BLAW 205 Notes Feb. 15-24
BLAW 205 Notes Feb. 15-24 BLAW 205
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This 4 page Class Notes was uploaded by Julia Lines on Friday February 26, 2016. The Class Notes belongs to BLAW 205 at College of Charleston taught by Dr. John Martin in Spring 2016. Since its upload, it has received 24 views. For similar materials see Legal Environment of Business in Business at College of Charleston.
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Date Created: 02/26/16
Business Law 205 February 15, 2016- February 24, 2016 Alternative Dispute Resolution (ADR) *QUICK AND EFFICIENT 1. Arbitration- Issues an award, found in contracts- BINDING a. Single arbitrator (the norm) - another person of significance acts as the judge (i.e. an architect acts as the judge for a building dispute) b. Arbitrator panel (3 arbitrators) – 3 people of significance act as the judge- will usually result in a better verdict 2. Mediation- voluntary- NON BINDING a. Resolve dispute- when two parties agree, it is binding b. Mini trial- a retired judge will run the trial a promise given in Unilater A promise in Bilateral exchange for a exchange for an promise al act Created by an Created by a Express expression of both Implied behavior or an act parties Something is yet Fully performed by Executo Executed both parties ry to be performed by someone Must have an 1 of the All 5 elements are agreement, 5 there, plus an Valid consideration, Void elements Voidable additional capacity, legality, is element that and mutual assent missing allows an out Contracts- enforceable agreement between parties Bilateral express and unilateral implied tend to go together 5 Elements of a Valid Contract 1. Agreement- meeting of the minds a. 2 Parts i. Offer- a promise to do something or not to do something that is reasonably definite (who, what, when, where) communicated to an offeree (one person or a defined group of people) made with serious intent *ads are not offers* Business Law 205 February 15, 2016- February 24, 2016 ii. Acceptance- unconditional; communicated to the offeror by the same or similar (faster) means, avoiding the mailbox rule (a contract is made as soon the letter is sent) 2. Consideration- benefit (value received) and detriment (value given) test 3. Capacity- the people involved must have competency a. The following people lack capacity: i. Minors- contract is VALID only if the minor is married or emancipated but VOIDABLE in any other instance ii. Insane- lacking mental capacity- contracts are VALID unless they have been adjudicated insane or they voluntarily relinquished capacity while still sane iii. Intoxicated- impaired through alcohol or other substances- VALID if they are sober enough to understand what they are doing *typically can only be proven through 3 party evidence* Doctrine of Necessaries- one must pay for reasonable food, clothing, shelter, and healthcare- REGARDLESS of their capacity 4. Legality- subject matter of the contract must be legal (i.e. gambling) *common in licensed professions (i.e. an unlicensed handyman doesn’t fix your AC properly- there isn’t a valid contract, so he is not legally obliged to fix it properly) 5. Mutual assent- parties freely and willingly enter into a contract a. Negate by the following 4 things: i. Fraud- i.e. you were sold a car that had been in a wreck, but you specifically asked for a car that had not been in one ii. Duress- threat used to get you to sign a contract iii. Undo influence- wrongful persuasion- someone is in a special capacity (i.e. a caregiver uses their close relationship with their patient to get them to put them in their will) iv. Mistake- both parties are mistaken over the purpose of the contract (mutual) or one party is mistaken by essential parts of the contract (unilateral) Enforceability- 6 types of contracts that must be in writing in order to be enforceable 1. Paying debts of another 2. Contracts of Administrators of Estates Business Law 205 February 15, 2016- February 24, 2016 3. Contracts that take longer than one year to perform 4. Real estate 5. Sale of goods above $X (depends on state) 6. Contracts made in the consideration of marriage (i.e. dowry) How Contracts End 1. Discharged One of 5 Ways a. Performance- contract is executed- both parties fully perform b. Waiver- mutually agree to waive contract c. Accord and satisfaction- waive underlying contract (satisfaction) and enter into a new contract (accord) d. Novation- substitute a party (happens when businesses are bought and sold) Make contracts freely assigned so you don’t have to rewrite contracts e. Operation of Law i. Subsequent Illegality- subject matter becomes illegal- i.e. video poker rentals in SC ii. Impossibility of Performance- i.e. a house under contract gets struck by lightning- the buyers are no longer legally obliged to still purchase the house 2. Breach a. When one party fails to perform, the other party no longer has to perform (i.e. if someone stops paying rent, you no longer have to provide them with the building) Monetary Damages a. Actual- tangible- i.e. towing bill/ car repair bill OR breach of contract by motor company b. Consequential- flows as consequence of the breach- intangible- i.e. pain and suffering (depends on the person) LOSSES MUST BE MIDIGATED Non-Monetary Damages a. Specific performance- one party will ask the judge to make the other party perform b. Injunction of relief- cannot do something by order of the judge Warranties 1. Express- created by a statement of fact or promise *LOOK OUT FOR PUFFING/ESTIMATES- NOT a warranty* 2. Implied a. Merchantability- product is fit to be sold and consumed b. Fitness for a particular purpose- must use product for its intended use i.e. using a light weight suspension truck for heavy weight loads Business Law 205 February 15, 2016- February 24, 2016
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