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