MFT – Business Law

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Torts
private civil wrongs against persons or property for which the victim can bring a civil lawsuit
Assault –

Battery –

Threat of harm that arouses a reasonable apprehension of imminent battery

intentional, harmful touching of another without consent

False Imprisonment –

Defamation –

intentional confinement of another for a time without his/her consent

publication of a FALSE statement about another that harms reputation

Libel –

Slander –

written statement of defamation

oral statement of deamation

Invasion of privacy –

Infliction of emotional distress –

Misuse of legal proceedings –

intrusion of privacy; unauthorized public disclosure

EXTREME and OUTRAGEOUS conduct causes another severe emotional distress

reputation injury to another from wrongfully instituted legal proceedings

Trespass to land –

Trespass to personal property –

Conversion of personal property –

entry on to another’s land without permission

use without permission or damage to personal property

failure to return/destruction of borrowed property

Negligence
unintentional breach of duty causing injury, using the standard of a reasonable person
Duty of care
obligation one person owes to another to act reasonably so as not to cause harm
Causation (liability arises from causation in fact)
causation in fact – actual cause

proximate cause – legal cause

Contributory or Comparative Negligence
relative fault
Strict Liability
liability without fault, applies to abnormally dangerous activities
Fraud
obtaining title to property of another through deception (white collar crime)
Bribery
offer of payment for a favor
(white collar crime)
Forgery
fraudulently altering a written document
(white collar crime)
Embezzlement
fraudulent taking of employer’s property
(white collar crime)
Statutory violations
violation of statue
(white collar crime)
Corporate Liablity
crime committed by employees acting for benefit of corporation, individual is personally liable
Contracts
promises that are enforced under law
Contractual Agreement
intent – to be legally bound
definite terms – identities, subject matter, time,and price
communication – offeror to offeree
Termination of Contracts
terms of offer – time limit/acceptance not met
revocation – withdrawal by offeror
rejection – expressed through words of offeree
counteroffer – creates new offer
operation of law – lapse of time, death, destruction of subject matter
Rewards
unilateral contracts offeree must perform to receive the reward
Auctions
invitations for offers to buy, may be rejected by the seller unless auction is without reserve (seller offers to sell for any price)
Firm offer
irrevocable offer in writing; if no time limit stated (3 months applies)
Option contract
for a fee offeror makes irrevocable offer to perform on or before a set date
Counteroffers
treated as new offers, roles reverse, rejection of original offer
Acceptance-Upon-Dispatch Rule
acceptance is effective upon proper dispatch even if it is lost in transit
Legal value
the performance of a service, a refrainment from doing something
Promissory estoppel
enforceable due to foreseeable reliance
Fraud in the Factum
deceived person does not know what they are signing (contract is void)
Fraud in the Inducement
innocent party fraudlently induced to enter into the contract
Fraud by concealment
specific action taken to conceal material fact
Duress
innocent party is threatened, creating non-voluntary acceptance
Undue influence
innocent party is taken advantage of
Intentional misrepresentation of fact
innocent party induced by misrepresentation of material face
Innocent misrepresentation of fact
state of face believed to be true
Public Policy
contract void where negative impact on society
covenants not to compete
exculpatory clauses – relief from tort liability
Express contract
either written or oral agreement of terms by both parties
Implied contract
unspoken understanding between parties
Quasi-Contract
one party receives a benefit from the other party without a contract
Executed
both sides have fully performed
Executory
either or both sides not yet fully performed
Liquidated damages
agreed to by both parties at time of contract
Punitive damages
generally not available in contracts cases except in independent tort committed
General partnership
association of 2 or more parties
co-owners
carry on business
for profit
income is reported on partner’s tax return
all partners are liable for debts
no formalities
LLP & LLC
requires registration with the state
Joint venture
partnership limited to single project
Corporations
powers are to sue or be sues, own property, carry out business
owned by shareholders
liable for fraud, improper use of corp, inadequate capitalization
DeJure
substantial compliance with statute
DeFacto
good-faith attempt to comply
Categories: Business Law