Essentials Of Business Law

Front 1

Torte

Back 1

civil wrong other than the breach of a contract that results in damages to another

committing an act or omission that causes a loss to another

Front 2

private wrong

Back 2

type of torte, enforced by the victim sueing the wrong doer for money

Front 3

The 3 classes of tortes

Back 3

Intentional

Negligence

Strict Liability ( where liability is imposed automatically upon a party regardless of their fault

Front 4

Type of Intentional Tortes

Back 4

Battery

Assault

False Imprisonment

Infliction of Mental Distress

Invasion of the Right to Privacy

Defamation

Fraud

Trespassing

Conversion

Front 5

Battery

Back 5

2 ways:

-defendant himself- someone punches someone

-force set of motion by the defendant (throwing a snowball)

Front 6

Assault

Back 6

intentional act that places another in an awareness that a battery is about to occur

Front 7

Examples of False imprisonment

Back 7

physical barriers (locked doors)

force (use of gun)

threat of force

Front 8

Merchant's Protection Statute

Back 8

protects retailers from false imprisonment lawsuit from an alleged shoplifter

Front 9

Invasion of the right to privacy grounds

Back 9

1. unreasonable interference onto a person's life

2. public disclosure of private facts

3. publication of info that falsely portrays a person

4. misuse of a person's name or likeness for commercial purposes

Front 10

defamamtion

Back 10

false statement made to a 3rd party that adversely affects another person's reputation

defense: is that it is true

Front 11

Fraud

Back 11

intentional misrepresentation used to induce another party into an agreement

goods, service, property

Front 12

Conversion

Back 12

Wrongful destruction of personal property

Front 13

types of defense against intentional tortes

Back 13

Self defense, defense of property, consent, necessity

Front 14

types of consent used on defense against intentional tortes

Back 14

Express Consent- words or actions

implied- course of conduct that shows consent

Front 15

2 types of causation

Back 15

Actual- defendants act was the cause in fact to the plaintiffs injury

proximate- defendants act was the legal cause of the plaintiffs injury

Front 16

Defenses against negligence

Back 16

contributory-bar recovery (plaintiff would get nothing)

comparative- a court with compare negl.of the plaintiff to the negl. of the defendant and award damages based on % of fault

assumption of risk- person has knowledge of risk

Front 17

Strict Liability

Back 17

imposed automatically in some situations, does not require negl. or intent

apps: worker's comp (show injury on job), selling a defective product, engaging in an enherently dangerous activity (bombs)

Front 18

Specific business tortes

Back 18

interference with a contractual relationship

Front 19

elements a plaintiff must prove to file a specific bsn torte

Back 19

1) an enforceable contract existed

2) defendant has knowledge of the contract

3) defendant caused either party to break the contract

Front 20

What is a torte interference with business

Back 20

one intentionally causes injury to the business of another

Front 21

how long is a copyright good for?

Back 21

copy right is a grant from the fed gov for the sole right to a literary or artistic work, good for lfe of the author plus 70 years

Front 22

Caveat Emptor

Back 22

let the buyer beware (buyer can look over the product)

-property

-services

Front 23

What are 3 legal claims for products liability

Back 23

1) negl.

2) strict liability

3) warranty

Front 24

for strict liability for product liability, can the plaintiff be a customer or any injured party?

Back 24

ya

Front 25

what is a plaintiff

Back 25

a person who brings a case against another in a court of law

Front 26

what is a defendant

Back 26

an individual, company, or institution sued or accused in a court of law

Front 27

does the plaintiff have to prove the defendant was at fault for products liability?

Back 27

na

Front 28

in a products liability, what don't you have to show?

