Business Law Flashcards
CRIME VS TORT
- A crime is an act against the general public
-A tort is a private wrong against another person- usually asking for compensation
Compensatory damages
-An amount of money the court believes will restore the plaintiff to the position they were in before the incident
-Medical expenses, lost wages, trauma
Single recovery principle
-Requires a court to settle a legal case by giving a lump sump for past and future expenses
Punitive damages
-Made to punish the defendant for conduct that is extreme and outrageous
-Society must make an example of it
3 guideposts in awarding punitive damages
- Badness of the defendants conduct
- Ratio between harm suffered and the award
- The difference between the punitive award and any civil penalties used in similar cases
The concept of rights examples:
-Be free from bodily harm
-Enjoy a good reputation
-Conduct business without interference
The law of the concept of rights imposes a duty on all of us to:
-Respect the rights of others
-TORT LAW GOVERNS THE INTERPLAY BETWEEN RIGHTS AND DUTIES!
Two categories of business tort
- Wrongful interference with a contractual relationship
- Wrongful interference with a business relationship
Wrongful interference with a contractual relationship EXAMPLE
- A competitor draws away one of a firms key employees
-It must be proven that the competitor knew of the contracts existence and intentionally induced the breach
Wrongful interference with a business relationship EXAMPLE
- Specifically targeting the customers of a competitor (intentionally driving competitors out of the market)
Intentional Torts
- Occurs when a person knows and desires the consequences of their act
Tortfeasor
- The person who commited the tort
Assault
-Any word or action intended to make another person fearful of immediate physical harm
-Must be reasonably believeable
Battery
-Harmful or offensive physical contact with another that is intentionally performed
-Can include any part of the body or anything attached
Trespass
-Wrongful damage or interference with the property of another
-Includes anything owned
Real property
Land/anything associated with it
Personal property
Owners posessions
Nuisance
-Anything that interferes with the enjoyment of life or property
Public Nuisance
Affects multiple people
Examples: Loud music, fumes
Private Nuisance
-Affects one person
Example: A tree hanging into someone elses yard
Attractive Nuisance
-A landowner may be held liable for injuries to children trespassing if the injury is caused by an object likely to attract children
-Ex: Pools, machinery, wells