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Business Law Exam 2
Business Law Exam 2
69
Law
Undergraduate 4
03/04/2013

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Term
Patent
Definition
is good for 20 Years, no renew
Term
Doctrine of Equivilents 
Definition
is a legal rule in most of the world's patent systems that allows a court to hold a party liable for patent infringement even though the infringing device or process does not fall within the literal scope of a patent claim, but nevertheless is equivalent to the claimed invention
Term
Trademarks
Definition
Applicable law: Lanham Act, can be renewed every 10 years
Term
Trademark Dilution
Definition
diminishing of the capacity of plaintiff marks of identity and distinguished goods or services
Term
Copyrights
Definition
Intangible right granted by statute to the author or creator of certain tangible literacy or artistic productions.  Registration not requried but recomended. good fro 95 years from first publication, 120 from first creation
Term
Trade Secrets
Definition
any secret formula, pattern, process, program, method, device, technique used in owners business that gives the owner a competitive advantage
Term
Injlorious Falsehood
Definition
publication of false statements, disparaging to another business causing harm to their economic interests
Term
fair use defense
Definition
use of copy righted work or trademark is used without the property holders permission
Term
intentional interference with contractual relations
Definition
in the common law of torts, occurs when a person intentionally damages the plaintiff's contractual or other business relationships. 
Term
contract
Definition
breach results in government to force the breaching party to honor the contract
Term
Elements of a Contract
Definition
Agreement, Competant parties, Cosideration, capactiy, legality
Term
Bilateral Contract
Definition
two parties make promises
Term
Unilateral Contract
Definition
One party makes promises, Lost cat example
Term
Valid Contract
Definition
enforaceble agreement
Term
voidable contracts
Definition
circumstances allow one pary to void
Term
void contract
Definition
agreement prohibited by law
Term
express contract
Definition
ie interent click here to install
Term
implied contract
Definition
agreement not shown by words, but by acts and conduct of parties
Term
hybrid contract
Definition
covers goods and services
Term
Uniform Commercial Code
Definition
Article 2: expressly applies to contracts from the sale of goods. goods are tangible, movable.  Does not apply to real estate
Term
International Contract Law
Definition
Contracts for the International Sale of goods
Term
Quantom Meruit
Definition

is a Latin phrase meaning "what one has earned". In the context of contract law, it means something along the lines of "reasonable value of services".

In the United States, the elements of quantum meruit are determined by state common law.

Term
Quasi Contract
Definition
obligation imposed by law to prevent unjust enrichment of one party in a certain circumstance
Term
promissory estoppel
Definition
 when a person makes a false statement to another and the listener relies on what was told to him/her in good faith and to his/her disadvantage. In order to see that justice is done a court will treat the statement as a promise, and in a trial the judge will preclude the maker of the statement from denying i
Term
Rewards
Definition
treated as unilateral contract
Term
Offer
Definition
is a promise
Term
advertisements
Definition
sale of goods at specific prices generally are not considered offers, but are invitations to offer or negociate
Term
Sales Puffery
Definition
is not an offer
Term
Exceptions to termination by revocation
Definition
option contract, offers for unilateral contract, firm offers, promisory estoppel
Term
3 characteristics of an offer
Definition
intent, definite terms, communicated to offeree
Term
3 elements of a Negligence claim
Definition

