Business Law Part 2

Front 1

Tort

Back 1

violationof a private/civil wrong against a person or company

Front 2

Defamation

Back 2

generalterm used for harming reputation of another

Front 3

Defamation - FourElements –

Back 3

i. StatementNOT true

ii. Personmaking statement knows its untrue

iii. Publication– statement made in presence of 3rd party

iv. Statementnot subject to privilege

Front 4

Defamation - Privilege

Back 4

a. falsestatement can be made with privilege

i. InCourt of Law

ii. Floorof Congress

Front 5

Defamation - Defensesto Defamation –

Back 5

i. Truthof Statement; Truth

ii. Lackof Publication; Non-publication

iii. Privilege

Front 6

Defamation - Libel

Back 6

a. morepermanent communication

Example:Written, recorded, printed, filmed

Front 7

Defamation - Slander

Back 7

a. lesspermanent communication

Spoken,oral, etc

Front 8

1. Property

RealProperty

Back 8

–land or permanently attached fixtures (home)

Front 9

1. Property

Nuisance

Back 9

–someone deprived of enjoyment of Real Property

Front 10

1. Property

Private

Back 10

onlyaffects you privately

Front 11

1. Property

Public

Back 11

affectslarger scope of people

Front 12

1. Property

PersonalProperty

Back 12

a. portable,moveable property

Front 13

1. Property

Conversion

Back 13

someonedeprived of enjoyment of Personal Property

Front 14

Negligence

Back 14

failureto exercise necessary care to protect others from reasonable risk of harm

Front 15

Reasonable Person

Back 15

someonewho acts in proper, reasonable manner in every situation

Front 16

ContributoryNegligence

Back 16

alwaysa defense

i. defendantbelieve he is partial responsible; not 100%

ii. Example:Car Accident – defendant accepts partial responsibility but also places some ofblame of plaintiff

Front 17

ComparativeNegligence

Back 17

a. doctrinewhere judge allocates percentage if guilt after hearing case

i. Example:40% defendant, 60% plaintiff

Front 18

1. 4elements of Negligence:

Duty

Back 18

example - babysitterhas duty to supervise kids

Front 19

1. 4elements of Negligence:

Breach

Back 19

example - babysitterwatches TV, talks on phone, etc.

Front 20

1. 4elements of Negligence:

Causation

Back 20

example - causeskids to harm themselves

Front 21

1. 4elements of Negligence:

Harm

Back 21

example - actualharm done

Front 22

1. SpecialTypes of Negligence:

Respondent Superior

Back 22

–employer responsible for acts of employee when the employee commits a negligentact in course of employment

Front 23

1. SpecialTypes of Negligence:

Vicarious Liability

Back 23

a. liabilityshifted from one to another

i. Example:responsible for someone driving your car

Front 24

1. SpecialTypes of Negligence:

Strict Liability

Back 24

a. involvescertain types of activities – owner strictly liable

i. Keepingof Animals

ii. Explosivesand Fire

Front 25

Contract

Back 25

legallyenforceable agreement created when 2 or more competent parties agree to performor avoid performing certain acts that they have a legal right to do

Front 26

1. 6Elements of a Contact –

Back 26

a. Offer& acceptance

b. Mutualagreement

c. Consideration-exchange of value ***def. does not mean nice

d. Competentparty

e. Legalsubject matter

f. Proper form

Front 27

Offer& Acceptance

Back 27

offermade and party accepts

Front 28

Offer& Acceptance

Acceptancemust. . . .

Back 28

. . . .mirroroffer – no deviations

Front 29

1. Offer& Acceptance –

a. OfferElements –

Back 29

i. Definiteand Certain

ii. Communicated– oral or written

iii. Intentthat offer will create an enforceable obligation

****AnAdvertisement is only an offer if very specific.

Front 30

1. Offer& Acceptance –

Acceptance

Back 30

i. Offerorhas authority to dictate method of acceptance communicated

Ifno specification of acceptance, should be accepted in same manner offer wasmade.

Front 31

1. Offer& Acceptance –

OfferExpires

Back 31

a. 4elements that void/ cancels Offer & acceptance

i. Lapseof Time – reasonable time frame

ii. Revocation– rescind the offer

iii. Rejection– offeree rejects offer

iv. Acceptanceof offer

Front 32

MutualAgreement –

Back 32

agreementto terms of contract

Front 33

Consideration

Back 33

somethingof value is exchanged on both sides; exchange of value whether it be property(barter system), or $ ; both parties gets something out of contract

Front 34

Adequacy ofConsideration

Back 34

a. whetheror not the consideration is enough (only looked at if seen as fraud)

Front 35

a. BarrenPromise:

Back 35

i. promiseto pay existing debt or to obey the law of something already owed (no sacrifice– doing it anyway)

ii. noconsideration for pre-existing conditions; promise to do something alreadyrequired by law; ex "pay someone not togo over speed limit"

iii. NOTENFORCEABLE

Front 36

a. GratuitousPromise:

Back 36

i. promisethat does not require some benefit in return – Promisor doesn’t get anything out of it

ii. personmakes promise without requiring any benefits in return; promisor gets nothingin return; "make a hole in one you get my lucky sweater"

iii. NOTENFORCEABLE

Front 37

a. Past-Consideration:

Back 37

i. promiseto repay someone for a benefit after it has been received

ii. isno consideration; ex GF tries to sue you NOW for cleaning your apt when youlived together; no contract was done, so no contract now

iii. NOTENFORCEABLE

Front 38

Forbearance

Back 38

a. a type of consideration;consideration for NOT doing something you have a legal right to do;

ex. Payfarmers not to grow crops, non- compete clause

RestrictiveCovenant – type of forbearance – Do Not Compete Agreements

Front 39

CompetentParties -

Back 39

1. partiesare competent, sane and sober and of age

Contractswith Mentally Incompetent –

i. Ifdeclared insane or not competent by court, cannot enter contract

ii. Ifdeclaration is rescinded, can enter into contract

iii. Canenter contract only if lucid and sane

b. Contractsduring Intoxication – incompetent to enter contract

Front 40

Competentparties/ contractual capacity

Back 40

legalage, mental stability

Front 41

Competentparties/ contractual capacity

Minor

Back 41

isthe only person allowed to void a contract; minors can’t get out of contract if:

i. emancipated minor- a minor under the eyes ofcourts living as an adult

ii. necessity- food, shelter, clothing, employment, medicalcare – Minor cannot walk away from this contract

iii. Executory contract- minor is allowed to walk awayfrom contract unless he ratifies it AFTER he becomes an adult

1. Ratified – approval of acontract made by a minor after reaching legal age

a. Sign contract as a minor

b. Ratify as an adult