Term
what do you need for Civil proof
and what are the consequences? |
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Definition
-Needs to be beyond a reasonable doubt
- result in Liable or non-liable |
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Term
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Definition
| tort-civil wrongs and contrant |
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Term
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Definition
1. wrongful act
2. guilty/ wrong minded |
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Term
| What is needed for a business crime? |
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Definition
| Only need the wrongfull act, not an intent to do something illegal |
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Term
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Definition
| If there is 2 or more meanings then go with the one that is written down. |
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Term
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Definition
| You can't use the law to deceive the law |
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Term
| what typ of liability does a sole trader have ? |
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Definition
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Term
| what are the 3 types of partnerships? |
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Definition
1. unlimited partnership
2. limited partnership
3. limited liability partnership |
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Term
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Definition
| joint and each is liable for the entire debt |
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Term
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Definition
| one is unlimited and the rest are only liable for what they invested |
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Term
| limited liability partnership |
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Definition
| only able to loose what you contributed |
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Term
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Definition
-the members of the company are the shareholders
-your loss is limited to the amount you contributed to the company. |
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Term
| how do sole traders get funds? |
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Definition
| They get a bank loan + Pledge of thier assets + garentee from another person that'll pay it if you can't |
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Term
| how do companies get funds? |
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Definition
| get syndicate loans- which are from several banks and require a covenants from the company |
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Term
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Definition
| terms by which loans are given and they have consequences if the terms are not met |
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Term
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Definition
| if you default on something than we can start taking our loan back |
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Term
| what are the 2 types of rights that shareholders have? |
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Definition
1. economic- right to remain with the same percentage of ownership if they want it
2. Voting rights- % of voting rights compared to % of company you own. |
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Term
| what is vicarious liability? |
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Definition
| that employers are liable for employee behavior |
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Term
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Definition
| shares in previusly owned company so they can veto things, if it arises |
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Term
| how do unlimited liabily business disclose thier finacails |
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Definition
| they don't have to share it with the public, but they have to, for the tax perposes to the state. |
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Term
| what are the elements of the setup of a contract? |
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Definition
1. consent
2. form
3. capactity
4. agreement
5. consideration
6. intention
7. capacity |
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Term
| what constitutes an agreement? |
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Definition
| when one party accepts the offer of another |
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Term
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Definition
| proposal made by offeror with promise to be bound if accepted by the offeree |
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Term
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Definition
| Promise to give or do something for the other |
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Term
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Definition
Executed – one way
Executory - exchange |
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Term
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Definition
-No past consideration
-Consideration must move from promise |
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Term
| explain Privity of Contract |
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Definition
| Party cannot be bound by or take advantage of a contract to which he/she is not party. |
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Term
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Definition
| Parties intend to enter into a binding agreement (automatically presumed within the business environment) |
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Term
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Definition
Not specific formality
Except: Deed, writing |
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Term
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Definition
-Valid contracts: necessary goods, beneficial to the minor (employment, apprenticeship, education)
-or need to be at least 18 |
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Term
| types of mistakes and their meaning |
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Definition
-Common mistake: where both parties to the contract make the same mistake. so the subject matter of the contract, no longer exists, but the contract still does
-Mutual mistake: both of them are wrong in different ways, so its void . |
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Term
| 2 types of terms and meaning? |
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Definition
-conditions: major terms- if broken=rescission + damages
-Warranties: Not major term: damages |
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Term
| difference between expressed and implied terms: |
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Definition
-Express: Specifically agreed: exemption clauses, liquidated damages, price variation clauses
-Implied: By custom, by Common Law (reasonableness test), statute (Sale of Goods Act) |
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Term
| what is the purpose of an exemption clause? |
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Definition
| Express terms which seek to exclude or limit liability that might belong to one party in the event of breach |
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Term
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Definition
| set of circumstances that are unforeseen that make it impossible for a contract to be preformed |
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Term
| what are the different types of breaches/what do they mean? |
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Definition
-Anticipatory breach: Before non-performance
-Actual breach: Completely vs one or more of the obligations (condition /warranty) |
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Term
| what does the law do for business? |
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Definition
| fill in the gaps for business |
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Term
| whats the purpose of liquidated damages? |
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Definition
| clause so that encase something goes wrong they can take stuff from you. |
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Term
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Definition
| is the collateral that you need for a loan. ex. assets or floating charge= A/R |
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Term
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Definition
| when shares are passed along because someone died? |
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Term
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Definition
| limit to how long you are able to sue someone. |
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Term
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Definition
| one person in a position of power taking advantage of another. ex parent on their kid |
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Term
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Definition
| exclusion to the contract need to out and in plain sight, can't be hidden in the fine print of the contract. |
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Term
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Definition
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Term
| ways of settling civil disputes out of court? |
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Definition
with Alternative dispute resolution
-Arbitration: 3rd independent party
-Mediation: non binding, try and find conman ground |
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