...LAW 5072 FINAL EXAM STUDY GUIDE CONTRACTS Definition: A contract is a promise(s) for the breach of which the law gives a remedy, or the performance of which the law recognizes as a duty. Offer: Showing a willingness to enter into a bargain in such a way that another person would interpret that they could accept and it would conclude the negotiations. It can be words, actions, advertisements (NOT negotiations, estimates or price quotes.) Acceptance: Once an offer has been made, the other party can accept the offer in any reasonable way, including starting performance. The party who accepts can back out up until performance begins. Factors: Were terms finalized? Did performance begin? Consideration: A contract must include a promise and a return promise. It cannot only go in one direction: both parties have to get something valuable (a good or service). A promise of a gift is NOT enforceable because one party gets nothing. The exchange doesn’t have to be equal: one person may value something more than someone else. Enforcement: Breach: Failure to perform Substantial Performance: Doing exactly what is in the contract is not always possible, but the parties have to reasonably live up to the terms. If one party does not materially perform, the other party no longer has to perform. If one party breaches: Damages ‐ The party who is harmed can request money from the other party equal to the loss from the breach. The court said that you can...
Words: 1253 - Pages: 6
...Tort and contract law are similar in that both involve a breach of duties, and in modern law these duties have blurred and it may not be clear whether an action "sounds in tort or contract". With contract violations, the breach has to do with the duties that have been named in the contract. Tort violations however also involve some sort of breach of duty which can be viewed as the causes of action which are not defined in other areas such as contract or fiduciary law,as in the case of “Donoghue v Stevenson (1932)”. The tort of negligence is the most common type of tort and can be divided into four component parts that the plaintiff must prove to establish negligence. These componentsare: • The plaintiff was owed a duty of care through a special relationship (e.g. doctor-patient) or some other principle • There was a dereliction or breach of that duty • The tortfeasordirectly caused the injury [but for the defendant's actions, the plaintiff would not have suffered an injury]. • The plaintiff suffered damage as a result of that breach • The damage was not too remote; there was proximate cause to show the breach caused the damage Tort laws govern situations where one person has harmed or injured another person. They also cover violations where the party intentionally harmed the other person, such as in a battery claim and also address incidents where the party may be held liable even if they did not act intentionally, such as in negligence claims or strict liability claims...
Words: 636 - Pages: 3
...Managing Quality Performance in Supply Chains through Diffusion of Innovations Nadeem Kureshi Center for Advanced Studies in Engineering, Islamabad, Pakistan nadeemk@msu.edu 1. ABSTRACT Supplier Management is fast becoming one of the most critical determining factors in businesses as companies around the world are relying on outsourcing as a strategic tool to achieve competitive advantage. The growing trend of focusing on core competencies and letting the experts do their job has furthered the importance of Supplier Management. While the driving force behind any outsourcing remains increased competitiveness with a particular focus on reducing costs, it essentially requires certain strengths on part of the suppliers. Considering the fact that most of the suppliers around the world are SMEs, who are resource constrained by nature, the idea of outsourcing can potentially end up to be dichotomous;” competitiveness to be achieved through using resource constrained entities”. Such situations can be much more pronounced in developing economies and in situations where less liberty is available in choosing suppliers. Of the various initiatives undertaken to address this problem, Supplier development stands out. Contemporary literature however suggests that among the major Supplier Development activities, those carrying higher costs are seldom or never undertaken, and even the large firms tend to concentrate on activities involving less or no costs. This paper establishes a relationship...
Words: 4164 - Pages: 17
...Competition Policy: Introduction What is Competition Policy Brief history of competition laws Objectives of competition policy Relationship with other public policy objectives 1 What is competition policy? Definition: Competition Policy aims at ensuring that competition in the marketplace is not restricted in a way that is detrimental to society Why do we need a competition policy? Market failure also in markets without natural monopoly features. Even if entry is possible, dominant positions might persist, due to: • sunk costs industries • lock-in effects and switching costs • network effects 2 What is competition policy, II We need competition policy also because: Un-monitored, firms may resort to actions that increase their profits, but harm society, such as: • • • • Collusion Mergers which lessen competition Predatory behaviour Exclusionary behaviour 3 Competition policy vs. regulation Both justified by market failures, but they differ by: Procedures and control rights • Regulation: more extensive powers (price, investments, products…), intervenes on market structure Timing of oversight • C.P.: ex-post; regulation: ex-ante • C.P.: usually more time • Occasional vs. continuous intervention Information intensiveness • Industry-specific for regulation 4 Demarcation lines become fuzzier Despite these differences, the distinction between competition and regulation is less clearcut: Merger control: preventive authorization...
