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Study sets matching "law blaw chapter 10"

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Study sets matching "law blaw chapter 10"

11 terms
Business Law - Chapter 10
Forbearance
Promisor
Promisee
Pledge
Promise to refrain from doing something
Party who makes the promise
The party who the promise is made to
A promise to donate money
Forbearance
Promise to refrain from doing something
Promisor
Party who makes the promise
24 terms
Business Law Chapter 10
1. Consideration is optional in every…
2. An exception to the rule requiring…
3. An illusory promise is not consider…
4. Past consideration as a rule qualif…
false
true
true
false
1. Consideration is optional in every…
false
2. An exception to the rule requiring…
true
42 terms
Chapter 10- Business Law
Contracts
Agreement
Mutual assent
Contract
voluntary agreements between parties
a voluntary exchange of promises between two or more legally…
to perform current or future contractional duties
an agreement that meets certain additional legal criteria and…
Contracts
voluntary agreements between parties
Agreement
a voluntary exchange of promises between two or more legally…
38 terms
Business Law: Chapter 10
actus reus
arson
beyond a reasonable doubt
botnet
a guilty (prohibited) act. the commission of a prohibited act…
the malicious burning of another's dwelling.
the standard used to determine the guilt or innocence of a pe…
short for robot network- group of computers that run on appli…
actus reus
a guilty (prohibited) act. the commission of a prohibited act…
arson
the malicious burning of another's dwelling.
38 terms
Business Law Chapter 10
Crime
beyond a reasonable doubt
Felony
Misdemeanor
A wrong against society
When there is sufficient evidence for a jury to rule that the…
Serious crime punishable by death or by imprisonment for more…
Less serious crime, punishable by a fine or by confinement fo…
Crime
A wrong against society
beyond a reasonable doubt
When there is sufficient evidence for a jury to rule that the…
22 terms
Business Law- Chapter 10
Bilateral Contracts
Unilateral contracts
Executory contracts
Executed contracts
both parties make a promise (to do something) to each other
one party makes a promise to the other that the other party c…
when one or more parties has not fulfilled its obligations un…
when all parties to the contract have fulfilled their obligat…
Bilateral Contracts
both parties make a promise (to do something) to each other
Unilateral contracts
one party makes a promise to the other that the other party c…
36 terms
Business Law Chapter 10
Promiser
Promisee
contract
Objective theory of contracts
the person making the promise
The person to whom the promise is made
a promise or a set of promises for the breach of which the la…
Intent is determined by what is called the objective theory o…
Promiser
the person making the promise
Promisee
The person to whom the promise is made
29 terms
Business Law Chapter 10
lottery
wager
compounding a crime
competency license
This has three elements: a prize, chance, and consideration.
A bet on the uncertain outcome of an event, such as a footbal…
To refrain from informing on or prosecuting an alleged crime…
State requirement for people in certain occupations and busin…
lottery
This has three elements: a prize, chance, and consideration.
