Details Title: Management 211 Test 2 Description: Chapters 4-5 Total Flash Cards: 92 Created: 10/05/2009 09:46:34		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Management Flashcards
Cards in this set: Term Acceptance Definition Offeree’s expression of assent/agreement to the exact terms of the offer. Term Agent Definition representative of principal and agent that binds principal to contracts w/ third parties. Term bilateral Definition mutual exchange of promises and enforced once promise is made by the offeree. Term unilateral Definition one promisor (offeree accepts by performance) and is enforced once performance is performed by the offeree. Term Complete Performance Definition fully discharged= GOOD; anything less is breach of contract. Term concurrent conditions Definition each party’s absolute duty to perform is conditioned on the othe party’s absolute duty to perform; parties are to simultaneously perform duties. Term Conditions Subsequent Definition Some stated event terminates contractual obligation; it terminates a party’s promise to perform. Term consideration Definition something done or given by one party for the act or promise of another Term Disaffirmance Definition minor voids contract by words or actions and may owe duty of restitution. Term executory Definition not fully performed by either party. Term express contract Definition A stated, oral or written contract (ex. signed lease). Term Implied Contract Definition Inferred from the conduct of the parties (ex. Barber chair). Term Expressed Authority Definition authority that is explicitly granted to an agent by a principal Term fraud Definition misrepresentation, intent to deceive, justifiable reliance on misrepresentation, innocent party injured (con men) Term Illusory Promise Definition not real commitment or contract. Term Implied by Law Contract Definition an obligation that is not created by a contract but that is imposed by law to prevent the unjust enrichment of one party from the acts of another party Term Mitigation Definition lessen Term novation Definition substitutes new party for one of the original parties; impliedly or expressly revokes and discharges prior contract. Term offer Definition promise to enforce an agreement. Term offeree Definition party to whom the offer is made Term offeror Definition party making the offer Term principal Definition guy that owns the agent Term parol evidence rule Definition Prohibits the use of oral evidence or extraneous evidence if contrary to terms of written contract (written contract speaks for itself). Term Option Contract Definition a contract in which a time period is specified within which an offer must be accepted Term Promisory Estoppel Definition an estoppel that prevents a promisor from denying the existence of a promise when the promisee reasonably and foreseeably relies on the promise and to his or her loss acts or fails to act and suffers an injustice that can only be avoided by enforcement of the promise Term quasi-contract Definition not a true contract, "sort of" Term ratify Definition accept Term Reformation Definition rewrites contract to express true agreement of the parties (used when clerical errors or divisible portion of contract is invalid – fix the bad part) Term Repudiation Definition the rejection or renunciation of a duty or obligation (as under a contract) Term Rescission Definition Both parties agree to terminate contract w/o performance; completely discharges parties obligations. Term Revocation Definition offeror takes back the offer prior to acceptance by the offeree b/c it is not effective until received by offeree (option contracts are irrevocable). Term special agency Definition an agency in which the agent is authorized to perform only specified acts or to act only in a specified transaction Term specific performance Definition court ordered performance of the contract Term substantial peformance Definition performance of the essential terms of a contract, promise, or obligation Term Undue Influence Definition someone takes control of another person and substitutes their will. Term unenforceable Definition valid contract that can no longer be enforced b/c something occurred to make it unenforceable. Term voidable Definition valid contract; one of the parties has right to avoid contractual obligations w/o incurring legal liability. Term Void Definition not a contract; no legal obligation on any of the parties. Term Valid Definition all elements are present; enforceable. Term universal agency Definition an agency in which the agent is authorized to perform on behalf of the principal in all matters in furtherance of a particular business of the principal Term Apparent Authority Definition the authority that a principal purposely or through negligence allows a third party to believe that the principal's agent has although such authority has not in reality been granted Term fiduciary duty Definition fiduciary duty Hide links within definitionsShow links within definitions Definition Employees' or directors' legal and moral duty to exercise the powers of their office for the benefit of the employer or the firm. Directors owe the duty of utmost good faith and must not put themselves in a position where their personal interests and their fiduciary duties may conflict. Term Implied Authority Definition he implied ability of an individual to make a legally binding contract on behalf of an organization, by way of uniform or interaction with the public on behalf of that organization. Term Tort Definition Civil wrong other than breach of contract for which the law provides remedy Term Compensatory Damages Definition damages deemed to compensate the injured party for losses sustained as a direct result of the injury