business law - week 3 class agenda other information: good samaritan law | international law review...

Business Law - Week 3

Class Agenda

•Other information:

•Good Samaritan Law |

International Law

•Review Week 2

•Case Study

•Break

•Discussion: Contracts continued

•Quiz

•Homework


Good Samaritan Law

•Sometimes called “imminent-peril

doctrine” or “sudden emergency”

•Does not require action

•Protects the good samaritan

•Areas of Gray

•Los Angeles case


International Law (chapter 8)

•Export/Import tariffs and

restrictions

•Dumping duties

•GATT

•WTO

•Foreign Corrupt Practices Act


Week 2 - key learnings

•Contract

• 4 Elements of a contract

•Judicial restraing vs judicial

activism

•Promissory estoppel

•Quasi contract

•UCC

•Bilateral vs Unilateral contract

•Advertisements NOT contract offer

•Counteroffer | Mirror image rule


Week 3 Case studies

Linn, Kimmi, Cecelia


Chapter 10 continued

•No contract if offer is not

definite

•Exception = UCC (reasonable

price, fair market value)

•Mirror image rule – any change

constitutes a counter offer

•Exception = UCC (new terms,

additional terms may be added but

contradictory terms rule each

other out


Clickwraps and Shrinkwraps (page 148/149)

What do you think?


Chapter 11 - Consideration

•What is consideration?

Both sides have to do/offer

something/bargaining

It must be definite Cannot be illusory Cannot be something already

obligated to do

It cannot happen in the past


Chapter 11 - ConsiderationThe “thing” bargained for could be:

Action or refrain from action

•Hamer vs Sidway

•Can benefit promisor OR be

detriment to promisee


Requirements contract and Output contracts

•RC = agreement to buy all of a

needed supply from a particular

vendor - not quantified

•OC = agreement to sell all of

certain stock to a particular

business - not quantified

•Common Law; RC & OC not

enforceable

•No definiteness - no

consideration

•UCC: enforceable for sales of

goods


Exceptions to contractsPromissory Estoppels

•NEVER count on•Additional Work•Agreement to work above and beyond what is already promised•Unforeseen Circumstances•Modifications

•Must be agreed upon by both parties in writing

•UCC – allows agreement modifications to a contract sometimes without consideration, in writing or oral.


Liquidated and Unliquidated debtLiquidated debt vs Unliquidated debt

LD – no dispute about amount ownedo Creditor agrees to take less money – not binding

UD – dispute whether money owed and /or how much

•Parties can agree to less than creditor claims and the agreement is binding -- •Known as “Accord & Satisfaction”


Chapter 12 - LegalityA contract must be based on “legal” actions

•Gambling

•Insurance

•Licensing Statutes

•Usury


Chapter 12 - LegalityA contract must be based on “legal” actions

•Non-Compete Agreements

•Exculpatory Clauses

•Unconscionable contracts

•Adhesion contracts “take it or leave

it”


Quiz: Individual & Group


Chapter 13: Capacity and consent

•Minors

•Mentally impaired

•Fraud & Misrepresentation

•Mistake

•Undue Influence


Chapter 14: Written Contracts

•Statute of frauds requires certain

contracts in writing:

•Interest in land

•Anything that must take more than 1

year to fulfill

•To pay debt of another

•As executor of an estate -- if using

own money to pay

•Sale of goods over $500 (UCC)

•In consideration of marriage



•Must be signed by defendant

•Must name each party

•Clearly explain all terms of contract



Parol Evidence: anything said, done,

written prior to or during the signing

of a contract

•Parol evidence irrelevant unless

contract is ambiguous


HomeworkRead chapter 2, 16-17 Quiz next week: (chapters 2, 16, 17)

Topic next week: Introduction to Ethics

business law - week 3 class agenda other information: good samaritan law | international law review...

Documents

promiseebusiness law

ceceliabusiness law

outbusiness law week

itbusiness law week

pastbusiness law week

international law chapter

quantifiedcommon law

legalitya contract