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Business
Exam 1 - 2nd set
30
Business
Undergraduate 2
03/23/2011

Additional Business Flashcards

 


 

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Term
Common Law
Definition
the body of law developed from custom or judicial decisions in English and US courts, not attributable to a legislature.
Term
Case Law
Definition
the rules of law announced in court decisions case law includes the aggregate of reported cases that interpret judicial precedents, statues, regulations, and constitutional provisions.
Term
Stare decisis
Definition
ordinarily requires judges to follow past decisions, which facilitates predictability and stability in legal and business matters.
Term
rescission
Definition
the court will allow you to tear that agreement up.
Term
reformation
Definition
a court-ordered correction of a written contract so that it reflects the true intentions of the parties.
Term
Tort law
Definition
establish rules that protect people or peoples interest. Violation against society.
Term
Intentional Torts
Definition
requires intent. A wrongful act knowingly committed
Term
Assault
Definition
any word or action intended to make another person fearful of immediate physical harm; a reasonably believable threat. If the baseball doesn’t hit you.
Term
Battery
Definition
unconsented to touching, the unprivileged intentional offensive touching of another. Blow smoke in your face, throwing a baseball at you that hit you.
Term
Defenses
Definition
an unexcused and harmful or offensive physical contact intentionally performed. Is the harm to the plaintiff
Term
False Imprisonment
Definition
the intentional confinement or restraint or another person’s activities WITHOUT JUSTIFICATION. It involves interference with freedom to move without restriction. Shopkeeper – security – takes girl in room to question her, then she cries and wants to call mom and they wont let her, then its false imprisonment.
Term
Defamation
Definition
wrongfully hurting a person’s good reputation. Law imposes a general duty on all persons to refrain from making false, defamatory statements of fact about others.
2. Appropriation
Term
8. Fraudulent Misrepresentation
Definition
a misrepresentation or a failure to mention it (material fact) intentional deceit for personal gain. Person who heard must rely on what you said.
Term
9. Wrongful Interference w/ K’s relationship
Definition
Contract - find a contract, if someone interfers, then a party can breach
Term
10. Trespass to land
Definition
entering someones land without permission, actionable even if little damages, viable action against that person.
Term
Disparagement of Property
Definition
saying that it is poor quality. Using bad milk to make your yogurt, he really doesn’t own that computer he stole it from sally be careful of not buying it.
Term
B. Negligence
Definition
the torfeasor neither wishes to bring about the consequences of the act nor believes that they will occur. If no risk is created, there is no negligence. If bob pushes and Tim falls down and breaks his arm that is battery. If bob accidentally bumps into Tim and he falls down and breaks his arm then that negligence – in both situations bob has committed a tort.
Term
2. Duty—
Definition
owe a ______ to those who are in due care
Term
3. Breach
Definition
did not act like a reasonable person under reasonable circumstances
Term
4. Causation
Definition
if a person breaches a duty of care and someone sufferes injury, the wrongful activity must have caused the harm for a tort to have been committed.
a. Is there causation in fact? – did the injury occur because of the defendants act. (causation in fact) – can be tested by using but for the wrongful act, the injury would have occurred
b. Was the act proximate or legal, cause of the injury? Proximate cause or legal cause, exists when the connection between an act and an injury is strong enough to justify imposing liability.
Term
5. Damages
Definition
the monetary amount sought as a remedy for a breach of contract or for a tortious act.
Term
6. Defenses
Definition
that which a defendant offers and alleges in an action or suit as a reason why the plantiff should not recover or establish what he or she needs.
Term
a. Assumption of Risk
Definition
a defense against negligence that can be used when the plaintiff is aware of a danger and voluntarily assumes the risk of injury from that danger
Term
b. Contributory Negligence
Definition
a plaintiff who has negligent (failed to exercise a reasonable degree of care) could not recover anything from the defendant. – the plaintiff would be precluded from recovering any damages
Term
c. Superseding Cause
Definition
it relieves a defendant of liability for injuries caused by the intervening event. Julie got hit by a bike, fell down and broke her hip, while she was waiting a car blew up and she got burned. Derrick is only responsible for the hip.
Term
d. Comparative Negligence
Definition
the standard enables both the plaintiffs and the defendant’s negligence to be computed and the liability for damages distributed accordingly. 50%
Term
C. Strict Liability
Definition
liability regardless of fault. In tort law, it may be imposed on defendants in cases involving abnormally dangerous activities, dangerous animals, or defective products.
Term
1. Disclaimers
Definition
can be modified only by specific language in a contract. Sellers may assert that they are transferring only such titles, rights, and interest as they have in a good.
i. Implied warranties ____ use: As is, or with all faults
Term
 Merchantability
Definition
“reasonably fit” for their intended purpose for which such goods are used, safe for its intended use.
Term
 Fitness
Definition
particular purpose” of the buyer or lessor differs from the “ordinary purpose for which goods are used” Goods can be merchantable but unfit for a particular purpose.
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