WGU LWC1 Study Guide 2

19 terms by donnamcneill 

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What is Strict Liability?

It is when the Manufacturer/Seller is liable for damages resulting from unreasonably dangerous product defect, whether or not the seller was negligent.

What are the rights of shareholders?

1. to vote
2. must have at least one annual shareholders meeting
3. elect directors
4. inspect the corporate books and records
5. Dissenters' Rights
6. Net distribution of assets upon dissolution

What are Dispute resolutions?

Different methods to resolve disputes between individuals without involving courts.

What is Mediation?

Afaster, cheaper and less adversarial alternative to arbitration or litigation: means of dispute resolution
* may involve professional mediators

What is Arbitration?

The parties selct a neutral third person or persons, who render a binding decision after hearing arguments and reviewing evidence. The decision of the arbitrator is generally binding on the parties involved in the dispute. Usually takes less time

Name the different types of Court?

Trial, Appellate, Appeals, Federal

Minor Breach

When the essential terms have been fulfilled, but the other party incovenienced rather than suffering a loss or damages.

Material Breach

When one party to a contract does not fulfill the essential terms of the contract.

Reformation

A process in which a court will partially "rewrite" a contract.

Condition Precedent

Some event has to occur before the other party is obligated to excute their part of the contract.

Promissory Estoppel

The defendant made a promise that the plaintiff relied on. *A court will generally award only reliance damages.

Quasi-Contract

The defendant did not make a promise, but did receive a benefit from the plaintiff.
*Quantum Meruit -plaintiff gets as much as he deserves

Discharge Contract

A contract is discharged when there are no more duties to fulfill.

Federal Trade Commission FTC

Enforces Consumer Laws

Conditions

A Condition is an event that must occur before a party becomes obligated under a contract.

Valid Contract

Is one that satisfies all of the laws requirements.

Executed Contract

When all parties have fulfilled their Obligations

Executory Contract

When one or more parties have not fulfilled their obligations.

Compensatory Damages

Are those the flow directly from the contract.

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