...Prerequisite: Advanced standing; Accounting 210 and 211. Class meets from: Mon/Wed/Fri: 9:00am-9:50am, 10:00am-10:50am: and 11:00am-11:50 am. Instructor: Helen M. Roe Office: 2315 University Hall, Telephone 312.413.2854, email: helenroe@uic.edu Office Hours: 2:00 pm to 3:00 pm, Tues/Thurs and by appointment Course Description and Objectives: Topical coverage: commercial transactions, including contracts, sales of goods, negotiable instruments and secured transactions. At the end of this course, students will be able to recognize legal issues involving contract law and the Uniform Commercial Code. Textbook Required: BUSINESS LAW by Smith & Roberson, Customized Edition, available at the UIC Bookstore. Lectures are an integral part of the course. Students are held responsible for the contents of the lectures as well as assigned readings in the textbook. Class assignments indicate the topic and chapter to be read prior to each class session. Course Requirements and Grading: Course grade will be based solely on the student's performance on tests. The tests are non-cumulative. The taking of examinations is a course requirement. Missing an examination without the prior approval of the instructor will result in either a failing grade or an incomplete grade for that examination. All examination dates, times and locations will be announced in class and on blackboard when the examination dates are available. Grades are calculated based on the total...
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...Intro to law Chapter 1 Business law is divided into: - Tort law – injury - Contract law - Business (sole, partner, corporation) - Real estate - Intellectual - Environmental 3 functions of the law 1. Settling disputes 2. Establishment of rules 3. Protection Sources of law - Case law – from recorded judgement – precedent - Statues – passed by government - Statue law – judicial understanding and application Stare decisis: to let a decision stand 1. From the judges own 2. From a court of equal rank 3. From a court of higher rank Equity - Rules originally based on decisions of the king Charter of rights - Notwithstanding clause o Permits the government to pass a legislation that conflicts or overrides charter - Right to due process o Informed of rights o Right to a lawyer Classification of laws - Substantive law o Law that sets out rights and duties o Individual right enforceable at law - Procedural o Procedures taken to enforce the law - Public o Relates to the relationship between governments and persons - Private law o Relates to relationships between individuals Chapter 2 Jurisdiction 1. Court of original jurisdiction 2. Court of appeal Criminal court procedure 1. Plaintiff – party bringing the action 2. Defendant – party defending an action 3. Discovery a. Examination and questions Class action - Group of individual represented by one attorney in a suit Chapter 3 Administrative law - Includes laws, rules, decisions...
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...Chapter 10Homework 1. This would indeed be a contract called an implied-in-fact contract. This is a contract that is implied from the conduct of the parties. Unlike other contracts, the contract was created through the conduct of the parties, not through words. This is what Miller and McCleskey have done. The parties both agreed through their conduct that it was alright for Miller to take the candy bar, which he will pay at a later date. 2. Nursing Services will probably be able to recover the $4000. Under the objective theory of contracts, intent is not determined by the personal or subjective belief of a party. It is determined by how objective facts would be interpreted by a reasonable person. Therefore, it doesn’t matter that Janine did not feel she should pay for the service because there was no physical contract. From an objective view of a reasonable person, Janine knowingly received services without objecting to them. Since she was aware of this, she should have to pay for the services she has received. 3. There are two types of contracts: 1) a bilateral contract, which means “promise for a promise” and 2) a unilateral contract is “promise for an act.” A unilateral contract requires (1) an offer, and (2) substantial performance by the person accepting the offer according to the terms of the offer, or detrimental reliance by the person upon the promise of the offer (i.e., "promissory estoppel').Here, Baby Burger's hiring of Air Marketing creates a (1) valid...
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...com 1 CHAPTER 1: INTRODUCTION CONTRACT OF SALE – One of the contracting parties obligates himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefor a price certain money or its equivalent. A contract of sale may be absolute or conditional. SALES 1. Contract of sale (absolute) • real obligation – obligation to give • remedies available: a. specific performance b. rescission c. damages 2. Contract to sell (conditional) • personal obligation – obligation to do • remedies available: a. resolution b. damages ESSENTIAL REQUISITES OF A CONTRACT OF SALE 1. consent 2. subject matter 3. price CHARACTERISTICS OF CONTRACT OF SALE: 1. Nominate - law gave it a name 2. Principal - can stand on its own; unlike accessory contract 3. Bilateral - imposes obligation on both parties a. obligation of seller – transfer ownership & deliver b. obligation of buyer – pay for price Consequence: power to rescind is implied in bilateral contracts 4. Onerous – with valuable consideration • Consequence: all doubts in construing contract to be resolved in greater reciprocity of interest 5. Commutative – equal value is exchanged for equal value • Test: subjective – as long as parties in all honesty that he is receiving equal value then it complies with test & would not be deemed a donation; but must not be absurd. • Inadequacy of price or aleatory character not sufficient ground to cancel contract of sale; inadequacy can...