Words: 1108 - Pages: 5
...Name Course Instructor Institution Date of Submission Was a valid contract formed between Pierre's and Maynard? Explain A valid contract was formed between Maynard and Pierre. A valid contract consists of an offer, acceptance, consideration, and an intention to create a legal relationship. All these elements were fulfilled in the contract between Pierre and Maynard. Pierre made the offer when he offered to sell the car for $4000, which Maynard accepted by signing the sale agreement. A legal relationship was formed at the end of the signing of the sale agreement. If a valid contract was formed, does Maynard have any arguments to have his money refunded? Maynard has various arguments to have his money refunded. Under the common law rules of the law of contract, a contract is voidable if at its making there were vitiating factors such as fraud, misrepresentation, mistake, duress, and intoxication among others. Vitiating factors may render a voidable contract void at the will of the injured party. In this case, Pierre fraudulently misrepresented that the car was “the best in town”, "one of a kind" and "the engine and brakes are in tip-top shape." Pierre made all these representations fraudulently to induce Maynard to enter into a contract with him. Due to Pierre’s fraudulent misrepresentations, Maynard bought the car that turned out to be faulty, and that caused him an accident. It also turned out that Pierre had overstated the price fraudulently. The effect of a fraudulent...
Words: 724 - Pages: 3
...Running head: Law, Tort Law, Criminal Law, Contracts, and Civil Procedure | | | Law, Tort Law, Criminal Law, Contracts, and Civil Procedure In defining the term law, tort law, criminal law, contract and the sources from which law derives, I will use a case that took place in 1929 “Donoghue v Stevenson” to demonstrate the these laws which will show a successful negligence suit, as well as defenses a defendant presenting evidence to refute a plaintiffs evidence. J.G. Holland said it best! In the words of J. G. Holland “Laws are the very bulwarks of liberty; they define every man’s rights, and defend the individual liberties of all men”. Laws are derived from the United States Constitution; Constitutional law is the body of law which defines the relationship of different entities within a state, namely, the executive, the legislature and the judiciary. Established Constitutional and administrative law govern the affairs of the state. Constitutional law concerns both the relationships between the executive, legislature and judiciary and the human rights or civil liberties of individuals against the state. Most jurisdictions, like the United States and France, have a single codified constitution with a bill of rights. A few, like the United Kingdom, have no such document. A "constitution" is simply those laws which constitute the body politic, from statute, case law and convention. Law is defined as a system of rules...
Words: 1720 - Pages: 7
...Is the move away from contract and towards tort in product liability cases desirable? Introduction The approach taken with product liability cases has shifted over time. The Sale of Goods Act (1893) was an act put in place to state the terms and conditions of the contracts for the buying and selling particular goods. This act was later reformed in 1979, which fundamentally followed the same rules; the buying and selling of good were regulated by contractual agreements between the buyer and the seller. However as time progressed the sale of goods and product liability is moving from contracts and more towards tort liability. Contracts are legal promises between the buyer and seller in which the buyer promises to pay for a product that the seller must promise adheres to the standard expected from the product. A breach of contract includes that the buyer does not pay the right amount, or the more likely breach that the product has a design or manufacture defect that causes injury to the buyer. Tort liability instead simply makes the manufacturer responsible for any ‘injuries’ that the product causes the consumer. The idea behind this was because the seller is simply the agent of the manufacturer who has no part in the production process of the good sold. In this essay we will explain why product liability is starting to shift from contracts to tort. We will also discuss how tort law has developed over time focusing on the negligence rule and strict liability. Product liability...
