Term
|
Definition
offer
acceptance
concideration
leads to capacity and legality |
|
|
Term
|
Definition
promise/set of promises for the breach of which the law provides remidy.
written ones are easier to prove |
|
|
Term
|
Definition
- understand nature and concequences of action
1. Infancy(minor)
2. Voidability - voidable person can get out of contract.(16 yr old crash car, can give back) |
|
|
Term
|
Definition
| no correct answer, but at least 4 times |
|
|
Term
|
Definition
- written contract
- unilateral contract - doesn't answer, but does the job
- bilateral - both parties agree
- Uniformal commercial code - article II. |
|
|
Term
| uniformal commercial code |
|
Definition
Article II - contracts for sales.
- meant to level playing field among states
- contracts formed in two states
- not federal law, but passed in same way in every state(but lousiana) |
|
|
Term
| capacity. the 3 different factors |
|
Definition
incancy - emancipated minor
mental incapacity
intoxication |
|
|
Term
| infancy - emancipated child |
|
Definition
- married: marriage is a contract, can't undo a marriage
- parents kick you out: non voidable for neccessities(clothing, food, shelter) |
|
|
Term
|
Definition
| - Alzerimers/demensia (did you form a contract while you were on your meds?) Hard to prove |
|
|
Term
|
Definition
| - case: woman w/baby on plane(cries)intoxicated man slaps the child. you are RESPONSIBLE for the actions made while drunk(ex. marriage) |
|
|
Term
|
Definition
clear, unambigous terms containing definite terms about definite items.
- has to be communicated through US mail, phone call, e-mail, text(maybe) |
|
|
Term
|
Definition
| if you misspell 125,000 for 1250, but you agreed on 125,000. It is an error,and you both agreed to the value and you both know the value |
|
|
Term
|
Definition
- Benefit of a bargain
- Bargained for experience ex. $for horse
- Gift is not enforcable because you don't get anything in return |
|
|
Term
|
Definition
| ex. cop finds animal that has been lost. cannot demand money for it. |
|
|
Term
|
Definition
| contest over two months who can sell most beer.Win toyota. Jodii sells most beer, wins a toy Yota. sues. Unilateral offer. Jodii won and could pick out any Toyota she wanted |
|
|
Term
| LUCY V. ZEHMER (1954, Virginia) |
|
Definition
Zehmer - sell you my farm for 50, 000$.
Lucy - accepts offer
both mrs and mr Zehmer signs the paper. Lucy gave Zehmer 20 bucks to make sure he would pay. Lucy later comes with 50,000 and Zehmer says no. Zehmer both drunk and high. LUCY WINS |
|
|
Term
| LUCY V. ZEHMER (1954, Virginia) |
|
Definition
Zehmer - sell you my farm for 50, 000$.
Lucy - accepts offer
both mrs and mr Zehmer signs the paper. Lucy gave Zehmer 20 bucks to make sure he would pay. Lucy later comes with 50,000 and Zehmer says no. Zehmer both drunk and high. LUCY WINS |
|
|
Term
|
Definition
duty
breach of duty
Causation (actual and proximate)
damages
It is an injury of either physical or monitary |
|
|
Term
| Tort in the Buffalo Creek Disaster |
|
Definition
DUTY- Pittston owned to the plaintiffs not to kill them - breach of duty
CAUSATION- Pitt. has to prove they did not cause damages. 1- act of God. 2-State of the Art. 3-Not even us. 4-Blame plaintiffs. 5. State of WV
Damages - 125 ppl dead, property los, psycological |
|
|
Term
|
Definition
1. imperfect information
2. monopoly
3. Externalities
4. Public Goods |
|
|
Term
|
Definition
at fed. level. Interstate Commerce
state level. regulate business concering health/safety/morals
Supremacy clause |
|
|
Term
|
Definition
fed and state law conflict --> fed wins.
1964 Heart of Atlanta --> can't discriminate: race, color, sex, relition, national origin |
|
|
Term
|
Definition
| no african american use their hotel. By interstate. Civil rights act of 1964 is valid exercise of congress power under commerce policy. bc movement of people --> affect interstate commerce. Can't do it |
|
|
Term
|
Definition
1. Interstate movement of persons is commerce. affect more than one state
2. The protection of interstate commerece is wi |
|
|
Term
|
Definition
| The protection of interstate commerece is within the regulatory power of congress under commerce law wether or not the transportation persons between states is commercial |
|
|
Term
|
Definition
| The protection of interstate commerece is within the regulatory power of congress under commerce law wether or not the transportation persons between states is commercial |
|
|
Term
|
Definition
| congress action in removing the disruptive effect which it found racial and discrimination has on interstate travel is not invalidated because congress was also legislating against what it considered to be moral wrongs |
|
|
Term
|
Definition
local restaurant - not serve blacks. Gets supplies from out of state.
