BUSINESS LAW EXAM REVIEW - Frontier Central School District
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Transcript BUSINESS LAW EXAM REVIEW - Frontier Central School District
Part 2- 2015
Civil
Law
Overview of Contracts
Offer and Acceptance
Genuine Assent
Also
known as Tort law
Against a person
NO Jail time ever!
Burden of proof much
lower than in criminal
act
98% or so get settled
before going to court
Damages ($$)
An
injury
No injury, no
case
Can be $$,
property or
physical
Time
limit a person
has to file a lawsuit or
press charges over a
criminal activity
Usually limited based
on state or based on
act
No statute of
limitations on murder
or rape in NYS
Fraud
is based on
misrepresentation
Fraud is an “INTENTIONAL”
misrepresentation of a fact
Meant to mislead someone into
thinking a statement is true or
correct when it actually is not
MISREPRESENTATION
Untrue statement
made to another
Material
(Important)
Relied upon to
make decision
(Proof the false
claim led to
decision)
FRAUD
Intent to deceive
Injury
** In order to prove
fraud,
misrepresentation
must be shown first
Offer
and acceptance- both sides agree
on acceptable terms
Genuine assent-not being forced or
mislead into contract
Consideration- both sides gain something
Capacity-ability to understand a contracts
terms
Legality- Contract deals with legal items
Writing – some not all contracts, must be
in writing to be valid
Material
facts are something that is
important to the person making the
contract and could greatly influence them
on what to do
Implied terms are something that is
understood without needing to be spoken
or written into a contract
Ex) When you shop at a store, it is
“implied” that you will pay for your
goods before leaving
Rule
that states the
acceptance in a
contract must match
the offer “exactly”
as it is agreed to
Any changes means
it’s a counteroffer
and therefore not
complete
This
is a grossly
unfair contract to
one side or the
other
Grossly unfair
means one side is
taking advantage of
the other
Courts will make
the contract void
so to make it fair
Must
take place “Prior” to ratification
Rescind means to take back
Ratification is the intent to be bound by a
contract (Signing or shaking hands)
Best way to ratify is to sign the contract
Based
on Business or
Retail agreements
Retailers sell goods
Firm offers are used
(Rain checks)
Firm offers are good for
3 months unless
otherwise stated (Can
be longer)
Based
on sale of services or property
NON-Retail agreements
All contracts OTHER than a business
(UCC) based agreement
To keep an offer open, an offeror
would use an option (Collateral)
Option would usually be a down
payment ($$)
Offeror
is the person who makes the offer
Offeree is the person who accepts the offer