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Worsham Bus. Law Q1
| Question | Answer |
|---|---|
| Old definition of common law | the old English law brought by our forefathers from England |
| Current definition of common law | custom developed in England and is reconized by courts as binding on the community |
| acceptance | an agreement to an offer resulting in a contract |
| assignee | the party to whom the assignment is made |
| assignment | a means whereby one party conveys rights to another person who is not a party to the original contract |
| assignor | the party making the assignment |
| beneficiary | recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will |
| breach of contract | a situationin which one of the parties to a contract fails or otherwise refuses to perform the obligation established in the contract |
| business law | those rules of conduct prescribed by a government and its agencies, regulating business transactions |
| compensatory damages | an award paid to the injured party to cover the exact amount of their loss, but no more |
| complaint (petition) | a written request initiating a civil suit |
| consideration | that which the promisor demands and receives as the price for a promise |
| contract | an agreement between 2 or more competent persons which is enforceable by law |
| couteroffer | an intended acceptance which changes or qualifies the offer and is a rejection of the original offer |
| creditor beneficiary | the person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor perfoms the promise |
| defendant | the person against whom legal action is brought |
| discharge | termination of a contract by performance, agreement, impossibility, acceptance of breach, or operation of law |
| discovery | pretrial steps taken to learn the details of the case |
| donee beneficiary | a 3rd party beneficiary to whom no legal duty is owed and for whom performance is a gift |
| duress | a means of removing one's free will; obtaining consent by means of threat to do harm to the person, his family or his property |
| executed contracts | those contracts in which the parties have fulfilled the terms |
| executory contracts | those contracts in which the terms have not been completely executed or fulfilled |
| express contract | a contract in which the parties express their intentions, either orally or in writing, at the time of the agreement |
| felony | a criminal offense that is punishable by confinement in prison or by death |
| fiduciary | a relationship or trust and confidence, such as that which exists between partners in a partnership |
| formal contract | those contracts that must be in special form or produced in a certain way, such as under seal |
| fraud | the intentional or reckless false statement of a material fact upon which the injured party relied which induced the injured party to enter tinto a contract to his/her detriment |
| implied contract | one in which terms of the contract are implied by acts or conduct of teh parties |
| law (Blackstone's def) | those rules of civil conduct commanding what is right and prohibiting what is wrong |
| liquidated damages | a provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract |
| minor | a person under full legal age; in most states the standard is under 18 |
| necessaries (neccessities) | items, required or proper and useful, for sustaining a human being at an appropriate living standard (food, clothing, shelter) |
| nominal damages | a token award to symbolize vindication of the wrong done to the plaintiff; generally the award is $1000 |
| navation | the change of one of the parties to a contract at the mutual agrement of the original parties |
| offer | an expression of willingness to enter a contractual agreement |
| offeree | the person to whom an offer is made |
| offeror | the party who initiates or makes an offer |
| ordinances | laws enacted by local municipalities |
| petition (complaint) | a written request initiating a civil suit |
| plaintiff | the individual who initiates a civil action |
| price | that consideration stipulated by contract, generally expressed in money or money's worth |
| punitive damages | an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff |
| ratification | confirming an act that was executed without authority or an act which was voidable |
| rescission | canceling, annulling, avoiding |
| service contracts | the contracting of services rather than goods |
| Sherman Antitrust Act | legislation intended to promote competition among businesses by prohibiting restraint of trade |
| simple contract | any contract other than a formal contract, whether written, oral or implied |
| stare decisis | the principle that the decision of a court should serve as a guide or precedent and control the decision of a similar case in the future |
| statute of frauds | a statute originally enacted by the English Parliament and now enacted in some form in all states, listing certain types of contracts which could be enforced only if in written form |
| statute of limitations | a law that restricts the period of time within which an action may be brought to court |
| statutes | laws which are enacted by legislative bodies |
| summons (process) | a notice of complaint given to a defendant, defining the complaint and a time frame in which a response, or answer, must be filed, and which serves the purpose of conferring personal jurisdictin over the defendant |
