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PIMS - Business law > week 3 (8,9,10) > Flashcards

week 3 (8,9,10) Flashcards

1
Q

law which seek to promote competition among business

A

antitrust

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2
Q

exceeding the maximum rate of interest which may be charged on loans

A

Usurious

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3
Q

the judicial enforcement of conduct injurious to the welfare of individuals or society at large.
-Examples include agreements to waive liability for tortuous conduct, an agreement by a terminated employee not to compete with an employer, etc

A

public policy

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4
Q

federal legislation intended to promote competition among businesses by prohibiting restraint of trade

A

sherman antitrust act

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5
Q

a contract which consists of mutual promises to perform some future acts

A

bilateral contract

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6
Q

land and those objects permanently attached to the land

A

real property

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7
Q

a contract in which the terms have no been completely executed or fulfilled

A

executory contract

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8
Q

law requiring certain contracts be in writing to be enforceable

A

statute of frauds

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9
Q

moveable tangible personal property

A

goods

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10
Q

the party to whom the assignment is made

A

assignee

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11
Q

a means whereby one party in a contract conveys rights to another person who is not a party to the original contract

A

assignment

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12
Q

the party making the assingment

A

assignor

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13
Q

prior to the time performance is due on a contract, one party makes a clear and unequivocal statement that they will not perform

A

anticipatory breach or anticipatory repudiation

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14
Q

recipient of the proceeds of a life insurance policy

A

beneficiary

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15
Q

failure or refusal to perform contractual obligations

A

breach of contract

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16
Q

an award paid to the injured party to cover the exact amount of their loss, but no more

A

compensatory damages

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17
Q

a third party beneficiary owed a debt by a party to a contract
-legal obligation to pay beneficiary

A

creditor beneficiary

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18
Q

transfer of contractual duties to a third party

A

delegation

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19
Q

any method boy which a legal duty is extinguished

A

discharge

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20
Q

a third party beneficiary to whom no legal duty is owed and performance is a gift
-beneficiary receives a gift

A

donee beneficiary

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21
Q

a judicial order or decree forbidding certain conduct

A

injunction

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22
Q

damages stipulated in a contract to be paid in the possibility of a breach

A

liquidated damages

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23
Q

the doctrine that says that the innocent, non breaching party in a contract dispute must keep the damages suffered to a minimum