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...Kelsey Malcom Chapter End Q & A Chapter 14 14.2- Real Property Issue ------------------------------------------------- Is the oral contract between Briggs and Sackett in violation and voidable under the Statute of Frauds? In Briggs v. Sackett, Briggs bought a home under mortgage but came upon unforeseeable financial instability. The Briggs then spoke with their in-laws, the Sacketts, about purchasing the home with the conditions that they pay the 3 months arrearages or the overdue balance on the loan and take over the expenses of the home (future payments, utilities, etc.). After hearing the offer, the Sacketts accepted the Briggs’ conditions for the purchase of the home and an oral contract was put in motion. The Sacketts moved in. Years later Mr. Briggs filed an action under the Statute of Frauds, that the oral contract they made with the Sacketts was voidable because it was in violation of the Statute of Frauds (Briggs v. Sackett, 1980). Per our book, under the Statute of Frauds, contracts that involve the sale of real estate are required to be in writing. Generally, if an oral contract was made but required to be in writing, under the Statute of Frauds the oral contract would be unenforceable (Cheeseman, 2010, p.220). In the case of Briggs v. Sackett, should Briggs’ action of filing with the court to void their oral contract and evict the Sackett family be enforceable? No, the Sackett family should be considered an exception to the rule, an equity...
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...Chapter 10 Review introduction to contracts A contract is a promise that the law will enforce. Contracts are intended to make business matters more predictable. Analyzing a contract generally involves inquiring into some or all of these issues: 1. What is the subject of the agreement? • If the contract is for the sale of goods, UCC Article 2 governs. • If the contract is for services, employment, or real estate, the common law governs. 2. Did the parties intend to contract? • If the parties formally agreed and stated explicit terms, there is probably an express contract. • If the parties did not formally agree but their conduct, words, or past dealings indicate they intended a binding agreement, there may be an implied contract. 3. If there is an agreement, is there any reason to doubt its enforceability? • An unenforceable agreement is one with a legal defect, such as an oral agreement that the law requires to be in writing. • A voidable contract occurs when one party has committed fraud, giving the other party the right to terminate the agreement, or when one party lacks capacity to make the contract and may escape liability. • A void agreement means that the law will ignore the deal regardless of what the parties want, typically because the purpose of the deal is illegal. 4. If there is no contract, are there other reasons to give the plaintiff damages? • A claim of promissory estoppel requires that the defendant made a promise knowing that...
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...Business 240 Online – Business Law Test Chapter 1 1.) The South Carolina Supreme Court decides the case of Toy Co. v. Umbrella Corp. The court issues an opinion that does not indicate which justice authored it. This opinion is a. a concurring opinion. | | | b. a dissenting opinion. | | | c. a per curiam opinion. | | | d. an en banc decision. | | | 2.) Leona enters into a contract with Munchie Bakery to cater a sales conference. When the conference is postponed indefinitely, Leona asks a court to cancel the contract. This request involves a. a type of harm. | | | b. an equitable remedy. | | | c. an unenforceable demand. | | | d. a remedy at law. | | | 3.) If a provision in the Florida state constitution conflicts with a provision in the U.S. Constitution a. the U.S. Constitution takes precedence. | | | b. the state constitution takes precedence. | | | c. neither provision applies. | | | d. the provisions are balanced to reach a compromise. | | 4.) As a judge, Nina decides cases that involve principles of various sources of law. Common law is a. case law. | | | b. civil law. | | | c. statutory law. | | | d. administrative law. | | | 5.) Brian's pick-up truck collides with Miranda's semi-trailer on a county highway. Weighing Brian's liability for the collision, Rachel, a judge, reasons by analogy. To reason by analogy is to a. compare...
