Business Law

Front 1

Misfeasance

Back 1

An act that caused harm to another

Front 2

Nonfeasance

Back 2

A failure to prevent an injury

Front 3

Negligence

Back 3

Inadvertent, careless conduct that causes injury to another

Front 4

Remoteness test

Back 4

Whether the specific type of injury suffered was reasonably foreseeable

Front 5

Voluntary assumption of risk

Back 5

The defendant must show the plaintiff assumed the physical and legal risk

Front 6

Occupiers liability

Back 6

An occupier of property owes a duty to people who come into the property as licensees and invites. Example. Selling alcohol

Front 7

Innkeepers liabilities

Back 7

Safeguards guests form wrongful acts of others. Unless property loss was caused by guests own negligence

Front 8

Strict liability

Back 8

Liability of an employer and its property

Front 9

Product liabilities

Back 9

Manufacturers are liable for injuries caused by defective products

Front 10

Negligent misstatement

Back 10

People who suffer economic loss because of a professionals negligent statements may recover damages

Front 11

Fiduciary duty/breach of trust

Back 11

.act with loyalty and good faith

.not act against clients without permission

.not use confidential info for own benefits

. Disclose pertinent information

Front 12

Bonding

Back 12

Offers some protection against losses brought on by employees who may act wrongfully

Front 13

Limitation clauses

Back 13

Contra ambiguities interpreted to favor the party that did not draft the contract

Front 14

Subrogation

Back 14

Insurer sues in the name of the insured , the person who caused the loss.

Front 15

Contract

Back 15

A voluntary exchange of promises, creating obligations which, if defaulted on, can be enforced and reminded by the courts

Front 16

Parts of a contract

Back 16

Consensus

Consideration

Capacity

Legality

Intention

Front 17

Consensus

Back 17

Willing commitment to terms of contract

Front 18

Consideration

Back 18

The price one is willing to pay for a promise of terms. All parties should receive some benefit from the contract

Front 19

Misrepresentation

Back 19

False statement that persuades someone to enter into a contract

Front 20

Innocent misrepresentation

Back 20

The person mking it honestlys believes it to be true

Front 21

Fraudulent misrepresentation

Back 21

False statement made knowingly

Front 22

Negligent misrepresentation

Back 22

Carelessly providing false information.

Front 23

Duress

Back 23

Threats made to make party enter a contract

Front 24

Undue influence

Back 24

Pressure from a dominant, trusted person to enter a contract

Front 25

Unconscionable transactions

Back 25

Permits the court to set aside a contract in which one party has been taken advantage of.

Front 26

Privity of contract

Back 26

Contract can only affect parties to it

Front 27

4 methods of discharging a contract

Back 27

Performance

Breach

Agreement between parties

Fustration

Front 28

Tender of performance

Back 28

When one party is ready and attempts to perform but performance is refused by other party

Front 29

Breach of contract

Back 29

Improper or incomplete performance

Refusal to preform

Front 30

Conditions

Back 30

Terms essential to substantial performance

Front 31

Warrienties

Back 31

Minor terms of contract

Front 32

Fundamental breach

Back 32

One party denied the benefit it bargained for in the contract

Front 33

Repudiation

Back 33

Anticipatory breach

Front 34

Rescission

Back 34

Returning parties to original position

Front 35

Rectiication

Back 35

Court interprets and corrects wording of a document

Front 36

Damages

Back 36

Compensation to the victim

Front 37

Remoteness

Back 37

Breaching party must compensate for damage resulted from the breach

Front 38

Mitigation

Back 38

Victims must make effort to keep their losses as low as possible