wager
A bet on the uncertain outcome of an event, such as a footbal…
27 terms
Business Law Chapter 10
Law Merchant
Contract
Promise
Express Contract
Which were commercial rules that merchants devised over centu…
An agreement
a statement or declaration that binds that party making it (t…
a contract that is oral or written, as opposed to being impli…
Law Merchant
Which were commercial rules that merchants devised over centu…
Contract
An agreement
32 terms
Business law chapter 10
Capacity
Reputable presumption
Disaffirm
Minor
The legal ability to enter into a contract Shewell relationship
Presumption of capacity can be attacked by defending party
To negate or back out of the contract
When a minor indicates a statement or act and intent not to l…
Capacity
The legal ability to enter into a contract Shewell relationship
Reputable presumption
Presumption of capacity can be attacked by defending party
12 terms
Business Law Chapter 10
Product liability is primarily based o…
Commonly-used theories of recovery in…
What are the two common elements neces…
To bring a successful case based on __…
Tort
Criminal liability
The product is defective, and the defect existed when the pro…
Negligent failure to warn
Product liability is primarily based o…
Tort
Commonly-used theories of recovery in…
Criminal liability
33 terms
Chapter 10 Business Law
market access agreements
least restrictive trade
technical regulations
product standards
agreements that provide exporters of goods and services with…
WTO member countries in setting other-wise valid restrictions…
law or regulation affecting a product's characteristics
guideline for product characteristics established by the comp…
market access agreements
agreements that provide exporters of goods and services with…
least restrictive trade
WTO member countries in setting other-wise valid restrictions…
21 terms
Business Law: Chapter 10
Agreement
Offer
Requirements for an Effective Offer
Objective theory of contracts
Manifestation by two or more persons of the substance of a co…
Manifestation of willingness to enter into a bargain, to just…
-Offeror must objectively intend to be bound by the offer.... -T…
Intent to contract is judged by the reasonable person standar…
Agreement
Manifestation by two or more persons of the substance of a co…
Offer
Manifestation of willingness to enter into a bargain, to just…
17 terms
Business Law Chapter 10
Agreement
Offer
Revocation
Counteroffer
A mutual understanding or meeting of the minds between two or…
A promise or commitment to perform or refrain from performing…
The withdrawal of a contract offer by the offeror. Unless an…
An offeree's response to an offer in which the offer rejects…
Agreement
A mutual understanding or meeting of the minds between two or…
Offer
A promise or commitment to perform or refrain from performing…
53 terms
Business Law Chapter 10
_______ all contracts except sales and…
_______ are sale and lease contracts
Contract bought is designed to provide…
A contract arises when there is a prom…
Common-law
Uniform Commercial Code (UCC)
Stability and predictability for buyers and sellers in the ma…
...
_______ all contracts except sales and…
Common-law
_______ are sale and lease contracts
Uniform Commercial Code (UCC)
20 terms
Business Law Chapter 10
Acceptor
Accommodation party
Bearer
Bearer paper
A drawee of a draft who binds himself to pay the payee the fa…
A person who indorses a note or draft that is not made... payabl…
The person (or company) in possession of a note or draft made…
A negotiable instrument that is either payable to bearer or n…
Acceptor
A drawee of a draft who binds himself to pay the payee the fa…
Accommodation party
A person who indorses a note or draft that is not made... payabl…
28 terms
Business Law Chapter 10
Contract
Agreement
Basic Formula for a contract
Offer
A legally enforceable set of promises
A "meeting of the minds" between parties
Offer+Acceptance=Agreement
The manifestation of a willingness to enter into a contract i…
Contract
A legally enforceable set of promises
Agreement
A "meeting of the minds" between parties
37 terms
Business Law Chapter 10
Actus reus
Arson
Beyond a reasonable doubt
Botnet
A guilty (prohibited) act.
The malicious burning of another's dwelling. Some statutes ha…
The standard used to determine the guilt or innocence of a pe…
A group of computers that run an application that is controll…
Actus reus
A guilty (prohibited) act.
Arson
The malicious burning of another's dwelling. Some statutes ha…
Business Law Chapter 10
Lottery
Wager
Compounding a crime
Competency license
game involving the three elements of prize, chance, and consi…
...
accepting something of value for a promise not to inform on o…
State requirement for people in certain occupations and busin…
Lottery
game involving the three elements of prize, chance, and consi…
Wager
...
50 terms
Chapter 10 Business Law
burden of proof
burden of proof
verdict
verdict
(Civil Law)... preponderance of the evidence
(Criminal Law)... Beyond a reasonable doubt
(Civil Law)... three-fourths of the majority (typically) ... -the…
(Criminal Law)... Jury has to be unanimous in this decision. (a…
burden of proof
(Civil Law)... preponderance of the evidence
burden of proof
(Criminal Law)... Beyond a reasonable doubt
37 terms
Business Law - Chapter 10
Riley pays State Bank $500 plus a serv…
Gary writes a check drawn on Hilltop B…
Any failure of a bank to honor a check…
Travis signs a check "pay to the order…
State Bank.
May pay the check.
