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Mac Danford
test #2
58
Business
Undergraduate 3
11/06/2011

Additional Business Flashcards

 


 

Cards

Term
Foreseeable Harm
Definition
To be liable it must be foreseeable. (Palsgraf v. Long island Railroad. Helped person on train with package. Package was bomb)
Term
Negligence per se
Definition

law was violated, that the law was intended to prevent the type of injury that occurred, and that the plaintiff was in the class of persons intended to be protected by the law

 

Example: Speed Limit-Intended to protect public from negligent drivers

Term
Res Ispa Loquitor
Definition
Where it's assumed that a negligent action caused injury to a party because otherwise the injury wouldn't have occured unless someone was negligent
Term
Lincensees 
Definition
selling something (Jehovah)
Term
Invitees
Definition
People you invited
Term
Trespassers
Definition
Don't need to show any hospitality
Term
Mens Reas
Definition
Intent to commit guilty act (guilty state of mind)
Term
Actus Reas
Definition
the "guilty act" (committed the act)
Term
Strict Liability
Definition
Only Actus Reas is necessary for some crimes
Term
Miranda Rights (6th & 8th amendents)
Definition

#6 Right to a lawyer, speedy trial, public trial, impartial jury, right to confront witness

#8 prohibits cruel and unusually punishment, prohibits excessive bail, arrest = probable cause

Term
Criminal Reckless
Definition
Defendent knowingly exposes victim to injury
Term
Criminal Negligence
Definition
Failure to forsee the risk
Term
Robbery 
Definition
Taking property with fear or force
Term
Burglary
Definition
Unauthorized entry with intent to commit felony
Term
Theft/Larceny
Definition
Wrongful taking of another's property 
Term
Fraud
Definition
Lying for own personal use of money
Term
Arson
Definition
Fire/Explosives to destroy property
Term
Embezzlement 
Definition
Taking of another's assests from which those assets have been entrusted
Term
Bribery 
Definition
Payments
Term
Insanity 
Definition

Defense

Insanity - M'Naughten Rule (show significant didn't know what he was doing) 

 

Term
Mental Illness
Definition

Defense

result from active/voluntary use of intoxicants

Term
Entrapment
Definition

Defense

govt induces defendent to break the law (govt must prove defendent was predisposed)

Term
Duress
Definition

Defense

denfendent must show threat by a third party caused fear of physical harm

Term
Self-defense
Definition

Defense

must be proportionate to the unlawful forse threatened 

Term
Contributory Negligence
Definition
If plantiff is at all negligent, he cannot recover damages from the defendant 
Term
Comparitive Negligence
Definition
If plantiff is negligent, he/she may still recover some damages 
Term
Bilateral Contract
Definition
Agreements between both parties involved in contract
Term
Unilateral Contract
Definition
Agreement between only one party involved in contract
Term
Executed Contract
Definition
Contract in which nothing is left to do by both parties (contract has been fullfilled)
Term
Executory Contract
Definition
Contract that has not been fully performed/executed
Term
Expressed vs Implied Contract
Definition

Expressed=all components of a contract have been listed/identified

 

 

Term
Offer of a contract
Definition
In order to accept, reply needs to be mirror image of the offer
Term
Counter-offer of Contract
Definition
Offer completely different than original offer-leads to termination of original offer
Term
Consideration
Definition
Bargaining phase of contract, MUST HAVE CONSIDERATION BOTH WAYS
Term
Capcity to Contract
Definition
Legal ability to enter into a contract
Term
When can a contract be voidable?
Definition
Minors, Mentally Impaired, Intoxication
Term
Statute of Frauds (6)
Definition

MUST BE IN WRITING

 

 

1.) Interest in Land

2.) Cannot be Performed in 1 Year

3.) Pay debt of another

4.) Made by executor of state

5.) Made in consideration of Marriage

6.) Sale of goods over $500

Term
Suretyship Agreement
Definition
One person agrees to pay debt of another (collateral promise)
Term
Promissory Estoppel 
Definition

Deals with NO CONTRACT

 

Hope court can bring justice to get land

Term

Bilateral vs Unilateral Mistakes

 

What case

Definition

Bilateral-Both parties aware of mistake in agreement

Unilateral-Only one party aware of mistake in agreement

 

 

Sherwood vs Walker (COW)

Term
Rescind Contract
Definition
To revoke, cancel 
Term
Option Contract
Definition

Buying time to keep offer open

 

Ex: I'll give you 50$ if you hold offer open to me...

Term
Parol Evidence
Definition

Anything (apart from contract itself) that was said, done, or written before parties signed agreement or as they signed 

 

OR

 

ANY EVIDENCE OUTSIDE OF CONTRACT

Term
Contract Performance
Definition

1.) Strict/Full

2.) Substantial

3.) Inferior

Term
Totally Integrated Contract
Definition

Parties intend for the writing to be final and have COMPLETE agreement

 

CANNOT ENFORCE PAROL EVIDENCE

Term
Partial Integrated Contract
Definition
When contract contains only some of the agreements to which party agree
Term
Breach of Contract
Definition
Where binding agreement is not honored by one or more of parties involved
Term
Assignment of Rights
Definition
Contracting party may transfer his rights to another under contract
Term
Delegation of Duties
Definition
Contracting party may transfer duties to pursuant of contract
Term
Novation
Definition

Three way agreemetn in which obligator delegates all duties to delegatee (all in agreement)

 

Landlord, rent, Jim, Mac

Term
Mutual Recission
Definition
Both parties agree to rescind/terminate contract
Term
Strict/Full Performance 
Definition
NO BREACH OF CONTRACT
Term
Substantial Performance 
Definition
MINOR BREACH
Term
Inferior Performance 
Definition
IMPERIOR BREACH
Term
Intended 3rd Party Beneficiary 
Definition

Someone not a party of contract, but STANDS TO BENEFIT FROM IT

 

Ex: Life insurance policy

Term
Incidental Beneficiary 
Definition

Party coincidentaly is affected (restaurants and MLB)

 

*No right to sue

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