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OK State - LSB 3213 - Study Guide - Final

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OK State - LSB 3213 - Study Guide - Final

School: Oklahoma State University
Department: OTHER
Course: Legal and Regulatory Environment of Business
Professor: John Wroldsen
Term: Spring 2018
Tags: Legal Studies
Name: LSB 3213, Exam 3 Study Guide
Description: ch. 19, 6 and 7 remedies for breach of contract torts criminal law and procedure overview
Uploaded: 05/08/2017
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background image LSB 3213 Exam 3 Study Guide Ch. 6, 7 & 19 Ch. 19 Remedies for Breach of Contract “benefit of the bargain” 4 Types of Damages o Compensatory – direct losses, costs, and incidentals Always get them if you win your case o Consequential – indirect, foreseeable and provable with reasonable  certainty losses Hard to prove because they can be so big that it affects 
foreseeability
o Punitive – punish the wrongdoer and deter further wrongdoing Almost never available in a contract breach claim o Nominal – moral victory (no actual money to claim) 5 Types of Equitable Remedies o Rescission
o Restitution – money back
o Specific Performance
Won’t be granted for Unique Goods (personal services, real 
estate)
o Injunction
o Reformation – rewriting the contract when the court fixes a mistake
Mitigation – the court expects businesses to try to continue operations if 
they’re going to try to claim damages
Liquidated Damages o Company estimates the damages in advance Can be suspicious in the court’s eyes, so it needs to be a real 
estimate
Can’t be a penalty or an excess amount Provides certainty upfront One party tells the other party when they create the 
contract what the estimated damages will be if there is a 
breach
Ch. 6 & 7  – Torts Torts o Protected interest in physical safety and private property
o Civil wrong not related to breach of contract
o Four Levels
Intentional
background image Malicious intent to cause harm Usually also receive punitive damages False Imprisonment o Intentional restraint of freedom (or threat to  imprison) w/o justification Defamation o False statement presented as true
o Harmed plaintiff’s reputation
o Published to at least one other person
o If plaintiff is a public figure, defendant must have 
shown actual malice Libel  o Recorded
o Don’t have to prove damages
o Harm is assumed
Slander o Verbal
o Have to prove exact dollar amount
Reckless Should have known to be more careful Negligence No punitive damages Duty, breach, cause and harm Defenses o Plaintiff failed to prove four elements
o Assumption of risk
o Contributory negligence
If the plaintiff somehow contributed to their 
own harm
Could be comparative (percentage) or all or 
nothing
Strict Liability Abnormally dangerous activities o High risk of serious harm that cannot be protected  against even with reasonable care Wild animals Defective products o Manufacturing defect
o Design defect
o Inadequate warnings
o Proving Strict Product Liability:
Engaged in the business of selling that 
product
Unreasonably dangerous due to the defect 
specifically

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School: Oklahoma State University
Department: OTHER
Course: Legal and Regulatory Environment of Business
Professor: John Wroldsen
Term: Spring 2018
Tags: Legal Studies
Name: LSB 3213, Exam 3 Study Guide
Description: ch. 19, 6 and 7 remedies for breach of contract torts criminal law and procedure overview
Uploaded: 05/08/2017
3 Pages 79 Views 63 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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