False.
An overdraft.
Riley pays State Bank $500 plus a serv…
State Bank.
Gary writes a check drawn on Hilltop B…
May pay the check.
22 terms
Business Law Chapter 10
Gift made voluntary during the life of…
What three things have to be present f…
THEFT: original owner v. thief v. buyer
FRAUD: original owner v. thief v. buyer
inter vivos gift
1) donor's intent to make the gift... 2)delivery of possession b…
original owner
buyer ( the original owner transferred a voidable title)
Gift made voluntary during the life of…
inter vivos gift
What three things have to be present f…
1) donor's intent to make the gift... 2)delivery of possession b…
40 terms
Business Law - Chapter 10
One purpose of contract law is to make…
The elements of a contract are agreeme…
Paid surrogacy contracts are viewed by…
Robert offers to buy a car from Jane f…
True
True
False
True
One purpose of contract law is to make…
True
The elements of a contract are agreeme…
True
Business Law - Chapter 10
Essentials of an Offer (3)
Advertisements
Offers made in jest
Output Contracts
Communication - no knowledge; no offer... Intent - objective sta…
an invitation to make an offer
where offeror claims to have been joking and had no intent to…
how quantity is measured - measured by output of seller
Essentials of an Offer (3)
Communication - no knowledge; no offer... Intent - objective sta…
Advertisements
an invitation to make an offer
8 terms
Business Law Chapter 10
Design Defect
Express warranty
implied warranty of fitness for a part…
implied warranty of merchantability
When all products of a particular design are defective
The plaintiff must show that:... 1. The representation was the b…
The plaintiff must show that the customer purchased a product…
The plaintiff must show that the goods are fit for the purpos…
Design Defect
When all products of a particular design are defective
Express warranty
The plaintiff must show that:... 1. The representation was the b…
11 terms
Business Law- Chapter 10
Consideration: 2 Elements
Adequacy of Consideration
Pre- Existing Duty Rule
Unforeseen Difficulty Exemption
1.) Something of legally sufficient value must be given for t…
Only used if being used in court as evidence in court against…
If there is a pre- existing duty to perform or not perform a…
something happens that NOBODY could have foreseen happening…
Consideration: 2 Elements
1.) Something of legally sufficient value must be given for t…
Adequacy of Consideration
Only used if being used in court as evidence in court against…
9 terms
Business Law Chapter 10
Manufacturing Defect
Design Defect
Failure to Provide Adequate Warning
Strict Product Liability
When an individual product has a defect making it more danger…
When all products of a particular design are defective and da…
Potential dangers associated with the product.
Courts may hold liable the manufacturer, distributor, or reta…
Manufacturing Defect
When an individual product has a defect making it more danger…
Design Defect
When all products of a particular design are defective and da…
34 terms
Business law Chapter 10
Contract
Offer
Required elements of an offer
termination of an offer
a promise or set of promises, bargained for, for which the la…
a proposal intended to create a contract upon acceptance by t…
a.) serious proposal- objective intent expressed... b.) reasonab…
1.) revocation of the offer- by the offeror... a.) requires noti…
Contract
a promise or set of promises, bargained for, for which the la…
Offer
a proposal intended to create a contract upon acceptance by t…
20 terms
Business Law Chapter 10
Agreement
Offer
Requirements for an effective offer
Objective theory of contracts
-manifestation by two or more persons of the substance of a c…
manifestation of willingness to enter into a bargain, to just…
-offeror must objectively intend to be bound by the offer... -th…
intent to contract is judged by reasonable person standard an…
Agreement
-manifestation by two or more persons of the substance of a c…
Offer
manifestation of willingness to enter into a bargain, to just…
35 terms
Business Law Chapter 10
actus reus
arson
beyond a reasonable doubt
botnet
a guilty (prohibited) act
the malicious burning of another's dwelling
the standard used to determine the guilt or innocence of a pe…
a group of computers that run an application that is controll…
actus reus
a guilty (prohibited) act
arson
the malicious burning of another's dwelling
31 terms
Business Law Chapter 10
Mistake
Unilateral mistakes
Bilateral Mistakes
Fraud (contract)
contract can be voidable on the basis of a mistake
occurs when one party has mistaken fact, the mistaken party i…
when there is a mistake on both sides the contact can be resc…
When a person is fraudulently induced to enter a contract the…
Mistake
contract can be voidable on the basis of a mistake
Unilateral mistakes
occurs when one party has mistaken fact, the mistaken party i…
34 terms
Business Law - Chapter 10
Tort
What are the three types of torts?
