BUL3310 Final Exam Review Guide Short Answer Questions Requirement of the Offer o Intent to be bound o Content Time for performance Identify the parties Price Subject matter Other specific terms o Communication Statue to Frauds a contract that is not valid unless it is writing o Marriage pre nubs o Years more than 1 year to complete o Land any time an interest of land is conveyed o Executors Promises o Goods Priced more than 500 dollars o Surety ship guaranteeing the debt of someone else Family and Medical Leave Act o 50 employees within 75 miles o Employed for 1 year and worked more than 1250 hours o 12 weeks in a 12 month period o Coverage Newborn baby Adoption foster child Personal illness To care for an immediate family member Agent s Authority o Actual Expressed said in writing Equal dignity rule if the contract is in writing then the agent s authority must be in writing Implied by custom position or reasonably necessary to carry out express o Apparent the actions of a principle causes a third party to reasonably believe the agent has an authority to act o Ratification when the principal affirms the agent s unauthorized acts Secondary Meaning protection of descriptive terms geographic terms and personal names may arise when customers may begin to associate a phrase or term with specific trademarked item made by a certain company Cumulative Multiple Choice Questions Sources of Law o Federal and state statues o Ordinances P 1 BUL3310 Final Exam Review Guide Alternative Dispute Resolution ADR Federal Arbitration Act o Courts cannot overturn an arbitrators decisions unless he dispenses his own brand of o Regulations o NOT ADVISORY OPINIONS industrial justice Constitutional Law preemptions o Federal law trumps state law Torts and Product Liability Negligence o Duty o Breach o Causations o Damages Employment Law Review Topics Chapter 9 Requirements for a Valid Contract o Offer o Acceptance o Consideration o Contractual Capacity o Legality Contract Enforceability o A political rally is not protected by wrongful termination doctrines o Voidable the party has the option of voiding or enforcing the contractual obligations o Unenforceable a valid contract that is not enforceable due to a statute of law o Void no contract exists Mailbox Rule acceptance takes affect thus completing the formations of the contract at the time the offeree resends or delivers the communication Consideration o Legally Sufficient Value A promise to do something not legally required Performance of an action Refraining from an action Legal Detriment o Mistake of fact makes the contract voidable o Unilateral Mistake only made by one of the parties Enforceable unless other party knew or should have known a mistake was made OR mistake was due to substantial mathematical error o Bilateral mistake a mutual misunderstanding of a basic assumption upon which the contract was made P 2 Chapter 10 Contract Mistakes BUL3310 Final Exam Review Guide can be rescinded by either party Unilateral a promise for an act Discharge by performance Bilateral A promise for a promise o Complete performance as exactly agreed o Substantial a party who is good faith performs substantially all of the terms of a contract can enforce the contract against the other party Discharge by Agreement for mutual rescission to take place the parties must make another agreement that also satisfies the legal requirements for a contract Discharge by Operation of Law material alteration of the contract the running of the statutes of limitation bankruptcy impossibility or impracticability o Impossibility death or incapacitation of a party subject matter of the contract is destroyed when the law changes renders performance illegal o Impracticability the anticipated performance must become significantly difficult or costly o Frustration of Purpose a contact will be discharge of supervening circumstances make it impossible to attain the purpose both parties had in mind when they made the contract All of the above must not have been known by the parties when the contract was made Mitigation of Damages o The injured party is held to a duty to mitigate or reduce the damages he she suffers The duty owed depends of the nature of the contract Liquidated Damages vs Penalties o Liquidated damages provisions setting a specific dollar amount is to be paid in the event of a future default or breach of the contract must not be a punishment Usually enforceable o Penalty designed to penalized the breaching party Aren t enforceable in court usually Chapter 11 Common Law Services Real estate Intangible Property UCC Goods and Leases Merchant o Deals in goods of the kind involved in the sale contract o A person by occupation hold himself out as having knowledge and skill unique to the practices or goods involved in the transaction P 3 BUL3310 Final Exam Review Guide o A person who employs a merchant Lease agreement a lessors and lessees bargain in respect in the lease of goods Requirements and Output Contracts o Requirement contacts the buyer agrees to purchase and seller agrees to sell all or up to a stated amount of what the buyer requires o Output Contract the seller agrees to sell and the buyer agrees to buy all or up to a stated amount of what the seller produces Firm offer requirements o Must be written or electronically recorded o Signed by the offer Additional Acceptance terms under the UCC o If both parties are merchants the additional terms automatically become part of the contract unless Objection within a reasonable period of time Objection in advance Material alteration within the contract Shipment contract the seller is required or authorized to ship goods by a carriers buyer is liable for goods once shipped Destination contract the seller is required to deliver goods to a specific destination the seller is liable until the buyer receives the good Risk of Loss o Non carrier and seller is a merchant risk passes on physical possession o Non carrier and non merchant risk passes on tender payment o Carriers documents dictate Default rule obligation of the seller to get the goods to the carrier Obligation of Buyer or Lessee unless otherwise agreed o Payment the buyer or lessee must make payment at the time and place the goods are o Right of Inspection buyer or lessee has the right to inspect the goods before making received payments o Acceptance 3 ways to demonstrate Indicate by words of conduct Failure to object in a reasonable period of time Performance an act in
View Full Document
Unlocking...