suffered Term punitive damages Definition damages awarded in cases of serious or malicious wrongdoing to punish or deter the wrongdoer or deter others from behaving similarly Term Assault Definition Intentional act placing a person in fear or apprehension of immediate bodily haro or offensive contact Term Hill v. Western Union Telegraph Definition case dealing w/ assault Term Battery Definition unlawful touching or physical contact w/o consent Term Privilege Definition legal immunity from liability (judges) Term self defense Definition force allowed to reasonably defend ones self Term false imprisonment Definition intentional holding or detaining of a person w/in boundaries if the person is harmed by such a detention Term Shopkeeper's privilege Definition shopkeeper is allowed to detain a suspected shoplifter on store property for a reasonable period of time, so long as he has cause to believe that the person detained in fact committed, or attempted to commit, theft of store property. Term Intentional Infliction of Emotional Distress Definition intentional conduct by a person that is so outrageous that it creates severe mental or emotional distress. (smashed car in plane crash) Term Invasion of Privacy Definition invasion of a person's right to solitude, an unwarranted public exposure Term defamation Definition intentionally making a statement that is false and injures a person's good name or reputation Term libel Definition written (permanent form) Term Slander Definition oral (transitory, unrecorded speech) Term Hutchinson v. Proxmire Definition limits privilege Term malicious prosecution Definition wrongful use of legal proceeding. must win all lawsuits and then prove party had no probable cause. Term product disparagement Definition known untrue statements were made about a product or property w/ malice that lost at least one customer Term Intentional Interference with contract Definition when a third party induces one of the two parties in a valid contract to break the contract and harm the other party Term Texaco v. Penzoil Definition texaco interfered w/ penzoil contract Term Real Property Definition land or anything permanently attached to the land Term personal property Definition any other property that isn't real including tangible (clothes, cars) or intangible (stocks) Term Reasonable Duty Definition put a sign up if you have a bad dog Term Attractive Nuisance Definition young children do not assume the risk if attracted by some object Term Trespass to real property Definition a person entering property w/o permission Term trespass to personal property Definition wrongfully harming or interfering w/ the personal property owner's right to the exclusive possession and enjoyment of their property (car vandalism) Term conversion Definition illegal, wrongful taking of property of another that places the property in the service of the trespasser. usually more extensive than trespass to personal property Term nuisance Definition any conduct which interferes w/ enjoyment or use of land (playing music too loud) Term Intellectual property Definition property created from ideas or thought process of creator Term fraud Definition any act, expression, omission, or concealment calculated to deceive another to his or her disadvantage Term negligence Definition failure to exercise the degree of care expected of a person of ordinary prudence in like circumstances in protecting others from a foreseeable and unreasonable risk of harm in a particular situation Term strict liability Definition liability that is imposed without a finding of fault (as negligence or intent) Term copyright Definition a person's exclusive right to reproduce, publish, or sell his or her original work of authorship (as a literary, musical, dramatic, artistic, or architectural work) Term fair use doctrine Definition was it for non-profit or education, nature of work, % of total used, effect on value of the work Term patent Definition exclusive right to an invention, process, improvement or living matter created by man Term Trademark Definition mark, logo, short phrase, symbol or name under which business operates or markets product. lasts ten years but can be lost in 2 if not used. Term cybersquatting Definition registering, trafficking in, or using a domain name with bad faith intent to profit from the goodwill of a trademark belonging to someone else. Term Trade name Definition cant be registered unless it is the name of a product Term Trade Secret Definition anything a business wants to keep secret from their competitors Term duty of care Definition when a person should foresee that conduct create unreasonable risk of harm to others (target shooting in the city) Term proximate cause Definition a cause that sets in motion a sequence of events uninterrupted by any superseding causes and that results in a usu. foreseeable effect (as an injury) which would not otherwise have occurred. palsgraf v. long island railrod co. Term Assumption of Risk Definition voluntary exposure to a known risk Term contributory negligence Definition negligence on the part of a plaintiff that contributed to the injury at issue Term Comparative Negligence Definition if both parties are negligent you compare % of negligence Term Rylands v. Fletcher Definition defendant built reservoir that ruined miner's shaft that he didnt know about but still liable Term cause in fact Definition a cause without which the result would not have occurred Term market share liability Definition company liable for product even though they didnt produce it Term misappropriation Definition illegal use of the property or funds of another person for one's own use or other unauthorized purpose Term public domain Definition land owned directly by the GVT