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Business Law Midterm Important Info

by: Nicole Notetaker

Business Law Midterm Important Info

Marketplace > SUNY Albany > > Business Law Midterm Important Info
Nicole Notetaker


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About this Document

These notes are cumulative from all of his class sessions. It covers everything from the first class to the most recent, with all possibilities of what could be on the exam.
Business Law
Study Guide
business, Law, contracts
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This 6 page Study Guide was uploaded by Nicole Notetaker on Wednesday September 14, 2016. The Study Guide belongs to at SUNY Albany taught by in Fall 2016. Since its upload, it has received 439 views.


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Date Created: 09/14/16
Local Courts 1. County Ct a. Felony Criminal Trials 2. City Ct (morning) a. V and T b. Criminal c. Civil d. Summary Proceedings e. Small Claims i. $5,000 max, jurisdiction is countywide MUST BE A LICENSED ATTORNEY, 5 YEARS WORKING, RESIDENT OF CITY 3. Town and Village Ct (night) a. V and T matters i. Traffic tickets ii. DWI iii. Parking Tickets b. Criminal (Misdemeanor) i. Felony (major crime) ii. Misdemeanor (lower level crime) c. Civil (limited) d. Summary Proceeding (eviction) e. Small claims i. $3,000 max, jurisdiction is town wide Don’t need to be a licensed attorney Specialty Courts 1. Ct of Claims 2. Surrogate Ct a. Handles matters for people who have died b. Estate matters c. Next of kin gets appointed w/o will 3. Family Ct a. Child Custody and Support b. Child abuse and neglect c. Termination of parental rights d. Fraternity matters e. Juvenile Delinquency f. Person in need of supervision g. Adoption Main 3 Tier System 1. Ct of Appeals a. Panel of judges b. Legal arguments as to why should be upheld/overturned c. Binding on all courts of state d. Only get there on permission from court i. Different laws in different states 2. Appellate Division 3. Supreme Ct-NYS a. Unlimited original jurisdiction b. Civil law suits Evicted- Town and Village Divorce-Family  ELEMENTS OF A CONTRACT  CONTRACT (Offer+Agreement=K) - Binding Agreement o Agreement that creates forcible rights and obligations  AN AGREEMENT (offer+competence=contract)  COMPETENT PARTIES (minors, incompetent people)  GENUINE ASSENT (mistakes frauds under influence)  CONSIDERATION (Something for something)  LAWFUL OBLIGATION (vs. illegal agreements)  FORM REQUIRED BY LAW IF ANY (S/F) PRIVITY OF CONTRACT WITH EACHOTHER KINDS OF CCONTRACTS  VALID o Binding and Enforceable  VOID o No legal effect, not enforceable by either party  VOIDABLE o One that appears perfectly valid on face but because of special circumstance the law allows one party to back out o “disaffirm” contract  THEORIES OF CONTRACT o EXPRESS CONTRACT  Parties agree on all fundamental terms  Written or oral o IMPLIED CONTRACT  Have an agreement but not specifically on all the details ex- price o QUASI CONTRACT  Doesn’t involve contract at all  Legal theory used to prevent unjust enrichment 252pg Offer + Acceptance=K  Offer is a proposed contract  Offeror- person who makes offer Offeree- Accepts offer  “Meeting of the minds” – both need to be on the same page  “Invitations and Negotiators”- ad, limited supply  To be effective an offer has to be sufficiently definite and communicated  “Corporation by reference”- refer to outside doc in your contract and thereby make it part of your contract  Exceptions to the offer has to be definite contract o Requirements contract o Output contract  Termination of offers o Revocation (by offeror)- Offer is withdrawn o Rejection (by offeree)- Offeree says no to offer o Counter offer (by offeree)- Looks like acceptance, with some kind of “and if or but” attached to it o Lapse of time- Offer can specify deadline for acceptance o Death or disability of either party- o Subsequent illegality- RED FLAGS  Right of first refusal  Lease with option to buy  Acceptances o No particular form or words are necessary o “Mirror image rule”- acceptance must be absolute and unconditional  Who may accept o Only a party that the offer is directed too  Methods of acceptance o Offer can dictate required method of acceptance. Ex; in writing  Timing of acceptance o Can specify a deadline o Late acceptance is no acceptance  Silence as acceptance o Offeror is not allowed to phrase an offer in a way that silence or inaction by offeree would be deemed to be acceptance o Mailbox rule- A mailed acceptance is deemed effective the moment it is placed in the mail  Option contract o Paying someone to keep an offer on the table  Bids people make at an auction are offers, falling of gavel by auctioneer is an acceptance o Auction w/ reserve- auctioneer reserving right to take the item off the table o Auction w/o reserve- auctioneer will sell it to highest bidder o AD is an invite to NEGOTIATE  Contractual Capacity- an ability to