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...UNIVERSIDAD AUTONOMA DE NUEVO LEÓN FACULTAD DE CONTADURIA PÚBLICA Y ADMINISTRACIÓN INTERNATIONAL BUSINESS PROGRAM BUSINESS ITS LEGAL, ETHICAL AND JUDICIAL ENVIRONMENT “SUMMARIES” CHAPTERS 12, 13, 14, 15, 16, 20 and 21 Name: Nayeli Berenice Beltran Garza ID: 1586848 Group: 4Ai Cd. Universitaria de Nuevo León, November 16th 2015 CHAPTER 12 CONTRACTS AND SALES Introduction and Formation A contract is a promise or set of promises for breach of which the law fives a remedy, or the performance of which the law in some way recognizes as a duty. The three general sources of contract law for contracts entered into in the United States include common law, the Uniform Commercial Code, and the new sources of law evolving in response to e-commerce. Common Law The common law was the first law of contracts. It consists today of those traditional notions of law and the body of law developed by judicial decisions dealing with contract issues. Common law applies to contracts that have land or services as their subject matter. Contracts for the construction of a home and employment contracts are governed by common law. The Uniform Commercial Code (UCC) One of the problems with common law is its lack of uniformity, the states do not follow the same case decisions on contract law, and some states do not follow the Restatement. To address the uniformity, the National Conference of Commissioners on Uniform State Laws and the American Law Institute worked to draft a...
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...Small Business Management Discussion Questions chapters 11 and 22 October 22, 2014 Chapter 11 1. Stuart Frankel, a Subway franchisee, came up with the idea for Subway’s “$5 foot long” to combat slow weekend sales at his restaurants. It was such a hit that Subway introduced the idea to all of its 33,000 outlets, and in 1 year it generated $3.8 billion in sales. One marketing consultant asks, “Is the $5 foot long just a flash in the pan, or is it a function of consumer price points and price elasticity that affect all markets?” What do you think? I think that it is a function of customer price point and elasticity that affects the markets because if the customer can now afford the product the demand for that product will increase. In the case of the Subway people didn’t purchase the product during weekends because it might have been expensive. 2. What does a price represent to the customer? Why is a customer orientation to pricing important? Price is the monetary value of a good or service. It is a measure of what a customer is required to give up in obtaining these goods or services. For an individual, price is a reflection of value. We, as individuals, may tend to pay no more than what we believe the good or service is worth. In the total marketplace, all potential customers evaluate the availability goods and services and therefore establish the demand for each. Value, like beauty, is in the eye of the beholder. When setting price for any good or service...
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...Contract Performance: Conditions, Breach, and Remedies Learning Outcomes Checklist After studying this chapter, students who have mastered the material will be able to: Define what a condition is used for in a contract and distinguish conditions precedent from conditions subsequent. Apply the doctrines related to good faith performance, discharge of a contract, and substantial performance. Identify the ethical dilemmas that a manager faces in the context of good faith performance. Articulate circumstances that give rise to events of discharge via mutual consent and operation of law. Recognize events that result in breach of contract and explain anticipatory repudiation. Identify the appropriate remedy available to nonbreaching parties and understand the responsibilities of an injured party to avoid and mitigate damages. Explain the rights of third parties who have rights in a contract through assignment or delegation and third-party beneficiaries. Once it has been determined that a valid and enforceable contract exists, the inquiry then necessarily focuses on whether contract obligations were faithfully met through performance by the parties. Most contracts are fully performed by the parties as contemplated, but what happens if contractual commitments are not met? This chapter continues the survey of contract law with attention to rules that govern performance and consequences of nonperformance. In this chapter, students will learn: * How conditions are used in a...
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...Atiyah: Sale of Goods The Sale of Goods 11th ed Patrick S. Atiyah , John N. Adams , Hector MacQueen ISBN13: 9780582894082 Published: April 2005 Publisher: Pearson Higher Education £47.95 Buy Note: Cases linked in the text on the right are either to BAILII reports (where available) or the Wikipedia reference. Contract Text Contents 1. Introduction 2. The Contract of Sale 3. Terms of the contract 4. Exclusion Clauses 5. Title and Passing of Property 6. Retention of Title 7. Nemo Dat 8. Performance of the Contract 9. Remedies of the Seller 10. Remedies of the Buyer 11. Articles on Sale of Goods and Contract issues 12. Drafting Sale Contracts and specimen sale contract Sponsors Student Subscription Subscribe to the 2009 Weekly Law Reports & Receive All Parts for 2008 Free! That's just £90 (£96 overseas) for two years' worth of parts (standard UK subscription cost for 2009: £450). Contact: 0207 242 6471 Recent Case Law Cases on Sale of Goods and Contract 2009 - 2000 Statutes Sale of Goods Act 1979 Sale and Supply of Goods Act 1994 The Sale and Supply of Goods to Consumers Regulations 2002 Unfair Contract terms Act 1977 Factors Act 1889 Part III Hire Purchase Act 1964: ss.27 - 29. Companion Volume The Law of Contract Monday August 19th 2013 6. Terms of the Contract There are few formalities in...