Back 28

negligence, intent, or breach of warranty

Front 29

Strict products liability requirements

Back 29

1) defendant was in the business of selling the product

2) the goods was not substantially changed from the time of sale of the time of injury

3) the product was sold in a defective condition

4) product was unreasonably dangerous

5) physical harm or property damage

Front 30

types of defective conditions for a product liability issue

Back 30

A) manufacturing defect- something went wrong in the man. process

B) Design defect- where the product is man. as intended. (causes injury bc of poor design)

Front 31

defenses to strict liability for a product

Back 31

-Assumption of Risk- voluntarily proceeds in the known face of danger (warning label)

-misuse of product- person uses product for something it's not designed for

Front 32

Warranty Law

Back 32

obligations arise about Uniform Commercial Code (UCC)

Front 33

Article II under Warranty law is

Back 33

Sales of Goods

Front 34

Warranty

Back 34

assurance buyer has in buying (doesn't have to be written)

Front 35

Express Waranty

Back 35

seller makes statements about the goods

Front 36

4 ways a seller can make an express warranty

Back 36

1) affirmation fact

2)description

3) sample or model

4) puffing

Front 37

Affirmation Fact (express warranty)

Back 37

statement of a fact made by seller can create express warranty

Front 38

Description (express warranty)

Back 38

any description regarding the goods

Front 39

sample or model (exp. warranty)

Back 39

model in store is different

Front 40

Puffing (express warranty)

Back 40

expression of opinion by seller

doesn't create warranty

Front 41

Implied warrrenty of Merchantability

Back 41

imposed on the seller

Front 42

Warranty Disclaimers

Back 42

Express Warranty: UCC does not allow a seller to disclaim express warranties

Implied Warranty: can be disclaimed by a writing that clearly disclaims the warranties

Front 43

Magnuson-Moss Warranty Act

Back 43

federal statute applies if a written guarantee is given in the sale of consumer goods

Front 44

requirements for magnuson-moss warranty act

Back 44

1) if a written gauruntee is given, then the implied warranties cannot be disclaimed

2) disclosure of the warranty has to be in clear language

3) warranty has to be stated to be limited or full

Front 45

limited

Back 45

anything not full

Front 46

full

Back 46

1) company must agree to repair it without charge

2) no limitation can be placed on length of implied warranty

3) consumer has the option of refund or replacement

Front 47

caveat emptor

Back 47

let the buyer beware

the buyer has not recourse against the seller if they purchase a defective product

Front 48

Federal Trade Commission Act (FTC act)

Back 48

the primary federal statute that regulates consumer sales and advertising

Front 49

FTC act

Back 49

prohibits unfair or deceptive acts or practices by business

Front 50

Federal Trade Commission is what

Back 50

-federal agency that enforces the consumer protection laws

-has the power to make trade regulation riles

-specify particular bsn practices that are deemed unfair or deceptive

Front 51

3 elements of a deceptive ad

Back 51

1) must contain a representation, omission or practice

2) likely to mislead

3) material (significant to consumer)

Front 52

types of deceptive ads under FTC rules

Back 52

1) false statement or claims

2) half truths (correct but incomplete statements)

3) Unsupported Claims

4)Deceptive Pricing

5) deceptive testimonials

Front 53

What is Bait and Switch

Back 53

Sales practice that's outlawed by by FTC rules

Front 54

2 elements of bait and switch

Back 54

1) Advertising a product with no intention of selling it

2) switching the consumer to a more expensive product

Front 55

what all has to be on a fair packaging label

Back 55

1) name and address of the packager

2) net quantity

-stated in a specific matter (usually weight)

4) serving size has to be stated

Front 56

Telemarketing and consumer fraud and abuse prevention act

Back 56

-regulates the sales practice of making unsolicited phone calls to consumers

-prevents telemarketers to from making calls that a reasonable consumer would consider coercive

Front 57

telemarketer caller must include:

Back 57

purpose of the call is to tell goods or services

price of the goods and services

(private person can sue and statuary damages)

Front 58

FTC rules for sales my mail

Back 58

1) business must ship the goods within the time specified

2) if no time is specified, it must be shipped within 30 days

3) notify the customer if the order can't be shipped on time

Front 59

2 elements for defraud

(trick or cheat someone out of their money)

Back 59

1) there is a scheme to defraud

2) mailing of a letter for the purpose of executing the scheme

Front 60

Door to door sale contract

Back 60

the consumer can rescind the contract within 3 days of signing it

Front 61

at the time of a loan application for real estate, the lender (creditor) must provide:

Back 61

1) good faith estimate of the closing costs

2) settlement costs and you

-department of housing and urban development (HUD)

includes loan app fee, survey, appraisal, brokerage fees, real estate taxes, insurance, points, and a credit report

Front 62

Interstate land sales full disclosure act

Back 62

regulates the interstate sale of real estate

Front 63

3 elements of the interstate land sales full disclosure act

Back 63

1) selling 100 or more parcels of real estate

2) in a common promotional plan

3) through interstate commerce

Front 64

Consumer credit protection act

Back 64

Fed statute that regulates consumer credit transactions

1) equal opportunity act

2) truth in lending act

3) fair credit billing act

4) fair reporting act

5) fair debt collection practices act

Front 65

Equal credit opportunity act

Back 65

prohibits discrimination in extending credit

applies to any business that regularly extends credit to consumers

prohibits credit to be extended on regular types of discrimination

Front 66

When can a creditor discriminate when extending credit?

Back 66

Income- creditor can discriminate on person's amount of income or assets but not income source (welfare, employment comp)

Front 67

How do you properly discriminate an applicator

Back 67

Within 30 days of application

1) notify the applicant

2) provide reasons for the denial of credit

Front 68

Truth and lending Act

Back 68

requires a creditor to make certain disclosures when making a loan to a customer

Front 69

The truth and lending act applies to 2 types of transactions:

Back 69

1) Close ended- where credit is extended for a specific time period (car loan)

2) Open ended- creditor can enter into multiple credit transactions and pay them off as he sees fit

Front 70

Close ended transactions, lender must disclose:

Back 70

1) cash price

2) down payment or trade-in loans

3) amount financed

4) finance charge

5) annual % rate over the life of the loan

Front 71

in an open ended credit transaction, how much does the act limit the cardholders liability to for an unauthorized charge?

Back 71

$50

Front 72

Fair credit billing act

Back 72

gives rights to consumers regarding bills received for credit transactions

Front 73

rules for fair credit billing act

Back 73

1) if a consumer notifies creditor of billing error, creditor must correct it within 90 days

2) consumer can withhold the payment of a credit card bill of there's a breach of the underlying contract

Front 74

Fair credit reporting act

Back 74

regulates businesses that produce credit reports on consumers

home loans, car loans, cell phones

Front 75

Clean water act

Back 75

makes water safe for swimming,

eliminate discharge of pollution in water

permit for any kind of waste at any point source

Front 76

Pollution control equipment

Back 76

1) conventional pollutant (best practical technology)

2)unconventional pollution

- toxic, poison, causes cancer

-best available technique to clean it

Front 77

Wetlands

Back 77

prohibits the filling in or dredging of a wetland unless you have a permit

are generally saturated with water that supports vegetation in a saturated soil condition

Front 78

Clean Air Act

Back 78

1963

2 types:

1) air toxic pollutants that cause death or serious illness at low levels

2) criteria pollutants: adversity that effects human health at increasing levels NAAQS

Front 79

National Ambient Air Quality Standards (NAAQS)

Back 79

allowable levels of air pollution

2 types:

1) primary standard-protect human health

2) secondary standard- other human health (property damage, visibility, vegetation)

Front 80

what are the 6 criteria pollutants that are restricted

Back 80

1) ozone

2) lead

3) carbon monoxide

4) particulates

5) sulfer

6) nitrogen dioxide

Front 81

Federal Environment Pesticide Act

Back 81

1) chemicals registered before theyre sold

2) certified and used only for approved applications

3) used in limited quantities when applied to food crops

Front 82

Companies that make chemicals have to:

Back 82

1) notify EPA before producing new chemicals

2) conduct tests

Front 83

resource conservation and recovery act

Back 83

regulates the process taht results in disposable of waste

Front 84

manifest system

Back 84

a person who created waste has to vreate a document (manifest) specifies quantity and destination of waste. a copy of the doc has to go tot he generator, transporter, and development

Front 85

comprehensive environment response compensation and liability act

Back 85

imposes liability on potentially response parties for a hazardous waste site

Front 86

who are parties in a hazardous waste site

Back 86

party that generated, transported, owner of site that the time of disposal, current owner.

parties are absolutely liable for cleanup no matter what jointly or severally liable