If enough small owners are jerks --> affect interstate commerce, so can't do it. |
|
|
Term
|
Definition
| or administrative law. Gov. unites that handle spesific areas of law because congress can't do everything. usually created by legislature through enableling(legislature -> gives agiencies power over area) |
|
|
Term
| Agiency law created by legislature |
|
Definition
enact rules
1. public. formal- hearing. informal- letters
2. Rule making
a) Procedural rules-deliniate internal procedures
b) interpretative- interpretations of enabeling policies
c) legislative rules - full force and effect of law |
|
|
Term
| Agiency law created by the judicial branch |
|
Definition
hearing on the rule violation
administrative law judge / DWI(DOI gets money from fines)
exhausting admin. remedy |
|
|
Term
|
Definition
obscene, FCC can edit your content.
if obscene, but not indecent - can decide what time it should be on air |
|
|
Term
|
Definition
most formal, most legal requirements. file article of corporation, file minutes
If they don't comply -get sued - will prry loose |
|
|
Term
| positive things about corporations |
|
Definition
stocks
centralized management -board, can vote for people
limited liability - won't lose more than invested - double taxed
Perpetual exsistence -operate until court shut them down. can't sue for poor decision |
|
|
Term
| When you can sue a corporation |
|
Definition
if corp. does something criminal that will decrease the stock value(shareholder derivative suits)
Shelskie v. wigley |
|
|
Term
|
Definition
| 1960, all other stadiums were getting lights so they could play at night but the cubs. wigley owned 80% of stocks, said no - can't sue for making poor business decisions |
|
|
Term
|
Definition
less formality, don't have to file anything, but you should
not double taxed - very democratic |
|
|
Term
| partnership - how to add, loose a partner |
|
Definition
adding a new partner - anonimous
- Joint and Sevral -if one partner goes bankrrupt, you all pay
-Deration of exsistence - partnership disolves/joins when someone leaves/join
FIDUCIARY DUTY |
|
|
Term
|
Definition
1. Duty of accounting
2. Duty of notificaiton
3. Duty of loyalty(can't compete)
Viele v. Rose |
|
|
Term
|
Definition
| accounting partnership. rose owns part of grocery store and did their accounting for a little bit of money. Viele sued because breach of loyalty. Viele won, you can't do that |
|
|
Term
|
Definition
pay quarterly estimates - pay 46% taxes
zero formality - opens/closes |
|
|
Term
Hybrid business form
S-corporation |
|
Definition
| small business, but limited liability, no double taxation |
|
|
Term
| Limited Liability Company LLC |
|
Definition
doesn't have a set number of shareholders
articles of org: not shareholders, but members |
|
|
Term
| Limited Liability Partnership LLP |
|
Definition
|
|
Term
|
Definition
Initial Public Offerings (IPO's)
info to people
prospectus (knowledge of what money is invested in)
1. info on company of activity
2. risk assessment
3. audited financial statement |
|
|
Term
| 1943 Securities Exchange Act(used) |
|
Definition
traded stocks on open market
issue quarterly reports
yearly report to stockholders |
|
|
Term
|
Definition
anyone with the knowledge not open to the public
if caught:
1. civil - up to 300% fine of profit
2. if violate 1933,1934 act up to 750.000$ per individual
3. for corp: upto 15m fine + jail time |
|
|
Term
SHERMAN ACT
Anti-trust 1890 |
|
Definition
oil/railroad
prohibits constraints of trade, and monopoly
gov/private parties - civil + criminal penalties |
|
|
Term
CLAYTON ACT
anti-trust act 1914 |
|
Definition
close holes in sherman act
prohibit behavior that leads to Sherman
EX: sell concrete underprised to override small business owner.
- predatory pricing. can't do anything
Wal-mart pharmacy - their insulin is cheaper than the wholesaler's |
|
|
Term
| UN's Convension on Contracts for International Sale of Goods |
|
Definition
| public international law - spesify court otherwise to the ICJ(intrn. COurt of Justice) who are not bound by prior rulings, but from convensions, treaties, customs(if action is followed consistently and repeatedly by nations absorbing it) |
|
|
Term
|
Definition
| should follow treaties we sign only rational decision. DEOLOGICAL- only ehtical thing to do |
|
|
Term
|
Definition
1. Foreign Representation - when party in country1 sells goods through a representative in an other country
2. Joint Venture - parties in two countries entering spesific project for a spesific time period
3. Branch office, Subsidary, Division
4. Licencing - coca cola
5. Franshicing - McDonald's |
|
|
Term
| TransAtlantic Financing v. USA 1966 |
|
Definition
| wheat on boat from usa to Iran, Suez canal closed because war. had to go around cape of good hope - took 2weeks longer - loose money - sue USA. Lost, should of had a backup plan because they knew the country was unstable |
|
|
Term
|
Definition
| impossible - should have planned for failure |
|
|
Term
1. The Act of State Doctrine
Government Defenses |
|
Definition
a judge in one counrty will not question the decisions of another country acting within their borders.
EX: Amr. 14 yr old in Singapore spray painted car - whipped with cane. |
|
|
