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Business Law Torts/Contracts
Chapters on Torts and Contracts
40
Law
Undergraduate 3
05/01/2011

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Cards

Term
torts
Definition
injury to another person or property, civil wrong
Term
types of torts (3)
Definition
negligence, intentional, strict liability
Term
negligence torts
Definition
failure to live to standard of care a reasonable person would provide to protect against harm
Term
in order to have negligence you must have
Definition
1) duty 2) breach of duty 3) causation a) actual b) proximate 4) damages
Term
duty
Definition
reasonable standard of care that a person has to protect others
Term
breach of duty
Definition
prove that defendant did not fulfill that duty
Term
actual causation
Definition
did conduct on plaintiffs side result in injury. then you ask what if, but for. then assume responsibility
Term
proximate causation
Definition
foreseeability....palsgraft case didn't see fireworks being in the mans bag
Term
3 defenses to negligence
Definition
1) contributory 2) comparative 3) assumption of risk
Term
contributory-defense
Definition
plaintiff did not exercise reasonable care. assume responsibility.
Term
comparative-defense
Definition
percentage of blame on the plaintiff. 20% fault then 20% cost taken out of damages
Term
assumption of risk-defense
Definition
harm suffered was an assumed risk of activity
Term
intentional torts
Definition
civil wrong. defendant took purposeful action to harm plaintiff
Term
types of intentional torts
Definition
defamation, contract interference, unfair competition, disparagement, misappropriation, trespass to realty, false imprisonment, assault/battery
Term
defamation (intentional tort)
Definition
publication of false statement (libel) spoken (slander)
conditional and absolute privilege. public figures/politicians
Term
contract interference (intentional tort)
Definition
3rd party contract, defendant knew the terms, interfered, took action knowingly, 3rd party breached, harm done to plaintiff
Term
false imprisonment (intentional tort)
Definition
shop keepers restraint, hold for a reasonable time and matter. physical restraint is when its considered.
Term
strict liability (tort)
Definition
implied liability with based on activity. so dangerous its assumed.
Term
types of damages for torts
Definition
compensatory, nominal, punitive
Term
compensatory tort damages
Definition
make victim whole again, pain and suffering, injuries
Term
nominal tort damages
Definition
intentional cases only, usually only $1 when no costly damages have been done, there to prove that defendant was guilty
Term
punitive tort damages
Definition
costly, made to punish the defendant so he/she won't do it again
Term
contracts
Definition
legally enforceable exchange of promises for an act, common law
Term
UCC
Definition
uniform commercial code-governs sale of goods
Term
3 parts of a contract
Definition
1) offer-i will pay you $10 for your book
2) acceptance-intent to accept, communication to accept, and mirror of offer
3) consideration-if offeree does this i will do this
Term
mailbox rule
Definition
accepted contract when deposited at the mailbox
Term
voidable contracts
Definition
illegal, drugs, under 18, fraud
Term
valid contracts
Definition
when all requirements are met
Term
fraud
Definition
misrepresentation, made with intent to deceive party, relies on misrepresentation, result in injury

example: sold house knowing it floods. person buys house damages to living room.
Term
dissenting opinion
Definition
duress-threats
undue influence-dr/patient teacher/student person influences others decision
mistake-account error for example
Term
lack of capacity
Definition
under 18, insanity, intoxication
Term
written contracts
Definition
1) sale of land 2) debts of another
3) sale of goods $500+ 4) marriage 5) year plus before performance
Term
substantial performance
Definition
1) complete nearly all the terms
2) honest effort to complete the rest
3)no willful departure
example house built 5 rooms painted blue but one is pink. just the cost of a newly painted blue room is in order.
Term
condition precedent
Definition
something must occur or contract is dismissed. example will pay $10 when this happens
Term
equitable remedies
Definition
non monetary damages awarded for beach of contract. rescission-cancel contract. reformation-change contract. specific performance- preform a certain way. injunction-court order to behave.

common-restraining order
Term
statute of limitations
Definition
2 to 4 years depending on state
Term
ADR
Definition
alternative dispute resolution-resolving legal issues outside the court
Term
arbitration
Definition
submit disagreement to 3rd party. decision is called an award. legally binding. final. faster than court. and cheaper.
Term
terminate contract when
Definition
mutual agreement, failure to perform, conditions precendent(if something happens then they will act)/subsequent(if something happens then discharged)
Term
legal remedies for contracts
Definition
monetary, compensatory, punitive, nominal
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