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...MODEL CONTRACTS FOR SMALL FIRMS LEGAL GUIDANCE FOR DOING INTERNATIONAL BUSINESS © International Trade Centre, August 2010 Model Contracts for Small Firms: International Commercial Sale of Goods Contents Foreword Acknowledgements Introduction Chapter 1 International Contractual Alliance Introduction ITC Model Contract for an International Contractual Alliance Chapter 2 International Corporate Joint Venture Introduction ITC Model Contract for an International Corporate Joint Venture Chapter 3 International Commercial Sale of Goods Introduction ITC Model Contract for the International Commercial Sale of Goods (short version) ITC Model Contract for the International Commercial Sale of Goods (standard version) Chapter 4 International Long-Term Supply of Goods Introduction ITC Model Contract for the International Long-Term Supply of Goods Chapter 5 International Contract Manufacture Agreement Introduction ITC Model International Contract Manufacture Agreement Chapter 6 International Distribution of Goods Introduction ITC Model Contract for the International Distribution of Goods ii © International Trade Centre, August 2010 Model Contracts for Small Firms: International Commercial Sale of Goods Chapter 7 International Commercial Agency Introduction ITC Model Contract for an International Commercial Agency Chapter 8 International Supply of Services Introduction ITC Model Contract for the International Supply...
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...tutorialrank.com Read Case Question #30, Whistleblowing, in Chapter 2 of your text. Provide a DQ for each of your answers to the following questions. Respond to at least two of your fellow students’ postings. a. If Ayer did nothing, would he still have made an ethical decision? b. If Ayer did nothing because he was concerned that if he complained and manufacturing was suspended many workers would lose their jobs, would he have made an ethical decision? c. Assume Ayer considered blowing the whistle on the firm by releasing information to the newspapers and television networks. Is it likely that such action would have any effect on the firm or on Ayer? --------------------------------------------------------------------- ASHFORD BUS 311 Week 1 DQ 2 Administrative Law (Old) For more course tutorials visit www.tutorialrank.com Research a federal agency online and discuss each of the following questions: •What businesses does the agency oversee or regulate? •Why is it important that this agency oversee or regulate these businesses? •What recent action or ruling has the agency made? --------------------------------------------------------------------- ASHFORD BUS 311 Week 2 Assignment Critical Analysis Paper Contract Breach (Old) For more course tutorials visit www.tutorialrank.com Consider a situation in which you or someone you know engaged in a written or oral contract containing specific performance requirements from the contractor providing business services...
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...Chapter 01 Legal FoundationsChapter 01 Legal Foundations 1. Much of the origins of the law dealt with issues related to _______. ________________________________________ 2. When the United States Supreme Court formally recognized their role in achieving equality for all Americans during the civil rights movement, they were following a ________ philosophy. ________________________________________ 3. Attorneys who work for a company and are part of the executive or mid-level management team are specifically referred to as ________ counsel. ________________________________________ 4. Attorneys, particularly in a business context, are also referred to as _______. ________________________________________ 5. Measures of judicial action intended to compensate an injured party in a civil law suit are called _______. ________________________________________ 6. Equitable rules used in the context of Common Law rules that guide courts in deciding cases or controversies are called equitable _______. ________________________________________ 7. Judicial opinions are also known as the ________ of the case. ________________________________________ 8. A collection of uniform legal principles focused on a particular area of traditional state law is called ________ of the law. ________________________________________ 9. Trial lawyers are also referred to as _______. ________________________________________ 10. ________ are recognized as binding...
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...Chapter 01 Legal FoundationsChapter 01 Legal Foundations 1. Much of the origins of the law dealt with issues related to _______. ________________________________________ 2. When the United States Supreme Court formally recognized their role in achieving equality for all Americans during the civil rights movement, they were following a ________ philosophy. ________________________________________ 3. Attorneys who work for a company and are part of the executive or mid-level management team are specifically referred to as ________ counsel. ________________________________________ 4. Attorneys, particularly in a business context, are also referred to as _______. ________________________________________ 5. Measures of judicial action intended to compensate an injured party in a civil law suit are called _______. ________________________________________ 6. Equitable rules used in the context of Common Law rules that guide courts in deciding cases or controversies are called equitable _______. ________________________________________ 7. Judicial opinions are also known as the ________ of the case. ________________________________________ 8. A collection of uniform legal principles focused on a particular area of traditional state law is called ________ of the law. ________________________________________ 9. Trial lawyers are also referred to as _______. ________________________________________ 10. ________ are recognized as binding...
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