Intentional Torts
Negligence
A civil wrong in which one party's action or inaction causes…
Intentional Tort, Negligence, Strict Liability
A category of torts in which the tortfeasor was willful in br…
A category of torts in which the tortfeasor was willful in br…
Tort
A civil wrong in which one party's action or inaction causes…
What are the three types of torts?
Intentional Tort, Negligence, Strict Liability
22 terms
Business Law Chapter 10
Consideration
Forebearance
Rescission
Past Consideration
Value given in return for a promise
Refraining from an action that one has a legal right to under…
Unmaking of a contract so as to return the parties to the pos…
Can't bargain for something that has already taken place
Consideration
Value given in return for a promise
Forebearance
Refraining from an action that one has a legal right to under…
12 terms
Business Law Chapter 10
Minors
Contractual Capacity
Necessaries
Non-necessaries
Individuals under the age of majority. (18 in most states)
Ability to understand that a contract is being made and it's…
Things needed to maintain a lifestyle.
Things not needed to maintain a lifestyle.
Minors
Individuals under the age of majority. (18 in most states)
Contractual Capacity
Ability to understand that a contract is being made and it's…
12 terms
Business Law Chapter 10
Minors
Contractual Capacity
Necessaries
Non-Necessaries
Individual under the age of majority (typically under the age…
Ability to understand that a contract is being made and its g…
Things needed to maintain life and lifestyle.
Things that are re;ative luxeries
Minors
Individual under the age of majority (typically under the age…
Contractual Capacity
Ability to understand that a contract is being made and its g…
46 terms
business law chapter 10
entreprenuer
sole proprietorship
franchise
franchisee
one who initiates and assumes the financial risks of a new en…
the simplest form of business organization, in which the owne…
any arrangement in which the owner of a trademark, trade name…
one recieving a license to use another's ( the franchisors) t…
entreprenuer
one who initiates and assumes the financial risks of a new en…
sole proprietorship
the simplest form of business organization, in which the owne…
27 terms
Business Law Chapter 10
Infractions
Misdemeanors
Felonies
Robbery
crimes punishable by fine
crimes punishable by up to one year in jail
crimes that are punishable by over one year in prison... o Priso…
unlawful taking of a personal property from another with forc…
Infractions
crimes punishable by fine
Misdemeanors
crimes punishable by up to one year in jail
Business Law Chapter 10
Offer
Acceptance
Offeror
Offeree
A proposal by word or condut to the other party, indication o…
Agrees by words or conduct to the proposal
The person making the proposal
The person to whom the offer is made
Offer
A proposal by word or condut to the other party, indication o…
Acceptance
Agrees by words or conduct to the proposal
11 terms
Business Law Chapter 10
Forbearance
Promisor
Promisee
Pledge
The promise to refrain from doing something that a party has…
The party who makes a promise
The person to whom the promise was made
A promise to donate money to a charitable organization
Forbearance
The promise to refrain from doing something that a party has…
Promisor
The party who makes a promise
9 terms
Business Law Chapter 10
Bilateral Mistake
Capacity
Disaffirm
Exculpatory Clause
Occurs when both parties negotiate based on the same factual…
The legal ability to enter into a contract
To give notice of refusal to be bound by an agreement.
