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

week 3 (8,9,10) Flashcards

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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
Q

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.

A

novation

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26
Q

an award paid to the plaintiff in order to punish the defendant

A

punitive damages

27
Q

a remedy by which the court requires the breaching party to perform the contract

A

specific performance

28
Q

person not party to a contract, but whom parties intended to benefit

A

third party beneficiary

29
Q

contracts in violation of statutes crimes (3)

A
  • 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
Q

contracts in violation of statutes usury (3)

A
  1. contracts to lend money
  2. interest rate exceeds usury rate
    - purpose to protect “consumers”
31
Q

various interest rates (3)

A
  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
Q

transactions excluded from various interest rates (4)

A
  1. large amounts
  2. real estate
  3. business loans
    - corps, partnerships, executors, trustees, etc.
  4. pawn brokers
33
Q

remedy of usury rates

A
  1. contracts not void; may be set aside
  2. courts reforms contracts
    - charge legal rate, prime rate, etc
34
Q

contracts in violate of statutes restraint of trade (

A
  1. prevent monopoly
  2. sherman antitrust act
  3. prevent price fixing, exclusive dealings, etc
35
Q

contracts in violate of statutes restraint of trade (5)

A
  1. prevent monopoly
  2. sherman antitrust act
  3. prevent price fixing, exclusive dealings, etc
  4. Clayton act
  5. state statutes
36
Q

remedies for violating the statutes of restraints of trade (4)

A
  1. contract is void
  2. criminal penalties
  3. monetary damages
    - treble damages (take damages and multiple by 3)
  4. injunctions
37
Q

contract in violation of public policy (2)

A
  1. what is public policy
  2. who determines public policy?
    - not legislature
38
Q

contracts injurious to the public service (3)

A
  1. bribes
    - public official act or refrain
  2. personal influence
    - obtain results not authorized in law
  3. classified as void
39
Q

contracts obstructing justice (2)

A
  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
Q

when you think of statute of frauds, always think of

A

writing required

41
Q

why is the writing required? (2)

A
  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
Q

contracts covered (6)

A
  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
Q

transfer of ownership of real property

A
  1. ownership
    - deed
  2. rights in real property
    - easements
  3. not interests in real property
    - leases, right of way; license
44
Q

executory-bilateral contracts which cannot be completed within one year (1)

A
  1. impossible to perform with in 1 year

- leases, long term personal service contracts

45
Q

contracts to answer for debts of another person; guaranty (1)

A
  1. seeking to collect from
    - relatives
    - owners of corporations
    - etc.
46
Q

contracts made by estate fiduciary to pay estate debts using personal funds (2)

A
  1. fiduciary
    - executor, administrator, trustee
  2. principal
    - estate, trust
47
Q

promise made in consideration of marriage

A
  1. prenup agreement
    - requires complete disclosure
  2. post nuptial agreement
48
Q

UCC- goods when price is 500 or more (1)

A
  1. state statutes

- 500$

49
Q

statute of frauds (3)

A
  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
Q

exceptions to statute of frauds (2)

A
  1. performance
    - executory
    - performance shows existence of contract
  2. judicial admissions
    - in court
    - court documents
    - under oath
51
Q

discharge of contracts (3)

A
  1. performance
  2. agreements by the parties
  3. operation of law
52
Q

discharge by performance (4)

A
  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
Q

discharge by agreement of the parties (3)

A
  1. rescission - mutual agreement
  2. novation
  3. accord & satisfaction
54
Q

agreement to substitute “new” party and discharge original party

A

novation

55
Q

parties agree to new terms and then perform

A

accord & satisfaction

56
Q

discharge by operation of law (4)

A
  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
Q

breach of contract (3)

A
  1. time passes without a tender
  2. material breach
  3. anticipatory repudiation
    - clear unequivocal statement that one party will not perform
58
Q

when breach of contract occurs, will seek money damages (legal remedies)
(4)

A
  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
Q

equitable remedies (3)

A
  1. rescission
  2. specific performance
  3. injunction
60
Q

assignments and delegations (just assignments) (1)

A
  • assignments
  • -what contracts are assignable?
  • right to receive money
  • exception ; wages
  • assignment cannot change burden of performance
61
Q

original party to contract who will now perform for assignee

A

obligor

62
Q

transfer of contractual duty

A

delegation

63
Q

delegations (1)

A
  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
Q

third party contracts (

A
  • known at the time of creation of the contract

- ex. children

PIMS - Business law (8 decks)

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