A

mitigation

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24
Q

small amount awarded when there is a technical breach but no injury

A

nominal damages

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25
the substation of a new party for one of the original parties to a contract, such that the prior contract terminates and a new one substitutes for it.
novation
26
an award paid to the plaintiff in order to punish the defendant
punitive damages
27
a remedy by which the court requires the breaching party to perform the contract
specific performance
28
person not party to a contract, but whom parties intended to benefit
third party beneficiary
29
contracts in violation of statutes crimes (3)
- all crimes are statutory - contract to commit a crime is void - same result with contract to commit a tort - -not statutory ; violates public policy
30
contracts in violation of statutes usury (3)
1. contracts to lend money 2. interest rate exceeds usury rate - purpose to protect "consumers"
31
various interest rates (3)
1. prime - rate banks charge their best clients 2. legal - rate set by statute - used to compute interest on judgements not paid - compute interest on breach of contract when no rate is stated in contract 3. usurious rate ; illegal rate of interest
32
transactions excluded from various interest rates (4)
1. large amounts 2. real estate 3. business loans - corps, partnerships, executors, trustees, etc. 4. pawn brokers
33
remedy of usury rates
1. contracts not void; may be set aside 2. courts reforms contracts - charge legal rate, prime rate, etc
34
contracts in violate of statutes restraint of trade (
1. prevent monopoly 2. sherman antitrust act 3. prevent price fixing, exclusive dealings, etc
35
contracts in violate of statutes restraint of trade (5)
1. prevent monopoly 2. sherman antitrust act 3. prevent price fixing, exclusive dealings, etc 4. Clayton act 5. state statutes
36
remedies for violating the statutes of restraints of trade (4)
1. contract is void 2. criminal penalties 3. monetary damages - treble damages (take damages and multiple by 3) 4. injunctions
37
contract in violation of public policy (2)
1. what is public policy 2. who determines public policy? - not legislature
38
contracts injurious to the public service (3)
1. bribes - public official act or refrain 2. personal influence - obtain results not authorized in law 3. classified as void
39
contracts obstructing justice (2)
1. interfere with legal system - pay a witness ; to appear or not to appear; based on outcome of the case 2. promise position if elected
40
when you think of statute of frauds, always think of
writing required
41
why is the writing required? (2)
1. prevent fraud - subject of contract is so important that oral contracts should not be allowed 2. contract is for a time period that is so long that he oral contract terms may not be properly remembered
42
contracts covered (6)
1. transfer of ownership of real property 2. executory-bilateral contracts which cannot be completed within 1 year 3. contracts to anser for debts of another person - guaranty 4. contracts made by estate fiduciary to pay estate debts using personal funds 5. promise made in consideration of marriage 6. ucc - goods when price is 500 or more
43
transfer of ownership of real property
1. ownership - deed 2. rights in real property - easements 3. not interests in real property - leases, right of way; license
44
executory-bilateral contracts which cannot be completed within one year (1)
1. impossible to perform with in 1 year | - leases, long term personal service contracts
45
contracts to answer for debts of another person; guaranty (1)
1. seeking to collect from - relatives - owners of corporations - etc.
46
contracts made by estate fiduciary to pay estate debts using personal funds (2)
1. fiduciary - executor, administrator, trustee 2. principal - estate, trust
47
promise made in consideration of marriage
1. prenup agreement - requires complete disclosure 2. post nuptial agreement
48
UCC- goods when price is 500 or more (1)
1. state statutes | - 500$
49
statute of frauds (3)
1. writing required for contract to be enforceable 2. memorandum with required/material terms of the agreement 3. signature of party to be bound - this will always be defendant in the legal action
50
exceptions to statute of frauds (2)
1. performance - executory - performance shows existence of contract 2. judicial admissions - in court - court documents - under oath
51
discharge of contracts (3)
1. performance 2. agreements by the parties 3. operation of law
52
discharge by performance (4)
1. tender (when party comes forward and tells other party they are ready, willing and able to perform) 2. level of performance - substantial performance - breach is immaterial 3. insubstantial performance - breach is material 4. personal satisfaction contracts
53
discharge by agreement of the parties (3)
1. rescission - mutual agreement 2. novation 3. accord & satisfaction
54
agreement to substitute "new" party and discharge original party
novation
55
parties agree to new terms and then perform
accord & satisfaction
56
discharge by operation of law (4)
1. impossibility of performance - destruction of the subject matter, intervening of illegality or death or incapacity of party to render personal service 2. bankruptcy 3. statute of limitations 4. alteration of written contract
57
breach of contract (3)
1. time passes without a tender 2. material breach 3. anticipatory repudiation - clear unequivocal statement that one party will not perform
58
when breach of contract occurs, will seek money damages (legal remedies) (4)
1. compensatory - compensatory - contract minus market - mitigation ; keeps damages to a minimum - incidental ; out of pocket 2. nominal ; 1.00$ 3. liquidated - liquidated damage clause 4. punitive/exemplary
59
equitable remedies (3)
1. rescission 2. specific performance 3. injunction
60
assignments and delegations (just assignments) (1)
- assignments - -what contracts are assignable? - right to receive money - exception ; wages - assignment cannot change burden of performance
61
original party to contract who will now perform for assignee
obligor
62
transfer of contractual duty
delegation
63
delegations (1)
1. what contractual duties may be delegated? - where performance is standardized? - change oil in car, delivery service, skilled trades, etc - what contractual duties may not be delegated? - personal service contracts - where relationship of trust exists
64
third party contracts (
- known at the time of creation of the contract | - ex. children

PIMS - Business law (8 decks)

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