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Business Law
Final
25
Business
Undergraduate 1
12/05/2012

Additional Business Flashcards

 


 

Cards

Term
Exclusive Federal
Definition
jurisdiction over federal crimes, bankruptcy, antitrust, patent, and other special cases
Term
Concurrent (Federal or State)
Definition
Federal question cases that do not involve exclusive Federal Jurisdiction
Diversity of Citizenship involving more than $75,000
Term
Requirements of a Contract
Definition
Mutual Assent
Consideration
Legality
Capacity
In Writing
Absence of an Invalidated Contract
Term
Promissory Estoppel
Definition
Detrimental Reliance - promise to do something, if promise broken then the other person is screwed
Term
Quasi Contract
Definition
Requires:
- Plaintiff confers a benefit
- Defendant knows or appreciates the benefit
- Defendant's retention of the benefit is inequitable
Term
Essential of an Offer
Definition
Communication
Intent
Definite and Certain
Term
Duration of Offer
Definition
Until Acceptance
Lapse of Reasonable Time
Revocation
Counteroffer
Term
Acceptance of Offer
Definition
Effective moment:
- stipulated provision in the offer (must be stated)
- unauthorized means
- acceptance following prior rejection
Term
4 Things Invalidate Assent
Definition
Duress
Undue Influence
Fraud
Mistake
Term
Fraud in the Inducement
Definition
A false representation of a fact that is material made with knowledge of its falsity and the intention to device and which representation is justifiably relied on
Term
Legal Sufficiency
Definition
Detriment to the Promise
Illusory Promise
Pre-existing Obligation
Term
Past Consideration
Definition
A promise made on account of something that the promise has already done is not enforceable
Term
Violations of Public Policy
Definition
Contracts that Restrain Trade
Reasonable 10 miles or 3 years
Term
Effect of Illegality
Definition
Neither party may recover under an illegal agreement where both parties are in equal fault
Term
Partial Illegality
Definition
One party may recover
Term
Minors
Definition
Contracts are voidable at the minor's option
Term
Incompetent and Intoxicated Persons
Definition
Persons under guardianship
Mental Illness or defect
Intoxicated Persons
Term
Statute of Frauds
Definition
Suretyship Provisions - 3rd creditor/debitor
Exception - no economic benefit
One year provision
Term
Compliance with the Statute of Frauds
Definition
Contract must:
- specify parties to the contract
- specify subject matter
- be signed by the party to be charge or her agent
Term
Third Parties
Definition
transfer of rights to receive something under a contract
all rights assignable except:
- increase in risk or duty
- assignment of personal right
- illegal
Term
Discharge
Definition
Performance
Material Breach by one or both parties (Material or Substantive)
Operation of Law (Impossible, Impracticable)
Term
Monetary Damages
Definition
Compensatory
Liquidated - set price on damage
Term
Rules of Risk of Loss with NO Breach
Definition
Shipment Contract
Destination Contract
Term
Implied Warranty of Merchantability
Definition
The stuff a merchant sells is of good quality and fit for ordinary purposes
Term
Obstacles to Warranty Action
Definition
Disclaimer - negation of Warranty
Strict Product Liability - anyone in chain can sue for:
- Design
- Manufacturer Defect
- Failure to Warn
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