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FSU BUL 3310 - Business Law Test 4 Guide

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Business Law Test 4 Guide1. There will be 33 questions.2. The test is NOT cumulative!3. When studying for this test, read this guide more than once. Pay special attention to the highlighted portions.4. Most of the examples are included only for your general understanding of the concepts and will not be tested on.a. I have highlighted the examples that WILL be tested on so you can memorize the details from those cases.5. Pay attention to the legal language used and it’s meaning.ContractsDefinition – a legally enforceable agreementLegally enforceable means that when a person fails to live up to the agreement:The injured party can sue the other party for breach of contractK is a symbol for “contract” in any legal paperworkContracts are a small subset of agreements, NOT all agreements are contractsNot every agreement is legally enforceableIllegal agreements are NOT enforceableEx. a student was caught cheating in the law schoolThe dean’s office was aware of the cheatingThe student hired a hit man to kill the deanIf the hit man had finished the job and the student refused to pay:The hit man would not be able to sue because their agreement is NOT legalEx. gambling contracts are also illegal and are NOT legally enforceableSocial agreements are NOT legally enforceableEx. if you make a date with someone and don’t show up, you cannot sue themThis is because we want to prevent an avalanche of legal cases over hurt feelings or breach of etiquetteAs seen in the following examples, sometimes lines are blurred:A young girl was asked to prom by a young manShe went out and bought an expensive dress and shoes and had appointments for pedicures, hair, etc. madeHe called an canceled the night beforeThis case went to court and eventually settledThis wasn’t just a social agreement because there was money spentAnother example would be a canceled wedding with a lot of expensesIn this case, this would be considered a business agreement in terms of the relationship with the vendorsPrenuptial and postnuptial agreementsNuptial refers to a marriageIn blended familiesYou have:The husband’s kids from a previous marriageThe wife’s kids from a previous marriageThe husband’s and wife’s kids from the current marriageA prenuptial agreement would address the needs of each these different groupsWavered spousal rights (surrendered rights)In Florida, a pre or postnuptial agreement must be a formal agreement (def. on the test)In writingSignedTwo witnessesRights can be waved to property, shares, etc.Meaning, if you feel like your future-spouse is not entitled to your house in the case that you divorce, this can be stated in a post or prenuptial agreementThe law does not require you to disclose your full financial situation to your spouse before committing to a prenuptial agreementAfter you are married, you must make a fair disclosure of your assets and financial situation to your spouse before making a postnuptial agreementFamous prenuptial agreementsPrince William and Kate MiddletonPrince William is second to the throne of BritainPre-nups are common in the US but not in BritainMost lawyers recommend that William and Kate get a prenupCatherine zeta Jones and Michael DouglasCatherine gets 1.5 million dollars for every year they are togetherCatherine also gets money if she catches him cheatingMichael gets all wedding gifts worth more than $20,000 and his privacy about the relationshipEssentials of a contractAgreement – manifestation of mutual assent (consent)Both parties show that they agree on the same terms on the same issuesThis agreement can be shown orally or in a written formatThe objective theory of contracts “Meeting of the Minds”This theory basically says that both parties’ minds must agree to the same termsHowever, we cannot read minds, so the court only interprets what is writtenEx. someone is selling a horse and sends a letter to the buyerThe letter states that he will sell the horse for $2,200The buyer likes the offer and returns a letter accepting terms and attaches a check for $2,200The buyer wrote $2,200 but meant to write $2,500The buyer sues seller for breach of contractThe seller says the didn’t have a “meeting of the minds” and therefore don’t have a contractIf this were to go to court, the court can only base this on what was objectively manifestedIn this case, what was written in the letter because we cannot read minds or hearts and the $2,200 sale is a contractObligation – legal dutyA contract must have a legal commitmentEx. social or illegal provisions do not constitute a legal commitmentTypes of contractsExpress Contract – agreement manifested in words (oral or written)Ex. agreeing verbally to pay your friend $400/month to stay at their apartmentImplied Contract – agreement manifested by conductEx. at a dental appointment:The dentist finds a patient’s cavity during the appointmentThe patient agrees to have it filled but did not ask the priceThe patient was asked to pay $500The patient refused and argues that he didn’t make a contractTherefore, according to the patient, he is not responsible for paymentThe dentist argues that there is an implied contract made because even though the fees weren’t discussed, the patient agreed to have the services performedTherefore, the patient is responsible for paymentRule: in an implied contract, all the terms of the contract are impliedly reasonableThis means that the jury would decide what is reasonableSurveys of multiple dentists of what a reasonable fee would be for filling a cavity, would help the jury decide if the $500 fee is reasonable.Unilateral Contract – promise for an actEx. A reward contractI promise to pay you $100 if you find my dogThis is different from a bilateral contract because it is not promising you pay for looking for the dogIt is only promising to pay for the act of finding the dogMeaning, you can spend days looking for the dog and not receive a pennyAnother ex. Realtor contractsRealtors only get paid if the sell the houseBilateral Contracts – a promise for a promiseMost contacts are bilateralEx. Employee and sales contracts are usually bilateralAs an employee, you promise to perform work tasks in exchange for the promise to receive cash compensationExecutory Contracts – not yet performedEx. if you have a contract to work for 6 months starting next monthRight now you have an executory contract because you have not worked yet and have not been paid yetExecuted Contracts – completely


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