Business Law 16 Pitt Test 3

Front 1

Statute of Frauds

Back 1

Contracts must be written and signed by each party.

Front 2

Four Corners Test

Back 2

The insurer owes a duty of defense to the insured if the claim matches the literal provisions of the policy

Front 3

Consideration - Contracts

Back 3

A benefit bargained for between parties. The essential reason for a party entering a contract.

Front 4

Sweetheart sales

Back 4

one party gives the other party very attractive terms and conditions. Like selling your house to your girlfriend for a dollar.

Front 5

Sufficiency of Consideration

Back 5

consideration sufficient enough to support a particular transaction.

Front 6

Adequacy of Consideration

Back 6

a price equal in value for an act or thing for which it is given.

Front 7

Prior duty

Back 7

performance of a legal duty is classified as a consideration. Used to force another to perform their obligations under a contract.

Front 8

Forbearance as consideration

Back 8

promise by the debtor to pay an added amount.

Front 9

Effect of a mistake on a contract

Back 9

At the time of signing believing that certain facts are true when they are not. Can be argued as a defense.

Front 10

Plain meaning rule

Back 10

the literal rule, interpret the language of a contract in the literal meaning of the words used in it.

Front 11

Exceptions to sufficiency Rule

Back 11

Duress, coercion, fraud

Front 12

Executory contract

Back 12

a contract with terms to be fulfilled at a later date

Front 13

four elements to common law contract

Back 13

Offer, acceptance, consideration, mutuality of obligation

Front 14

Disaffirmation of a contract

Back 14

Minors, intoxication, mental incompetence can disaffirm a contract

Front 15

Mirror Image Agreement

Back 15

States an offer must be accepted as is with no modifications.

Front 16

American rule of damages

Back 16

Brings back full consequential damages and cost shifts fees to the losing suits

Front 17

Compensatory damages

Back 17

Covers direct losses and costs

Front 18

Mitigation of damages

Back 18

payment of small claims will eliminate large class action punitive damages.

Front 19

Nominal damages

Back 19

Recogniz wrong doing when no monetary loss is shown

Front 20

Waiver of a breach of contract

Back 20

A voluntary and international relinquishment of a contract right by some positive act.

Front 21

Hadley v Baxendale

Back 21

Take away, if you don't tell the person making you a thing that if they don't get it done in time you'll lose money then they won't be liable if they take too long. Something like that.

Front 22

Consequential damages

Back 22

damages that occured due to the failure of one party to meet a contractual obligation

Front 23

Punitive damages

Back 23

damages exceeding simple compensation, more on top of what makes gives people back what they lost.

Front 24

Doctrine of substantial performance

Back 24

They did their part of the contract close enough to the exact things stated and the contract can be considered fulfilled.

Front 25

Impossibility of performance

Back 25

If it becomes impossible to fulfill a contractual obligation, unforeseeable and extreme, Illegality, the death of a party.

Front 26

Compensatory damages

Back 26

Covers direct losses and costs

Front 27

Consequential

Back 27

covers indirect and foreseeable losses

Front 28

Rescission

Back 28

the unmaking of a contract

Front 29

Real Property

Back 29

fixed property, land and buildings

Front 30

personal property

Back 30

movable property, belongings exclusive of land

Front 31

tangible

Back 31

anything that can be touched

Front 32

intangible property

Back 32

ideas or patents, shiz like that.

Front 33

Transfer tax in Allegheny County

Back 33

0.5% and 0.5%

Front 34

License

Back 34

a special permission to do something

Front 35

Bailments

Back 35

an act of delivering goods for a particular purpose without transfer of ownership

Front 36

bailee

Back 36

person whom goods are given

Front 37

Bailor

Back 37

the person giving the property to the bailee

Front 38

Present Interest

Back 38

An individual has a present interest in the property, but not necessarily a future interest. The 2nd wife lives in the house until her death upon which time the Son gets the house.

Front 39

Future Interest

Back 39

An individual has a future interest in a property but not necessarily a present interest. The 2nd wife lives in the house until her death upon which time the Son gets the house.

Front 40

Joint Title

Back 40

Two or more persons own a thing

Front 41

Tenancy in common

Back 41

each tenant can dictate who their interest in the property passes to. So a father dies but states his half of the house goes to a son from the first marriage rather than the 2nd wife.

Front 42

Joint Tenancy

Back 42

Each party has a right to the whole property if the other dies.

Front 43

Tenancy by the Entireties

Back 43

Husband and wife specifically own the property

Front 44

Community property

Back 44

property owned jointly by a married couple

Front 45

Easements

Back 45

A right to cross or otherwise use someone else's land for a specific purpose

Front 46

Regulation A+

Back 46

Allows a company to raise up to 50 million dollars from the public per year without offering stock on an exchange.

Front 47

Rule 506

Back 47

allowed for unlimited sales of securities to accredited investors through non public solicitation.

Front 48

Emerging Growth Companies

Back 48

Annual gross revenue less than 1 billion dollars, adjusted for inflation every five years.

Front 49

Sarbanes Oxley requirements for EGC

Back 49

Doesn't require that the companies external auditors attest to its internal control over financial reporting

Front 50

Mosaic Information defense to insider trading

Back 50

Saying one pieced together all the information to make an informed decision.

Front 51

Accredited investor

Back 51

Net worth of at least one million dollars, excluding the value of a primary residence, or have income of at least 200k each year for the last 2 years.

Front 52

Sophisticated investor

Back 52

deemed to have sufficient investing experience and knowledge to weigh the risks and merits of an investment.

Front 53

Section 12 Reporting

Back 53

Registering securities under section 12 of the exchange act becomes subject to the periodic and current reporting requirements

Front 54

Securities act of 1934

Back 54

creates the SEC, gives them oversight and regulatory enforcement, and prosecution powers.

Front 55

Crowd funding

Back 55

the practice of funding a project or venture by raising many small amounts of money from a large number of people

Front 56

general solicitation

Back 56

look, it's just generally soliciting shiz from people. For (not allowed to use that word) sake.