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19 terms

WGU LWC1 Study Guide 2

STUDY
PLAY
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.