New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

LGS 200 Test 3 Study Guide

by: Julie Knight

LGS 200 Test 3 Study Guide LGS 200

Julie Knight
GPA 3.8

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

This study guide is for test 3
Legal Environment of Business
Charles Malone
Study Guide
LGS, LGS 200, Legal Studies
50 ?




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


Buy Material

Are you sure you want to buy this material for

50 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


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'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the I made $280 on my first study guide!"

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.