Summary of the Entire
Business Law Course
BBA Student
Year 2023 - 2024
,Table of Contents
CONTRACT LAW.....................................................................................................................2
PROPERTY LAW..................................................................................................................... 3
TORTS..................................................................................................................................... 5
PARTNERSHIPS AND CORPORATIONS............................................................................... 7
INTERNAL STRUCTURE OF CORPORATIONS. INCORPORATING A COMPANY.............. 9
AGENCY PROBLEMS........................................................................................................... 10
DIRECTOR’S DUTIES AND LIABILITIES..............................................................................12
FUNDAMENTAL CHANGES..................................................................................................14
M&A, DUE DILIGENCE, AND SPA........................................................................................ 15
1
, CONTRACT LAW
Contract: agreement between two or more parties that is legally enforceable in the event f a
breach.
Core elements of a contract:
I. Parties to be legally bound
II. Sufficient agreement
Generally: offer + acceptance + consideration = agreement
Meeting of minds → enforceability
III. Intention to create a legal obligation
1. Presumption that agreements are binding in the commercial context
(between merchants)
- Always except: social arrangements, domestic life, and collective
bargains.
- Be careful: sometimes it is necessary to reverse this presumption.
2. Binding nature of contracts
Pacta Sunt Servanda → “Agreements must be kept” (fairness).
Contracts are an effective way to promote exchange → efficiency.
Types of contracts
As to acceptance:
- Bilateral: exchange for mutual promises.
- Unilateral: offeror request the performance rather than a promise. Offeror promises
to pay upon the completion of the requested act.
As to formation:
- Express: formed by language (oral or written). All the essential terms are spelled
out.
- Implied: formed by manifestation of assents other than oral or written language. (Ex:
going to the doctor for treatment).
As to validity:
- Valid: legally enforceable by both of the parties.
- Voidable: one of the parties may have the right to avoid or cancel. (Ex: a contract
with a minor).
- Void: contract with no legal effects from the beginning. Not enforceable. (Ex: an
agreement to commit a crime).
2
Business Law Course
BBA Student
Year 2023 - 2024
,Table of Contents
CONTRACT LAW.....................................................................................................................2
PROPERTY LAW..................................................................................................................... 3
TORTS..................................................................................................................................... 5
PARTNERSHIPS AND CORPORATIONS............................................................................... 7
INTERNAL STRUCTURE OF CORPORATIONS. INCORPORATING A COMPANY.............. 9
AGENCY PROBLEMS........................................................................................................... 10
DIRECTOR’S DUTIES AND LIABILITIES..............................................................................12
FUNDAMENTAL CHANGES..................................................................................................14
M&A, DUE DILIGENCE, AND SPA........................................................................................ 15
1
, CONTRACT LAW
Contract: agreement between two or more parties that is legally enforceable in the event f a
breach.
Core elements of a contract:
I. Parties to be legally bound
II. Sufficient agreement
Generally: offer + acceptance + consideration = agreement
Meeting of minds → enforceability
III. Intention to create a legal obligation
1. Presumption that agreements are binding in the commercial context
(between merchants)
- Always except: social arrangements, domestic life, and collective
bargains.
- Be careful: sometimes it is necessary to reverse this presumption.
2. Binding nature of contracts
Pacta Sunt Servanda → “Agreements must be kept” (fairness).
Contracts are an effective way to promote exchange → efficiency.
Types of contracts
As to acceptance:
- Bilateral: exchange for mutual promises.
- Unilateral: offeror request the performance rather than a promise. Offeror promises
to pay upon the completion of the requested act.
As to formation:
- Express: formed by language (oral or written). All the essential terms are spelled
out.
- Implied: formed by manifestation of assents other than oral or written language. (Ex:
going to the doctor for treatment).
As to validity:
- Valid: legally enforceable by both of the parties.
- Voidable: one of the parties may have the right to avoid or cancel. (Ex: a contract
with a minor).
- Void: contract with no legal effects from the beginning. Not enforceable. (Ex: an
agreement to commit a crime).
2