| third party beneficiary | person not party to a contract, but whom paries intended to benefit |
| tort | a private or civil wrong, either intentional or caused by negligence, for which there may be action for damages |
| trial courts | courts that conduct the original trial and render their decision |
| undue influence | improper influence that is asserted by one dominant person over another, without the threat of harm |
| unenforceable contract | an agreement which is not in the form required by law |
| usurious | exceeding the maximum rate of interest which may be charged on loans |
| valid contract | a contract which will be enforced by the court |
| void contract | an agreement of no legal effect |
| voidable contract | a contract that would be an enforcealbe agreement, but due to circumstances, may be set aside by one of the parties |
| the original law of the land or supreme law of the land | Constitution |
| ordinances | laws passed in a city, town or county |
| case law | decisions of higher courts (supreme/apelet) |
| precednet | 1st time a case of it's kind is ruled apon |
| administrative agency | created by congress that have the power to regulate industries and implamint laws |
| FTC, OSHA and ADA are examples of | administrative agencies |
| state court system | trial court, court of appeals, supreme court |
| federal court system | federal district court, court of appeals, supreme court |
| subpoena | served to wittnesses |
| depositions | recorded statements by other party thru Q & A |
| interrogatories | written Q's the attorney submitted to the other attorney for client to answer |
| default | when you are served a summons and do not answer or show up |
| what are the requirements of a contract | 1-mutual agreement 2-competent parties 3-consideration 4-legal subject matter 5-formality |
| unilateral | promise given in exchange for an act proformed |
| bilateral | promise given in exchange for a promise |
| quasi | parties have not agreed to anyting but is implied by law |
| a valid offer must have | 1-offers must be definate 2-offers must be seriously intended 3-must be communicated to the offeree |
| invatations | you are invited to make an offer such as ads, junk mail, flyers |
| mail box rule | offer request acceptance in writting it becomes a mutal agreement when it's post marked |
| according to common law when is a person an adult | 21 |
| contracts with minors are voidable on the minors part, except | for neccessaries |
| disafirmance of a contract | a minor can repudiate the contract only until 17, after it becomes radified |
| injudicatioin | declared incompitent by a judge |
| people that are injudicated that are apart of a contact, what happens to their contracts | they are void |
| people that are mentally incompitent but have not been injudicated, their contracts are | avoidalbe, just as a minors |
| forebarence | promising to refrain from doing something you have a legal right to do but must be resonible |
| defective agreements | where one or both parties have made a mistake |
| what are the 2 types of defective agreements | if 1 party makes a mistake (unilateral) and if both made a mistake (mutual mistake) |
| when a unilateral error is made, what becomes of the contract | remains enforcable except if the other party knew of the mistake or caused it intensionally |
| when a mutual mistake is made, what becomes of the contract | it's unenforcable therefore it is void |
| divisable contract | multiple parts, each part can be carried out individually. If any part is carried out illegally or any part is illegal, the legal parts can still be carried out |
| indivisable contract | everything is carried out all together, at once. If any part is illegal the entire contract is void |
| Sunday contracts | contracts entered into on a sunday, void in some states |
| Gambling contracts | when parties stand to win or lose by chance |
| usurious contracts | rate of interest on a loan of money |
| usury laws | restrict the intrest rate on a loan |
| usuer | going above the interest rate set forth by usury laws |
| legal rate of interest | what the state says is the max interest you can charge when not agreed in a contract |
| maximum contract rate | what the state says is the max interest you can charge when the rate is agreed apon in a contract, typically higher then the legal rate |
| contracts that unreasonalby restrain trade | contracts not to compete and contracts that restrain trade |
| contracts not to compete are reasonable if | time frame and geographical location are reasonable |
| contracts that restrain trade | limits competition by price fixing |
| Sherman Antitrust Act & Clayton Act | affect interstate competitor to restrick trade |
| what are the 5 ways a contract can be terminated | 1-proformance 2-operation of law 3-volunteerary agreement of parties 4-impossibility of proformance 5-acceptance of breach |
| profomance | when the contract has been substantually completed to the satisfaction of all parties |
| discaharge by opperation of law | law can discharge contract or bar action from being taken (impssibility of proformance, becomes illegal, bankruptcy, statutes of limitations expired) |
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