LGS 200 Test 3 Study Guide
LGS 200 Test 3 Study Guide LGS 200
Popular in Legal Environment of Business
Popular in Law and Legal Studies
This 6 page Study Guide was uploaded by Julie Knight on Friday March 18, 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 36 views. For similar materials see Legal Environment of Business in Law and Legal Studies at University of Alabama - Tuscaloosa.
Reviews for LGS 200 Test 3 Study Guide
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 03/18/16
LGS 200- T est 3 Chapters 9-15 Chapter 9: 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 Mutual assent- agreement - Terms of agreement: 1. Identification of the parties 2. Identification of the object or subject matter of the contract 3. Consideration to be paid 4. Time of payment, delivery, or performance Opinion contract- created when an offeror promises to hold an offer open for a specified 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 1. Capacity a. Minors b. Intoxication c. Mental incompetence 2. Legality a. Legal vs. illegal 3. Genuineness of assent a. Mistakes (of fact- bilateral vs. unilateral) (of value) b. Fraudulent misrepresentation (no mutual assent) c. Undue influence (one party dominant over another party) d. Duress - Statute of frauds: 1. Interests in land 2. Cannot be performed in 1 year 3. Collateral, 2 , debt of another 4. Marriage- prenuptial 5. $5000 or over Assignment- transfer of contractual rights to a third party Delegations- transfer of contractual duties to a third party 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. Complete 2. Substantial - Material breach of contract: no breaching party is excused - Discharge by agreement: - Discharge by operation of law: 2 - Statute of limitations: - Remedies: 1. Damages a. Compensatory b. Consequential c. Punitive d. Nominal - Mitigate damages- duty to protect damages - Liquidated damages - Specific 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 “reasonably fit for the ordinary purposes for which such goods are used” - Implied warranty of fitness 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 infliction of emotional distress 5. Defamation 3 a. Slander (verbal); libel (written); defense=TRUTH 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 find objectionable 7. Appropriation (stolen identity) 8. Fraudulent misrepresentation - Business torts: o Wrongful interference with a contractual relationship o Wrongful interference with a business relationship - Property (personal and real(land)) - 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 o Invitee o License o Trespass - Damages o Compensatory o Punitive o Causation - Defenses o Assumption of risk o Superseding cause o 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 4 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 1. defective condition 2. business of selling 3. unreasonably dangerous 4. physical harm 5. proximate cause 6. goods must not have been substantially changed - 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 identified 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 satisfied 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) 5 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 o Percent plan 100% 60 months (secured) o 10% (unsecured) 6
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'