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Business law > Week 2 > Flashcards

Week 2 Flashcards

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1
Q

Legal subjects

A

Natural persons
 Acting for private purposes
 Acting for commercial purposes (“business”)

Legal persons
- Without legal personality (“partnerships”)
- With legal personality (“companies”)

Legal subjects can have possession, control and/or ownership over
objects

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2
Q

Legal objects

A
  • Goods
    Tangible vs intangible (incl. documentary intangibles)
    Movable vs immovable
    Generic vs specific goods
  • (Animals)
  • Services
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3
Q

Types of rights

A

Real rights:
Right in or over an identifiable asset or group of assets

Personal rights:
Claims on a person

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4
Q

Real rights (types)

A

Ownership
- Co-ownership
- Versus possession
- Possession vs custody/detain

Real rights of use (easements)
- Ground lease (emphytheusis)

Security rights attached to the object
- Charge by law

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5
Q

When do we have an offer? (Contract info)

A

Party has an intention to have a contract
The offer containts definite terms (Price)

Even if its free

Can be offer to 1+ persons or public

Offer to sell at specific price set by suppliers

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6
Q

Revoke offer?

A

An offer may be revoked if the revocation reaches the offeree before it has dispatched its acceptance

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7
Q

Withdraw offer?

A

An offer, even if it is irrevocable, may be withdrawn if the withdrawal reaches the offeree before or at the same time as the offer

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8
Q

When accepted?

A

Declaration by offeree(receiver)
Reached the offeror

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9
Q

Unilateral agreement

A

only one party has certain obligations

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10
Q

Reciprocal agreement

A

both parties have commitments

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11
Q

Consensual agreement

A

rule

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12
Q

Formal agreements

A

Formal requirements (e.g. Mortgage)

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13
Q

Real agreement

A

by delivery

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14
Q

Intuitu personae

A

Person of the other party is an essential element

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15
Q

Privity of contract

A

Only obligations and rights for parties involved (>< third
party)
- Exception: third party claims

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16
Q

Performance under contract

A

Strict complaince to the execution of the contract
- E.g. By paying the debt

Sanctions in case of breach of contract
- No force majeure
- Formal notice

17
Q

Legal Facts

A

Every fact (an event, a condition or an action or omission) to which the law accords legal consequences

Eg.
 Event: e.g. birth, death
 Condition: e.g. insanity
 Action / omission: e.g. tort law

18
Q

Tort law

A

Fault
Damages
Causal link between the fault & damages

19
Q

Legal Acts

A

Every action (or omission) which is deliberately taken considering the consequences accorded to it by law

  • Unilateral: e.g. an offer, a resignation
  • Multilateral: e.g. a contract
20
Q

Legal acts: validity

A

Conditions for a valid legal act
- Consent
- Object
- Cause
- Ability

21
Q

The intention of a party to be legally bound is to be determined from

A
  • from the party’s statements, conduct or omission
  • as they were reasonably understood by the other party
  • Consent may not be defected
22
Q

Consent: Abscense of defects in intentions

A

Fraud
Mistake
Violence
Unfair advantages

23
Q

Conditions for valid agreement

A

Cause - the reason why you take action (legal act) or enter into an agreement

A party must have ability to take legal action / enter into an agreement (Legal or personal capacity)

24
Q

Sanctions: Avoidance of the legal act

A

 It sanctions rules that were breached upon the conclusion of a legal act
 Retroactive effect
 Avoided vs void
 2 types:
- absolute
- relative

25
Q

Sanction: Absolute nullity

A
  • Rules of public order
  • Everyone can invoke avoidance
  • At every stage of the dispute
  • No waiver
26
Q

Sanctions: Relative nullity

A
  • Mandatory law
  • Only protected parties can invoke avoidance
  • At the beginning of dispute
  • Waiver is conditionally po
27
Q

General idea = freedom of contract

A
  • To enter into agreements or not
  • To choose the other party
  • To determine the content of the agreement
28
Q

Freedom of contract:
Rules relating to the validity of a contract

A

Exemptions
Lack of consent
Formal requirements
Personal capacity

Mandatory law

29
Q

Freedom of contract: Conflicting (fundamental) rights

A

No discrimination based upon race, age, gender

Business law (8 decks)

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