Law Midterm

Question 1

What is Law?

Answer 1

Enforceable rules governing relationships among individuals and between individuals and their society

Question 2

How does morality and culture shape the law? Provide examples.
Why is this especially important in the business context?

Answer 2

The law will differ in different regions as a cause of the regions morality and culture: age of marriage, driving, drinking alcohol,…
It is especially important in the business context to gain that legal edge” (understand how to avoid legal problems)

Question 3

Compare and contrast the Common Law and Civil Law Systems

Answer 3

Civil law:
- Codified law based on Roman Code.
- legal rules set out in one comprehensive & systemized code.
- Common Law: “Anglo-Saxon Tradition”
o law is found on a “case-by-case basis”
o overall accumulation of judicial decisions - law is developed and pronounced by courts.

Question 4

Based on your reading of International Law 100 Ways it Shapes our Lives,
list three ways that international law has influenced the lives of your
classmates personally

Answer 4

Worldwide clock, water free from polution,Watching live news and events from around the world on TV and
mobile devices.

Question 5

Based on the Yahoo! case study, explain what is meant by the
term “Conflict of Laws?”

Answer 5

Means:
Determination of which law should apply to the facts of a particular case when the laws of more than one
state or nation may be applicable. In this case, between the Law of USA and France
(see pdf for examples)

Question 6

What is Amendment?

Answer 6

An amendment is a formal or official change made to a law, contract, constitution, or other legal
document… Amendments can add, remove, or update parts of these agreements. They are often used
when it is better to change the document than to write a new one.
- First Amendment: Includes freedom of speech, freedom to assemble, freedom of the press, and freedom of
religion.

Question 7

Why is this case considered a landmark case? Why is the Yahoo! case
relevant today?

Answer 7

Case of First Impression
* “Landmark Case”: Internet and First Amendment
Freedom of Speech & Expression

Question 8

Provide a legal definition of “Contract.” What are the 4 elements of a
Contract? Why are each of these elements crucial to formation of a
valid contact?

Answer 8

Normal def: legally binding agreement between 2 or more parties, enforceable in a court of law
Legal def:A contract is formed by a meeting of the minds of at least two parties, a mutual assent resulting from the
expression of an offer by the one and an acceptance of precisely that offer by the other…
1. Mutual Agreement
2. Capacity of Parties: having a smart brain or way of thinking.
3. Legality of Contract: the legal of the contract.
4. Consideration: something for something (the barging)

Question 9

Describe the nature and classification of Contracts.

Answer 9

Implied contract: Example if you order something for a chop you have to pay for it. And cannot walk
away from the shop without paying for it.
- Manifested by conduct rather than express language (“implied “in action & conduct).
Can I be held to something that I did not agree to?
- A contract in which agreement between parties has been inferred from their conduct.
If you enter into a restaurant and order something you must pay for it, you cannot walk away freely.
This is an Implied- In- Fact Contract.
- Conduct: by this action to pay.
Implied-in-Fact: taxi payment
If you take a taxi you know it is logical to pay for it. Weather you negotiate it with the drive or not you know it
is the fact to pay for it weather at high payment or low.

Question 10

What is the legal significance of a Counteroffer?

Answer 10

Definition: Response by an offeree that contains terms and conditions different from or in addition to those of
the offer.
Legal Effect: Terminates the previous offer (rejects original offer + at the same time makes a new offer)
If you reject a counteroffer, you cannot can back and say you want the original offer. You cannot bring it back
to life. Maybe by that time the Offeree might have raise the price up.

Question 11

What were the key arguments for Yahoo! and La Ligue in this case?

Answer 11

Free speech against hate speech

Question 12

What was the court’s 2001 holding and the reasoning for its decision?

Answer 12

In 2001, Yahoo and the French advocacy groups came to an agreement. The details of the settlement involved Yahoo taking measures to restrict French users’ access to auctions of Nazi memorabilia on its platform.

Question 13

Is an advertisement an Offer? Why or why not? Provide examples

Answer 13

For USA: Is an Advertisement an Offer?
A: It depends!
Special Offers Advertisements: (text, Pg 3.1.1 - 3.1.2)
* Generally, not an offer but “Invitation to Treat”
* Exception: Advertisement will be considered an offer if:
– i) it is definite and
– ii) it apparent that the advertiser has the intent to bind himself to the terms of the advertisement
* See, case of Carbolic Smoke Ball Company
For Europe: Offer until stock out

Question 14

How does consideration differ from a Common Law vs Civil Law?

Answer 14

Common: Each party must get something and benefit from the contract
Civil: Causa, The reason for each party consent; each party expects something

Question 15

What is not qualify as consideration?

Answer 15

Illegal consideration, illusory promise, Pre-existing duty, Past consideration

Question 16

What is “Adequacy of Consideration?” From a legal point of view,
why must consideration be sufficient but not adequate? What is the
difference? Provide a relevant example,

Answer 16

he general rule is that consideration must be sufficient, meaning there must be some value associated with it, but it does not necessarily have to be adequate, i.e., it doesn’t have to be of equal value to what is received in return. The legal principle underlying this is freedom of contract, allowing parties to negotiate and determine the terms of their agreements without undue interference from the courts regarding the fairness of the exchange.

For example, let’s consider a contract where Person A agrees to sell a rare collector’s item to Person B for $1. While this may seem like a lack of “adequacy” because the item could be worth much more in the market, as long as both parties willingly enter into the agreement and there is some value (even if minimal, like $1) exchanged, the consideration is sufficient from a legal standpoint. The law generally respects the autonomy of the parties to decide what is valuable to them, even if others might view the exchange as imbalanced

Question 17

Define the term “Capacity” from a contractual point of view.

Answer 17

the legal ability of contracting parties to
enter into a contractual relationship; eligibility to enter
into a contract

Question 18

Explain why an intoxicated person not given the same right to rescind
a contract as a minor or legally incapacitated person

Answer 18

Contract may be voidable at the option of the intoxicated person.
— Courts look at objective indications to determine if contract is
voidable. Intoxication must:
— 1) Be such as to deprive the person of the ability to understand
the nature of the agreement and
— 2) be apparent to the other party.

Question 19

ratification

Answer 19

In the legal context, “ratification” specifically refers to the formal approval or acceptance of an act or agreement, making it legally binding. For example, if someone takes an action on behalf of a person or an organization without proper authority, the act may be ratified later by obtaining the necessary approval. This formal approval makes the previously unauthorized act legally valid. Ratification is a concept used in various legal situations, such as contracts or agency relationships.