the defendant owed a duty

that the defendant commited a breach of said duty

the breach was the actual cause of the injury

Term
Three Classifications of premises liability
Definition
Tresspass, Licensees, Invitees
Term
2 classifications of Invitees
Definition
two types: business visitor, public invitees
Term
Licensees definition
Definition
licensees enters the property for business.
Term
trespassers
Definition
enters land without the possesors consent.
Term
Negligence Per Se
Definition
is the legal doctrine whereby an act is considered negligent because it violates a statute (or regulation)
Term
Proximate Cause
Definition
the plaintiff who proves actual cause has not yet established the causation link necessary to enable her to win the case.
Term
Res Ipsa Loquitor
Definition
"thing speaks for itself"- defandant has exclusive control of the instruments of harm, harm occured would not ordinarily occur in the absense of negligence
Term
Contributory Negligence
Definition
Plaintiffs failure to exercise reasonable care for her own safety
Term
Comparative Negligence
Definition
the contemporary replacement for the traditional doctrine of contributory neg.  The basic idea is that damages are apportioned between the parties to a negligence action in proportion to their relative fault.
Term
comparative fault
Definition
often used synomously with comparative negligence: a defense that operates like comparative neg. but considers the plaintiff and defendants overall fault rather than eithers negligence alone
Term
assumption of risk
Definition
a traditional defense to negligence based on the argument that the plaintiff voluntarily exposed himself to a know danger.
Term
Strict Liability
Definition
liability without fault or irrespective fault
Term
Lanham Act
Definition
Act prohibits trademark dillution, false advertising, and trademark infrignment
Term
5 catagories of Distinctiveness
Definition
Arbitrary or fanciful marks, suggestive marks, descriptive marks, marks that are not inherently distinctive, generic terms
Term
trademark dillution
Definition
Forbids others from using a mark similiar that would lessen its uniqueness
Term
Executory Contract
Definition
contracts are called this when they have yet to be fully performed
Term
function of contracts
Definition
lets us create a type of private law
Term
Unjust enrichment
Definition
is where one person is unjustly or by chance enriched at the expense of another, and an obligation to make restitution arises, regardless of liability for wrongdoing
Term
Mailbox Rule
Definition
is an exception to the general rule ofcontract law in common law countries that acceptance takes place when communicated.
Term
Definiteness of terms
Definition

The terms of an offer must be clear enough to the offeree to be able to decide whether to accept or reject the terms of the offer.

Term
auctions
Definition
sellers at auctions are generally treated as making an invitation to offer
Term
Revocation
Definition
even if they have promised to hold the offer for a stated period of time offers are revocable
Term
Intervening Illegality
Definition
an offer is terminated if the performance of the contract it proposes becomes illegal before the offer is accepted.
Term
Mirror Rule
Definition
 also referred to as an unequivocal and absolute acceptance requirement states that an offer must be accepted exactly without modifications. The offeror is the master of his own offer. An attempt to accept the offer on different terms instead creates a counter-offer, and this constitutes a rejection of the original offer. 
Term
Manner of communication
Definition
may accept within a reasonable time by any reasonable means of communication
Term
Consideration
Definition
legal value, bargained for and given in exchange for an act or a promise.
Term
Illusory Promises
Definition
decieving or intending to decieve, as by false apprences
Term
Preexisting Duties
Definition
Generally, performing a legal duty which is already owed under a contract does not constitute consideration, unless that duty is unclear or honestly disputed. 
Term
Liquidated Debt
Definition
a debt that is both due and certain.  the parties have no good faith dispute about either the existence or the amount of the original debt.
Term
Unliquidated Debt
Definition
A good faith dispute about the existence or the amount of a debt makes it unliquidated.
Term
Past consideration
Definition
is not consideration at all.  is an act or other benefit given in the past that was not given in exchange for the promise in question.
Term
Composition Agreements
Definition
are agreements between a debator and two or more creditors who accept as full payment a stated percentage of their liquidated claims.
Term
Charitbale Subsriptions
Definition
often enforced, despite the absense of consideration.
Term
Capacity
Definition
means to the ability to incur legal obligations and aquire legal rights.
Term
Dissaffirmance
Definition
the right to dissafirm is personal to the minor
Term
Emancipation
Definition
is the termintion of a parents right to control a child and recieve serivces and wages from him.
Term
Clean Hands Doctrine.
Definition
a rule of law that a person coming to court with a lawsuit or petition for a court order must be free from unfair conduct (have "clean hands" or not have done anything wrong) in regard to the subject matter of his/her claim.
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