, avoiding
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| service contracts | the contracting of services rather than goods
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| Sherman Antitrust Act | legislation intended to promote competition among businesses by prohibiting restraint of trade
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| simple contract | any contract other than a formal contract, whether written, oral or implied
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| 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
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| 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
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| statute of limitations | a law that restricts the period of time within which an action may be brought to court
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| statutes | laws which are enacted by legislative bodies
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| 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
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| third party beneficiary | person not party to a contract, but whom paries intended to benefit
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| tort | a private or civil wrong, either intentional or caused by negligence, for which there may be action for damages
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| trial courts | courts that conduct the original trial and render their decision
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| undue influence | improper influence that is asserted by one dominant person over another, without the threat of harm
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| unenforceable contract | an agreement which is not in the form required by law
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| usurious | exceeding the maximum rate of interest which may be charged on loans
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| valid contract | a contract which will be enforced by the court
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| void contract | an agreement of no legal effect
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| voidable contract | a contract that would be an enforcealbe agreement, but due to circumstances, may be set aside by one of the parties
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| the original law of the land or supreme law of the land | Constitution
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| ordinances | laws passed in a city, town or county
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| case law | decisions of higher courts (supreme/apelet)
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| precednet | 1st time a case of it's kind is ruled apon
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| administrative agency | created by congress that have the power to regulate industries and implamint laws
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| FTC, OSHA and ADA are examples of | administrative agencies
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| state court system | trial court, court of appeals, supreme court
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| federal court system | federal district court, court of appeals, supreme court
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| subpoena | served to wittnesses
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| depositions | recorded statements by other party thru Q & A
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| interrogatories | written Q's the attorney submitted to the other attorney for client to answer
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| default | when you are served a summons and do not answer or show up
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| what are the requirements of a contract | 1-mutual agreement 2-competent parties 3-consideration 4-legal subject matter 5-formality
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| unilateral | promise given in exchange for an act proformed
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| bilateral | promise given in exchange for a promise
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| quasi | parties have not agreed to anyting but is implied by law
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| a valid offer must have | 1-offers must be definate 2-offers must be seriously intended 3-must be communicated to the offeree
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| invatations | you are invited to make an offer such as ads, junk mail, flyers
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| mail box rule | offer request acceptance in writting it becomes a mutal agreement when it's post marked
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| according to common law when is a person an adult | 21
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| contracts with minors are voidable on the minors part, except | for neccessaries
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| disafirmance of a contract | a minor can repudiate the contract only until 17, after it becomes radified
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| injudicatioin | declared incompitent by a judge
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| people that are injudicated that are apart of a contact, what happens to their contracts | they are void
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| people that are mentally incompitent but have not been injudicated, their contracts are | avoidalbe, just as a minors
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| forebarence | promising to refrain from doing something you have a legal right to do but must be resonible
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| defective agreements | where one or both parties have made a mistake
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| what are the 2 types of defective agreements | if 1 party makes a mistake (unilateral) and if both made a mistake (mutual mistake)
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| 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
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| when a mutual mistake is made, what becomes of the contract | it's unenforcable therefore it is void
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| 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
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| indivisable contract | everything is carried out all together, at once. If any part is illegal the entire contract is void
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| Sunday contracts | contracts entered into on a sunday, void in some states
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| Gambling contracts | when parties stand to win or lose by chance
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| usurious contracts | rate of interest on a loan of money
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| usury laws | restrict the intrest rate on a loan
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| usuer | going above the interest rate set forth by usury laws
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| legal rate of interest | what the state says is the max interest you can charge when not agreed in a contract
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| 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
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| contracts that unreasonalby restrain trade | contracts not to compete and contracts that restrain trade
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| contracts not to compete are reasonable if | time frame and geographical location are reasonable
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| contracts that restrain trade | limits competition by price fixing
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| Sherman Antitrust Act & Clayton Act | affect interstate competitor to restrick trade
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| 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
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| profomance | when the contract has been substantually completed to the satisfaction of all parties
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| 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)
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