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Chapter 3 Notes, cont.

by: Kendall Davis

Chapter 3 Notes, cont. ACCT 324 - 002

Kendall Davis
GPA 3.8

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About this Document

August 26
Survey of Commercial Law
Julius David Johnson (P)
Class Notes
25 ?




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This 3 page Class Notes was uploaded by Kendall Davis on Saturday August 27, 2016. The Class Notes belongs to ACCT 324 - 002 at University of South Carolina taught by Julius David Johnson (P) in Fall 2016. Since its upload, it has received 8 views. For similar materials see Survey of Commercial Law in Accounting at University of South Carolina.


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Date Created: 08/27/16
Notes August 26, 2016 Chapter 3 cont. Steps in Civil Litigation:  Jury Selection o Cannot know the juror or anything about them  Opening Statements o Attorney gets up and summarizes the clients view of the case o Why a juror should conclude a certain way o Very persuasive  Examination of Witnesses and Presentation of Evidence o Actual trial o Presentation of evidence and witnesses (yes or no questions)  Closing Arguments o Attorneys summarize the case, last persuasion  Jury Instructions o Judge instructs jury o Then they go and deliberate  Post­Trial Motions o Motion for judgment in accordance with verdict  Winning party wants it to be recorded so it is legally binded  Not binded until recorded o Motion for judgment notwithstanding verdict  The evidence at trial should have supported a different verdict o Motion for New Trial  Happens when misconduct occurs with the jury  Usually only filed by losing party  Appellate Procedure o Higher court review o Court Decision­Making Powers:  Affirm  Modification  Reversal  Remand­ back to the lower court Chapter 13  Contract: a legally enforceable agreement o Elements required for Contract Formations:  Agreement (offer and acceptance)  Mutual consideration (Value Given by Both Parties)  Legal purpose and subject matter (Object of contract)  A contract cannot be illegal or against public policy  Legal capacity (Ability to Understand Terms and Nature of Contract; legal ability to enter into binding contract)  Legal ability to enter into a contract, has to understand terms of  contract  Minors, mentally ill, or intoxicated     Defenses to Enforcement of Contract o Lack of genuine assent: fraud, duress, undue influence, misrepresentation o Lack of proper form requirements: statute of frauds writing requirement  The objective theory of contracts o Existence and interpretation of contract based on outward manifestations of intent by parties (objective, “reasonable person” standard of contract formation and  interpretation) o Subjective (individual) intent generally irrelevant  Sources of Contract Law o State common law  Primary law that governs contracts o The Uniform Commercial Code (Article 2)  Governs contracts for the sale of goods  If it doesn’t cover something then refer back to state law  Classification of Contracts: Bilateral or Unilateral o Bilateral Contract: Exchange of promises  Promise for a promise  Exchange happens at the same time  In writing o Unilateral Contract: promise in return for performance of act  Exchange happens at different times  Ex. points at the end of the month for credit card use o Express Contract: based on written or spoken words o Implied Contract: based on conduct or actions  Quasi Contract (“Implied­in­law” contract): Imposed in certain cases to  avoid unjust enrichment, even if all elements of contract formation not  satisfied  Ex. If you see someone painting your house and don’t stop him thinking  you would get it for free. Your non­action implies that you will pay  Implied in fact: 1) plaintiff provided a service to defendant and expected  to be paid 2) defendant had a chance to deny the service but didn’t 3) a  reasonable person would not reject it  Classification of Contracts: Valid, Void, or Voidable o Valid: All elements of contract formation satisfied o Void: Illegal purpose/subject matter; unenforceable  No contract at all, illegal to carry it out o Voidable Contract: One of both parties can withdraw from contract  Minors are able to void contracts, that’s why parents need to cosign  Classification of Contracts: Executed or Executory o “Executed” contract: all terms of contract fully performed o “Executory” Contract: some duties under contract not performed by one/ both  parties


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