A contract provision that attempts to release one party from…
Bilateral Mistake
Occurs when both parties negotiate based on the same factual…
Capacity
The legal ability to enter into a contract
38 terms
Business Law Chapter 10
Actus reus
Arson
Beyond a reasonable doubt
Botnet
A guilty (prohibited) act
The malicious burning of another's dwelling
Standard used to determine the guilt or innocence of a person…
Robot network. A group of computers that run an application.…
Actus reus
A guilty (prohibited) act
Arson
The malicious burning of another's dwelling
12 terms
Business Law Chapter 10
Acquired distinctiveness
Copyright
Cybersquatters
Distinctiveness
When a descriptive phrase becomes... associated with a single co…
exclusive right given by federal statute to the creator of a…
individuals who register and set up domain... names on the Inter…
classified as (1)... coined or fanciful (most distinctive),arbit…
Acquired distinctiveness
When a descriptive phrase becomes... associated with a single co…
Copyright
exclusive right given by federal statute to the creator of a…
19 terms
Business Law: Chapter 10
Asignee
Assignment
Assignor
Anticipatory Breach or Repudiation
The party to whom the assignment is made
A means whereby one party in a contract conveys the rights to…
The party making the assignment
prior to the time of performance is due on a contract, one pa…
Asignee
The party to whom the assignment is made
Assignment
A means whereby one party in a contract conveys the rights to…
30 terms
Business Law Chapter 10
Assault
Assumption of risk
Battery
Cause in fact
The intentional creation of immediate apprehension of injury…
Negligence doctrine that bars the recovery of damages by an i…
The cause of action for physical contact that is not consente…
The actual cause of an event; the instrument that is the resp…
Assault
The intentional creation of immediate apprehension of injury…
Assumption of risk
Negligence doctrine that bars the recovery of damages by an i…
21 terms
Business Law Chapter 10
Uniform Commercial Code
Common Law
Contract Law
Promisor
administrative agency regulations. Contracts relating to serv…
Mainstream of our law that evolved from English common law
designed to provide stability and predictability for booth bu…
the person to making the promise
Uniform Commercial Code
administrative agency regulations. Contracts relating to serv…
Common Law
Mainstream of our law that evolved from English common law
20 terms
Business Law Chapter 10
In a sole proprietorship, the propriet…
A sole proprietorship continues after…
A partner's profit from a partnership…
A third party cannot sue one of the pa…
False
False
False
False
In a sole proprietorship, the propriet…
False
A sole proprietorship continues after…
False
38 terms
Business Law Chapter 10
requirements of the offer
serious intention
definiteness
Communication
an agreement consists of a valid offer and acceptance... an off…
expressions of opinion are not offers.... statements of future…
reasonably definite term so that a court can determine whethe…
communication from offer to offeree
requirements of the offer
an agreement consists of a valid offer and acceptance... an off…
serious intention
expressions of opinion are not offers.... statements of future…
40 terms
Business Law - Chapter 10
Acceptance
Acceptance upon-dispatch rule
Advertisement
Agreement
"A manifestation of assent by the offeree to the terms of the…
A rule which states that an acceptance is effective when it i…
An invitation to make an offer or an actual offer.
The manifestation by two or more persons of the substance of…
Acceptance
"A manifestation of assent by the offeree to the terms of the…
Acceptance upon-dispatch rule
A rule which states that an acceptance is effective when it i…
38 terms
Business Law: Chapter 10
actus reus
arson
beyond a reasonable doubt
botnet
a guilty (prohibited) act. The commission of a prohibited act…
the malicious burning of another's dwelling. Some statues hav…
the standard used to determine the guilt or innocence of a pe…
Short for "robot network"--a group of computers that run an a…
actus reus
a guilty (prohibited) act. The commission of a prohibited act…
arson
the malicious burning of another's dwelling. Some statues hav…
9 terms
Business Law Chapter 10 Form of the Contract
Breach of contract
Perjury
Statue of Frauds
Memorandum
Wrongful failure to perform one or more promises. P 207
Making a false statement under oath. P 207
State laws requiring that certain contracts be evidenced in w…
Written evidence of an agreement. P 207
Breach of contract
Wrongful failure to perform one or more promises. P 207
Perjury
Making a false statement under oath. P 207
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