LGS 200 Chapters 9-15 Study Guide
LGS 200 Chapters 9-15 Study Guide LGS 200
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This 0 page Study Guide was uploaded by Julie Knight on Monday February 8, 2016. The Study Guide belongs to LGS 200 at University of Alabama - Tuscaloosa taught by Charles Malone in Fall 2015. Since its upload, it has received 29 views. For similar materials see Legal Environment of Business in Law and Legal Studies at University of Alabama - Tuscaloosa.
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Date Created: 02/08/16
LGS 200 Test 3 Chapters 915 Chapter 9 0 Contract a promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes as a duty Elements of a valid contract 1 Agreement includes an offer and an acceptance 2 Consideration 3 Contractual capacity 4 Legality Contract formation 1 Bilateral promise for a promise vs unilateral promise for an act 2 Formal vs informal 3 Express formed by words vs implied by fact parties conduct Valid contract 1 Enforceable contract 2 Voidable contract 3 Unenforceable contract Void contract 1 No contract 0 Mutual assent agreement Terms of agreement Identi cation of the parties Identi cation of the object or subject matter of the contract Consideration to be paid Time of payment delivery or performance gtUUl 39 Opinion contract created when an offeror promises to hold an offer open for a speci ed period of time in return for a payment given by the offeree Acceptance a voluntary act by the offeree that shows assent to the terms of an offer Defenses 1 Capacity a Minors b Intoxication c Mental incompetence 2 Legality a Legal vs illegal Genuineness of assent a Mistakes of fact bilateral vs unilateral of value b Fraudulent misrepresentation no mutual assent c Undue in uence one party dominant over another party d Duress Statute of frauds 1 Interests in land 2 Cannot be performed in 1 year 3 Collateral 2nd debt of another 4 Marriage prenuptial 5 5000 or over 0 Assignment transfer of contractual rights to a third party Delegations transfer of contractual duties to a third party 0 Third party beneficiaries the third person Chapter 10 The most common way to discharge or terminate one s contractual duties is the performance of those duties Condition a possible future event the occurrence or nonoccurrence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract Discharge by performance 1 2 Complete Substantial Material breach of contract no breaching party is excused Discharge by agreement Discharge by operation of law Statute of limitations Remedies 1 Damages Compensatory Consequen al Punitive Nominal goom Mitigate damages duty to protect damages Liquidated damages Speci c performance Chapter 11 Sales contract contracts for the sale of goods Warranty of title 1 Expressed 2 Implied Implied warranty of merchantability automatically arises in every sale or lease of goods made by a merchant who deals in goods of the kind sold or leased To be merchantable goods must be quotreasonably t for the ordinary purposes for which such goods are usedquot Implied warranty of tness for a particular purpose arises when any seller or lessor knows the purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skill and judgment of the seller or lessor to select suitable goods Chapter 12 Torts wrongful conduct intentional vs unintentional 1 Assault verbal 2 Battery carried out a Defenses consent self defense defense of others and defense of property 3 False imprisonment or attempt 4 Intentional in iction of emotional distress 5 Defamation a Slander verbal libel written defenseTRUTH b Public figures actual malice made with either knowledge of falsity or a reckless disregard of the truth 6 Invasion of privacy a The use of a person s name picture or other likeness for commercial purposes without permission b Intrusion on a individuals affairs or seclusion c Publication of information that places a person in a false light d Public disclosure of private facts about an individual that an ordinary person would nd objectionable 7 Appropriation stolen identity 8 Fraudulent misrepresentation Business torts o Wrongful interference with a contractual relationship 0 Wrongful interference with a business relationship Property personal and realand Conversion any act that deprives an owner of personal property without that owner s permission and without just cause Negligence if no duty no breach of duty 0 lnvhee 0 License 0 Trespass Damages o Compensatory o Punitive o Causation Defenses o Assumption of risk 0 Superseding cause 0 Contributory negligence Good Samaritan statutes not charged if helping Dram shop acts intoxication Chapter 13 strict product liability 1 consumers should be protected against unsafe products 2 manufacturers and distributors should not escape liability for faulty prodicts simply because they are not in privity of contract with the ultimate user of those products 3 manufactures sellers and lessors of products are in a better position ot bear the costs associate with injuries caused by their products requirements defective condition business of selling unreasonably dangerous physical harm proximate cause goods must not have been substantially changed P P FP NE product defects 1 manufacturing defect 2 design defect 3 warning defects defenses 1 assumption of risk 2 product misuse 3 commonly known dangers Chapter 14 trademark a distinctive mark motto device or implement that a manufacturer stamps prints or otherwise affixes to the goods it produces so that they can be identi ed on the market and their origin made known patent grant from the government copyright books art music trade secrets advantage over competitors Chapter 15 lien a claim against a debtor s property that must be satis ed before the property is available to satisfy the claims of other creditors mechanic s lien improvements to land artisan s lien repair of personal property judicial attaches to anything you want to buy REPO o writ of execution taken out of house o garnishment of wages 25 of disposable income surety ship a promise made by a third person to be responsible for the debtor s obligation guaranty bankruptcy automatic stay suspension straight bankruptcy o voluntary o involuntary reorganization Debtor s court 0 Percent plan 100 60 months secured o 10 unsecured
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