Chapter 3 Notes, cont.
Chapter 3 Notes, cont. ACCT 324 - 002
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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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