Words: 1856 - Pages: 8
...Aspects of Contract and Negligence for Business *Unit abstract:- Introduction to the law of contract, with a particular emphasis on the formation and operation of business contract. Business contract shall be defined within the context of law of contract and business law . The former is narrower and the later is wider but all its components are subject to the essential elements of contract. Business law which is also known as mercantile law refers to laws governing and regulating trade , industry and agriculture . It includes laws relating to Contracts , Sale of Goods , Partnership , Companies , Negotiable Instruments , Insolvency , Carriage of Goods , Arbitration..etc. The difference between the law of Tort and the law of Contract is based on obligations and liabilities . In tort the obligations are imposed by law while in contract the obligation of the parties are created by their own free will and mutual consent. Key questions : 1.What are ...
Words: 3365 - Pages: 14
...JPMORGAN CHASE RADEGUNDA MOSHA BUSINESS LAW 1 PROF. AALIYAH MOHAMAD AUGUST 25, 2013. REFERENCE Constance E. Bagley. Seventh Edition. www.stimmel-laws.com/articles/torts.html www.cftc.gov Administrative agencies are agencies created by the legislative branch of government to administer laws pertaining to specific areas such as taxes, transportation and labor. The Securities Exchange Commission and the Commodities Future Trading Commission are independent agencies that are legally charged with regulating and providing guidelines for the trading and exchange of the goods, services within their respective jurisdictions. The security act of 1934 has fully empowered the Security exchange commission the power to discipline individuals and entities that are regulated in breach of industry rules and regulation. The Commodities Future Trading Commission on the other hand was created in 1974 to protect individuals, the public and industry players from manipulating, fraud and potentially abusive practices. The mission of Securities and Exchange Commissions is to protect investors, maintain fair, orderly and efficient markets and facilitate capital formation. Requiring public companies to disclose meaningful financial information to the public is an effective approach of the Security Exchange Commission takes in order to assure the security of...
Words: 1758 - Pages: 8
...dissimilarities of liability in tort and contractual liability along with elaborating the essence of liability in negligence and vicarious liability with the aim at depicting their applications in business contexts and daily situations. Besides, the study pursues litigations and statutes in the United Kingdom, the United State and Vietnam from the late seventeenth century until now. PART 1 THE PRINCIPLES OF LIABILITY IN NEGLIGENCE IN BUSINESS CONTEXTS 3.1 Contrast between liability in tort and contractual liability 3.1.1 The similarities and differences between liability in tort and contractual liability A tort is civil wrong for which precedents and legislative enactments imposes legal liability as personal injury, psychiatric harm, damage to property and economic loss in negligence, undermining reputations in defamation or the interference with the enjoyment of land in nuisance.(Allison, 1996) Contract law imposes obligations which the party has voluntarily agreed to assume. Tort should recompense for harm suffered rather than wrongdoer’s punishment that can be convicted by criminal law.(Baer, 1997) By contrast, contract law directs at forcing keeping promises. Besides, contractual liabilities are owed by contracting parties but tort liabilities are owed to groups of people.(Oldham, 2004) This can be a liability to the public at large, or to another individual because of the nature of the relationship.(Banakas, 1988) Similarly, in case of breach, both tort and...
Words: 512 - Pages: 3
...Bank of America Name Professor’s Name Institution Date How administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities / banking, a foundation of the economy. Securities and Exchange Commission ha s the role of looking after United States investors against possible loss of profits. This is by keeping a reasonable and organized practice that promotes resources markets. The commission necessitates businesses to reveal important information regarding securities that they put up for sale in order for investors to make well-versed decisions. Securities and Exchange Commission forbids purchases of stock without enough finances to pay for them. The commission controls registration and supervision of the securities markets and agents. The commission makes up rules and regulations for solicitation of alternatives. It also provides advice to courts in economic failure matters (Chatain, 2009). Proper management is the only way that can assist in avoiding threats and gambling matters. All organizations need to posses tools that will help in assessment of threats posed because of activities that take place in that organization. In order for an organization to become successful, activities about information on security issues need to be clear. Securities and Exchange Commission has the role of enforcing major economic...
