Business Law

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Terms in this set (73)
Briberygiving $, property, or any benefit to a particular person to influence that person's judgment in favor of the giver; giving and receiving of a bribe constitute separate crimes.Extortionillegal demand by a public officer acting with apparent authority.Blackmailextortion demands made by a nonpublic official.Foreign Corrupt Practices Act (FCPA)applies to businesses whose principal offices are in the US. It is an antibribery and anticorruption statute covering these companies' international operations.forgeryfraudulently making or altering an instrument that apparently creates or alters a legal liability of another (ex: signing another's name with intent to defraud, signing a fictitious name)utteringcrime of issuing or delivering a forged instrument to another personEmbezzlementstatutory offense consisting of the unlawful conversion of property entrusted to the wrongdoer. (fact that the defendant intends to return the property or money embezzled or does in fact do so is no defense).Sarbanes-Oxleycan't destroy evidence with the intent to obstruct justicecommon law crimesinvolve use of force or the threat of force or cause injury to persons or damage to property.larcenywrongful/fraudulent taking of the personal property of another by any person with fraudulent intent (no physical force). (example in some states: shoplifting).robberytaking of personal property from the victim by use of force or fear.burglarybreaking and entering during the night into the dwelling house of another with intent to commit a felony.Economic Espionage Actforbids the stealing of secrets from a computer and selling them/transferring them to an unauthorized person- both an individual and corporate fine.Fourth amendmentprohibits unauthorized searches and seizuresFifth amendmentprevents compelling a person to be a witness against himself; guarantees due process.Sixth amendmentspeedy trialTortaction by an individual/company which injures another party (employee, customer, or anyone with a RELATIONSHIP)Torta wrong that arises from a violation of a PRIVATE DUTY (whereas crime is a violation of a public duty).For a tort there must be:1. duty 2. failure to exercise reasonable care to avoid forseeable consequences/results -plaintiff had to have been injuredintentional tortcivil wrong resulting from intentional conduct (example: assault, battery, false imprisonment, intentional infliction of emotional distress, invasion of privacy, defamation, product disparagement, wrongful interference with contracts, trespassing)negligencefailure to exercise due care under the circumstances in consequences of which harm is proximately caused to one to whom the defendant owed a duty to exercise due care. (careless actions or actions taken without thinking through their consequences)strict liabilityliability without regard to whether there was any intent to harm or any negligence occurred; it is imposed without regard to fault. It is imposed because the activity involved is so dangerous that there must be full accountability.invasion of privacyintentional intrusion into the private affairs of another: 1. intrusion into the plaintiff's private affairs (ex: planting a microphone) 2. public disclosure of private facts 3. appropriation of another's name, likeness, or image for commercial advantagecontractbinding agreement based on the genuine assent of the parties, made for a lawful object, between competent parties, in the form required by law, and generally supported by consideration.elements of a contract1. agreement 2. between competent parties 3. based on the genuine assent of the parties that 4. supported by consideration 5. made for a lawful objective 6. in the form required by lawformal contracthave to be written (ex: checks)informal contractwithout regard to whether it's oral or writtenbilateral contractone promise exchanged for anotherunilateral contractonly one party makes a promise (ex: contest)express contractagreement of the parties manifested by their words, whether spoken or written.implied contractcontract expressed by conduct or implied or deduced from the facts.quasi contractcourt-imposed obligation to prevent unjust enrichment in the absence of a contract. usually there is 1. a benefit conferred on the defendant, 2. the defendant's knowledge of the benefit; and 3. a finding that it would be unjust for the defendant to retain the benefit without payment.offeror who wants to have a contract made promises offeree either:1. an act 2. forbearance (not acting) 3. return promisenegotiatingnot an offer nor a contract; there has to be on the part of the offerree, definite evidence that the terms of a contract were accepted (has to be communicated).mailbox ruleproperly addressed, postage-paid mailed acceptance takes effect when the acceptance is placed into the control of the USPSTo be in a contract must be over the age of18.If drunk when contract was made, can voidwithin 48 hoursunilateral mistake (mistake by one person)doesn't affect validity of the contractmutual mistake in judgmentdoesn't affect validity of the contractif a secretary makes a typo...courts uphold the contract, unless it's a glaring error.reformationremedy by which a written instrument is corrected when it fails to express the actual intent of both parties because of fraud, accident, or mistake.fraudmaking of a material misrepresentation (or false statement) of fact with: 1. knowledge of its falsity or reckless indifference to its truth 2. the intent that the listener rely on it 3. the result that the listener does so rely 4. the consequence that the listener is harmed oferee entitled to damages and punitive damagesnegligent misrepresentationspeaker failed to exercise due care regarding material information communicated to the listener but did not intend to deceive.punitive damagescourt punishes offender for fraudulent behaviornondisclosureofferor is under no duty to disclose certain thingsExceptions to nondisclosure1. if there is a serious defect, there is a duty 2. if the parties are in a confidential relationship, there is a duty to disclose information 3. if there is active concealment- positive act of hiding information from the other party by physical concealment or knowingly or recklessly furnishing the wrong information.undue influenceinfluence that is asserted upon another person by one who dominates that person (decision maker receives benefit) (ex.: child who makes decisions for his ill parent). If this occurrs, contract is voidable.contract under duressthreat of violence that the person is deprived of free will and makes the contract to avoid ad litemA guardian appointed to represent the interests of a person with respect to a single action in litigationConsiderationwhat each party to a contract gives up to the other in making their agreement. Something of value must be given or promised in return for the performance or promise of performance of the other.benefit/detriment approachconsideration- benefit received by the promisor or a detriment incurred by the promiseeGiftsunenforceable under law of contracts because of lack of considerationquasi contractis not technically a contractan illegal agreementis pari delictoequally guilty; used in reference to a transaction as to which relief will not be granted to either party because both are equally guilty of wrongdoing.good faith and fair dealingevery contract has an implied obligation that neither party shall do anything that will have the effect of destroying or injuring the right of the other party to receive the fruits of the contract.unconscionable clausescontract unenforceable because it is too harsh or oppressive to one of the parties; if there is too much of an advantage over a buyer, contract can be voided; "if it stinks, it's unconscionable."agreements not to competenot favored by courts; courts look at reasonableness of duration... is the geographical region unreasonable?agencyrelationship based on an express or implied agreement by which one person, the agent, is authorized to act under the control of and for another, the principal, in making contracts with third persons.distinguish ordinary employees and independent contractors from agentscontrol and authorityemployeeagent is distinguished from an ordniary employee who is not hired to represent the employer ni making contracts with third personsindependent contractorbound by a contract to produce a certain result- for example, to build a house. The actual performance of the work is controlled by the contractor, not the owner.Agent or employee differs from an independent contractorprincipal or employer has the right to control the agent or employee, but not the contractor, in the performance of the work.