Business Law
In class:
Class 1:
Purposes of law:
1. Keep the peace
2. Provide for the ‘general welfare’ of people
3. Protect individual freedoms
4. Provide a sense of certainty
5. Promote social justice
6. Serve as a moral guide
Contract terms:
1. Contract: legally enforceable agreement
2. Legally enforced: the ability to go to court to require a person/entity to do or not do what is agreed in the
contract
3. Clause: agreement on particular subject/subject
4. Case: Dispute between two or more people/entities (“Parties”)
5. Breach: When one person/entity fails to perform a contract promise or duty
6. Remedy/relief: How the court solves the dispute or breach
Class 2:
Contracts:
1. Choice of law clause
a. The parties agree that a specific state law will govern any disputes under the contract.
2. Forum select clause
a. The parties agree that any disputes will be decided by a specific court
3. Doctrine of stare decisis: stand by what is decided
4. Case of first impression: first case of its kind
5. Quasi-contract - there has been no agreement/contract between parties, but courts treat the situation like a
contract as a matter of equity/fairness
a. Requirements
i. The defendant obtained a benefit
ii. The defendant was aware he/she was obtaining the benefit
iii. A finding that it would be unjust to retain the benefit without payment
Class 3:
1. Alternative dispute resolutions (ADR)
, a. Negotiation
b. Meditation
i. A third party comes in to be somewhat of a neutral perspective, alleviating the situation,
not forcing anything but helping the parties assess the situation so they can come to a
resolution.
c. Arbitration
i. When there is a third party that makes the decision for the two parties
ii. Courts love arbitration
2. Both parties have to agree to ADR - you can't be forced
Class 4:
No intent to contract:
1. Preliminary negotiation
a. Statement of future intent
b. Statement of opinion
c. Advertisements and price lists
d. Invitations to bid
2. Definiteness of terms of the offer
a. Generally, a contract must include
i. The identification of the parties
ii. The identification of the subject matter of the contract (and quantity)
iii. The consideration to be exchanged
iv. The time of payment, delivery, or performance
Class 5:
1. Termination of an offer
a. Revocation
i. The offeror can revoke the offer before it is accepted, even if the offeror promised to keep
the offer open for a certain period.
ii. Exceptions: option contract, and partial performance of unilateral offers
iii. It can be direct or indirect
b. Rejection or counteroffer by the offeree
c. Operation of law
i. Death/mental incompetency of either party
ii. Subsequent illegality or destruction of subject matter
iii. Lapse of time
2. Options contract: If you do not want to accept right away but don't want the person to revoke either so you
make an option contract - it gives you the option to enter a second contract such as a downpayment
3. Acceptance of an offer
a. Free intended to enter a contract applying an objectively reasonable person's standard
b. The offeree accepted all the terms proposed by the offeror
4. Mailbox rule - only applies if the offeror has not stated the method and timing of acceptance of the offer
a. Rules:
i. Acceptance occurs when it is mailed, emailed, faxed
ii. Offers, revocations, and rejections occur when they are received
iii. If an acceptance is sent, even if it's not received it counts.
iv. So long as the communication is properly addressed and paid for
In class:
Class 1:
Purposes of law:
1. Keep the peace
2. Provide for the ‘general welfare’ of people
3. Protect individual freedoms
4. Provide a sense of certainty
5. Promote social justice
6. Serve as a moral guide
Contract terms:
1. Contract: legally enforceable agreement
2. Legally enforced: the ability to go to court to require a person/entity to do or not do what is agreed in the
contract
3. Clause: agreement on particular subject/subject
4. Case: Dispute between two or more people/entities (“Parties”)
5. Breach: When one person/entity fails to perform a contract promise or duty
6. Remedy/relief: How the court solves the dispute or breach
Class 2:
Contracts:
1. Choice of law clause
a. The parties agree that a specific state law will govern any disputes under the contract.
2. Forum select clause
a. The parties agree that any disputes will be decided by a specific court
3. Doctrine of stare decisis: stand by what is decided
4. Case of first impression: first case of its kind
5. Quasi-contract - there has been no agreement/contract between parties, but courts treat the situation like a
contract as a matter of equity/fairness
a. Requirements
i. The defendant obtained a benefit
ii. The defendant was aware he/she was obtaining the benefit
iii. A finding that it would be unjust to retain the benefit without payment
Class 3:
1. Alternative dispute resolutions (ADR)
, a. Negotiation
b. Meditation
i. A third party comes in to be somewhat of a neutral perspective, alleviating the situation,
not forcing anything but helping the parties assess the situation so they can come to a
resolution.
c. Arbitration
i. When there is a third party that makes the decision for the two parties
ii. Courts love arbitration
2. Both parties have to agree to ADR - you can't be forced
Class 4:
No intent to contract:
1. Preliminary negotiation
a. Statement of future intent
b. Statement of opinion
c. Advertisements and price lists
d. Invitations to bid
2. Definiteness of terms of the offer
a. Generally, a contract must include
i. The identification of the parties
ii. The identification of the subject matter of the contract (and quantity)
iii. The consideration to be exchanged
iv. The time of payment, delivery, or performance
Class 5:
1. Termination of an offer
a. Revocation
i. The offeror can revoke the offer before it is accepted, even if the offeror promised to keep
the offer open for a certain period.
ii. Exceptions: option contract, and partial performance of unilateral offers
iii. It can be direct or indirect
b. Rejection or counteroffer by the offeree
c. Operation of law
i. Death/mental incompetency of either party
ii. Subsequent illegality or destruction of subject matter
iii. Lapse of time
2. Options contract: If you do not want to accept right away but don't want the person to revoke either so you
make an option contract - it gives you the option to enter a second contract such as a downpayment
3. Acceptance of an offer
a. Free intended to enter a contract applying an objectively reasonable person's standard
b. The offeree accepted all the terms proposed by the offeror
4. Mailbox rule - only applies if the offeror has not stated the method and timing of acceptance of the offer
a. Rules:
i. Acceptance occurs when it is mailed, emailed, faxed
ii. Offers, revocations, and rejections occur when they are received
iii. If an acceptance is sent, even if it's not received it counts.
iv. So long as the communication is properly addressed and paid for