Words: 1634 - Pages: 7
...Contract law is that body of rules that govern contractual agreements between persons or merchants. A contract is basically an agreement between parties outlining their duties and responsibilities to one another. Contracts can be formed for nearly any type of interaction. Thus, contract laws may address various transactions for the sale of goods and services. Contract laws outline what a person can or cannot include in a contract, and what the remedies are if a party breaches their contractual duties. In contrast, tort laws govern situations where one person has harmed or injured another person. Tort laws cover violations where the party intentionally harmed the other person, such as in a battery claim. Tort laws also address incidents where the party may be held liable even if they did not act intentionally, such as in negligence claims or strict liability claims. Tort laws usually result in the liable party paying the victim monetary damages to compensate for their losses. Similarities of Contract laws and tort laws Contract laws and tort laws share many similarities. At the most basic level, both contract and tort laws usually deal with a duty that has been breached. With contract violations, the breach has to do with the duties that have been named in the contract. For example, a contract may state that one party has the duty to pay the other for repair services, and the other party has a duty to perform the services. If also party fails to perform their duties, contract laws...
Words: 351 - Pages: 2
...INTRODUCTION The word ‘Tort’ has been derived from a Latin word ‘Tortum’ which means crooked or twisted act. This word is a French equivalent of English word wrong and of the Roman law term ‘delict’. It is a civil wrong independent of contract for which the appropriate remedy is action for unliquidated damages. Person committing a tort is called tortfeasor and the act is called tortious act. In this piece of research project, we will analyze which one is more authentic or valid, whether law tort or law of torts. Jurists have debated this question for a long time. It is generally asked in the form, “is there a law of tort or only a law of torts?” Those who call it Law of Tort (Winfield) base their understanding on the Latin maxim ‘ubi...
Words: 1604 - Pages: 7
...Assignment on: Aspect of Contract Executive summary For our everyday purpose, we have to meet with different category people. Due to the blessings of globalization, now, we people have been able to communicate with people from outside of our country. Globalization system has made it easy for us to express our needs and demand to outside of the world and get the best solution. All these developments have made our business world faster than ever and this trend is still going on. But to take any sort of massive or minor project, we have to sit with many different parties and make lawful agreement with them so that one party can demand for their legal right if necessary. This assignment has been designed completely on aspects of contract. How a contract can be formed and what are the necessary elements for the formation of a contract have been comprehensively explained here. Table of Contents Executive summary ii Introduction 1 01 Initial evaluation 1 1.1 Explanation of the importance of essential elements required for the formation of a valid contract 1 1.2 The impact of three methods in terms of forming and binding enforceable contract under the English Law. 2 02 Initial Business situations 4 2.1 Essential elements of a valid contract to advise Andrew 4 2.2 Law on contract terms to advise Cheltenham Champions Hotel on the claim of the guest 5 2.3 The effect of the contract terms to advise the downton hotel will be described in below 5 03 Further assessment...
Words: 3726 - Pages: 15
...Table of contents Abstract 3 Introduction 4 ESSENTIAL ELEMENTS OF A VALID CONTRACT 5 Explain different types of business agreements and the importance of key elements require for the formation of a valid contract. 5 Apply the rules of offer and acceptance in the given scenario, also considering any impact of new technology. 5 Assess the importance of the rules of intention and consideration of parties to the agreement by applying. 7 Explain the importance of the contracting parties having the appropriate legal capacity to enter into a binding agreement 7 SPECIFIC TERMS IN A BUSINESS CONTRACT. 8 Analyze specific contract terms with reference to there importance and impact if these terms are broken using Mr. John’s contract for purchase of computers. 8 Justify the selection of methods/ techniques that Mr. John should use for the termination of contract with Mr. Bobs Company. 8 Apply and analyze the law on standard form contracts in the given scenario 9 Discuss the effect of exemption clauses in attempting to exclude contractual liability in the given scenario 11 LAW OF TORT IN BUSINESS ACTIVITIES AND PARTICULAR FORMS OF TORTIUOS LIABILITY. 12 Describe the nature of general tortuous liability comparing and contrasting to contractual liability 12 Explain the liability applicable to an occupier of premises in the given scenario 13 Discuss the nature of employer’s liability with reference to vicarious liability and health and safety implications taking Mr. Bobs Company...
Words: 3228 - Pages: 13
