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Business Law - Week 3
Class Agenda
•Other information:
•Good Samaritan Law |
International Law
•Review Week 2
•Case Study
•Break
•Discussion: Contracts continued
•Quiz
•Homework
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Business Law - Week 3
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
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Business Law - Week 3
International Law (chapter 8)
•Export/Import tariffs and
restrictions
•Dumping duties
•GATT
•WTO
•Foreign Corrupt Practices Act
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Business Law - Week 3
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
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Business Law - Week 3
Week 3 Case studies
Linn, Kimmi, Cecelia
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Business Law - Week 3
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
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Business Law - Week 3
Clickwraps and Shrinkwraps (page 148/149)
What do you think?
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Business Law - Week 3
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
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Business Law - Week 3
Chapter 11 - ConsiderationThe “thing” bargained for could be:
Action or refrain from action
•Hamer vs Sidway
•Can benefit promisor OR be
detriment to promisee
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Business Law - Week 3
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
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Business Law - Week 3
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.
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Business Law - Week 3
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”
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Business Law - Week 3
Chapter 12 - LegalityA contract must be based on “legal” actions
•Gambling
•Insurance
•Licensing Statutes
•Usury
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Business Law - Week 3
Chapter 12 - LegalityA contract must be based on “legal” actions
•Non-Compete Agreements
•Exculpatory Clauses
•Unconscionable contracts
•Adhesion contracts “take it or leave
it”
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Business Law - Week 3
Quiz: Individual & Group
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Business Law - Week 3
Chapter 13: Capacity and consent
•Minors
•Mentally impaired
•Fraud & Misrepresentation
•Mistake
•Undue Influence
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Business Law - Week 3
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
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Business Law - Week 3
Chapter 14: Written Contracts
•Must be signed by defendant
•Must name each party
•Clearly explain all terms of contract
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Business Law - Week 3
Chapter 14: Written Contracts
Parol Evidence: anything said, done,
written prior to or during the signing
of a contract
•Parol evidence irrelevant unless
contract is ambiguous
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Business Law - Week 3
HomeworkRead chapter 2, 16-17 Quiz next week: (chapters 2, 16, 17)
Topic next week: Introduction to Ethics