understand that a contract is being made and the binding nature of it o Minors (18 is when you are no longer a minor)  Contracts made by a minor are voidable at the option of a minor  If minor affirmatively misrepresents his age the law allows the adult to back out as well  Minor can back out for bad, good, or no reason at all  Time for voidance is during minority, or a reasonable time thereafter  IMPORTANT: if making payments as a minor, if you continue to pay after 18 it is seen as a ratification of a deal, can no longer back out  Ratification- fully accepting the offer and not being able to back out  Minor not allowed to ratify a deal as a minor  Restitution- pay someone back to make them whole  Minor makes deal, disaffirms it, has to give restitution (return item in the shape it was obtained)  Contact for necessary- if minor makes contract for a necessity, creditor is going to be in contract to collect the reasonable value  EXCEPTIONS:  Minor cannot disaffirm a student loan  Bank accounts  Insurance policies  Corporate stock transactions  Contracts involved in running a business  Parental Liability- “Parental non-liability” Parents not liable to pay for contracts made by their child  CO-SIGN; parents are now independently liable for their minor’s contracts at this point o Incompetent People  If someone is legally incompetent by a court they are not allowed to make contracts themselves  Intoxication is not a valid defense to a contract  EXCEPTIONS  If you can prove the other party induced your intoxication you can void it  “Dancing on a table in your underwear”- If you can prove you were so far gone may allow exceptions  MISTAKES o Unilateral Mistake- one party is mistaken about something o Mutual Mistake- both parties are mistaken about something o Mistakes of fact- mistaken about a particular factual issue o Mistakes of law- somebody is mistaken about the legal effect of something o Mistakes of judgement- doesn’t exercise enough good judgment o Unilateral mistake of fact- one party enters in under mistake of fact, contract STANDS (unless other party knows/should have known of mistake) o Unilateral mistakes of law- signs a contract w/o understanding legal consequences, contract STANDS o Mutual mistake of fact- contract is VOID o Mutual mistake of law- Voidable contract o Mutual mistake in judgement- contract STANDS  Innocent misrepresentation o Victim of innocent misrepresentation can void the contract o No duty to volunteer rule- if selling something, don’t have to inform buyer of anything and everything about object. MUST ANSWER QUESTIONS ACCURATELY  EXCEPTIONS  Unknown defect or condition- must tell them  Act of concealing- if seller has done something that conceals a problem they have an obligation to tell the buyer  Elements of fraud o False statement of fact-meant to deceive you and they did-Voidable at option of victim o Knowledge of falsity/Reckless indifference to truth o Intent that listener rely o Listener does rely o Harm results (damaged) o “Dealer puffery”- Sales Pitch o Undue influence- “confidential relationship” and “deprivation of free will”, one side dominates other person, victim can void contract  Contract claim- have to prove that the parties consented and what they consented to  Consideration- something for something rather than something for nothing  Consideration- bargain for benefit  Consideration- the price for the promise  If promises are not enforceable, because there’s no return consideration  Once gift is completed, that person owns it.  Adequacy of consideration o Courts do not wave consideration o A promise to refrain from something that you legally can do is given consideration o Preexisting duty rule- if you do something that you already have a duty to do, it cant be a valid consideration for another contract o Sometimes a good faith can be established enough to convince a court of consideration o Liquidated debt- clear debt, sum is certain o Past consideration is no consideration, promise to pay someone something for an already completed act is not enforceable  Exceptions to consideration rule o Pledges to charity are deemed enforceable as public policy o Promissory estoppel- legal theory used to prevent unjust enrichment “detrimental reliance” “substantial loss”  Legality and public policy o Illegal contacts are void o Partial illegality- if illegal part goes to heart of agreement, court will declare entire agreement void , if just a sidelight issue the court will only void that part and enforce the rest o Implied covenant of good faith- if you sign a contract with someone you have an ethical obligation to act in good faith and carry out the contract obligation o Gambling is illegal in NY unless it’s a state sponsored game o Regulation of business  DBA certificate-  Three day right to cancel- in-home sales, mortgage refinance, home equity loan  License requirements- licenses intended to protect the public


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