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Business Law > Midterm 2 > Flashcards

Midterm 2 Flashcards

1
Q

Felony Definition

A

A crime, typically one involving violence, regarded as more serious than a misdemeanor, and punishable by death or imprisonment in excess of one year.

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2
Q

Misdemeanor definition

A

Misdemeanor: offenses lower than felonies and generally those punishable by fine, penalty, forfeiture, or imprisonment other than in a penitentiary. Under federal law, and most state laws, any offense other than a felony is classified as a misdemeanor.

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3
Q

Burglary definition

A

Burglary: The criminal offense of breaking and entering a building illegally for the purpose of committing a crime

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4
Q

Robbery definition

A

Robbery: The taking of money or goods in the possession of another, from his per her person or immediate presence, by force or intimidation.

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5
Q

Larceny definition

A

Larceny: The unauthorized TAKING and removal of the personal property of another by an individual who has no intent of giving the property back; if the owner loans the person the property then they fail to return it, that is theft not larcen.

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6
Q

Mens Rea definition

A

Men’s Rea: As an element of criminal responsibility, a guilty mind; a guilty or wrongful purpose; a criminal intent. Guilty knowledge and willfulness. A persons awareness of the fact that his conduct is criminal; the mental element.

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7
Q

Actus Reus definition

A

Actus Reus: As an element of criminal responsibility, the wrongful act or omission the comprises the physical components of a crime. Criminal statutes generally require proof of both actus Reus and men’s Rea on the part of a defendant in order to establish criminal liability

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8
Q

Duress definition

A

Duress: Unlawful pressure exerted upon a person to coerce that person to perform an act that he or she ordinarily would not perform

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9
Q

Entrapment definition

A

Entrapment: The act of government agents or officials that induced a person to commit a crime he or she is not previously disposed to commit. When an agent thinks of a crime and induces the accused to engage in it. It is not entrapment if the crime was promoted by someone other than a person with no relation to the government.

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10
Q

Self-Defense definition

A

Self-Defense: The protection of one’s person or property against some injury attempted by another. Deadly force may only be used when someone is attempting to use deadly force on you

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11
Q

Malware definition

A

Malware: Malicious computer software that interferes with normal computer functions or sends personal data about the user to unauthorized parties over the internet.

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12
Q

Cyberterrorist definition

A

Cyberterrorist: a person enacting in acts such as deliberate, large-scale disruption of computer networks, especially of personal computers attached to the internet, by the means of tools such as computer viruses.

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13
Q

Botnet definition

A

Botnet: A network of private computers infected with malicious software and controlled as a group without the owners’ knowledge.
I.e.: to send spam messages

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14
Q

Virus definition

A

Virus: a piece of code that is capable of copying itself and typically has a detrimental effect, such as corrupting the system of destroying data.

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15
Q

Worm definition

A

Worm(computer): a worm is a self-replicating virus that does not alter files but resides in active memory and duplicates itself. Worms use parts of an operating system that are automatic and usually invisible to the user.

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16
Q

Consideration(law) definition

A

Consideration: payment or money. Consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract.

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17
Q

Agreement definition

A

Agreement: any meeting of the minds, even without legal obligation. 2) invlaw, another name for a contract including all the elements of a legal contract: offer, acceptance, and consideration, based on specific terms.

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18
Q

Offer definition

A

Offer: a specific proposal to enter into an agreement with another. An offer is essential to the formation of an enforceable contract. An offer and acceptance of the offer creates the contract.

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19
Q

Acceptance definition

A

Acceptance: agreeing verbally or in writing to the terms of a contract, which is one of the requirements to show there was a contract

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20
Q

Offeror definition

A

Offeror: a person or entity who makes a specific proposal to another.

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21
Q

Offeree definition

A

Offeree: a person or entity to whom an offer to enter into a contract is made by another(the offeror)

22
Q

Bilateral Contract definition

A

Bilateral Contract: an agreement in which the parties exchange promises for each to do something in he future. “Suzette Seller promises to sell her house to Bobby Buyer and Buyer promises to pay Seller $100,000”

23
Q

Unilateral Contract definition

A

Unilateral Contract: an agreement to pay in exchange for Performance, if the potential performer chooses to act.
“I will pay you $1,000 if you bring my car from Cleveland to San Francisco.”

24
Q

Quasi Contract definition

A

Quasi Contract: A situation in which there is an obligation as if there was a contract, although the technical requirements of a contract have not been fulfilled.

25
Q

Executory Contract definition

A

Executory Contract: a contract made by two parties in which the terms are set to by fulfilled at a later date. The contract stipulates that both sides still have duties to perform before it becomes fully executed.

26
Q

Executed Contract definition

A

Executed Contract: a legal document that has been signed off by the people necessary for it to become effective. The contract is identified made between two or more people, but it can also be between a person and an entity, or two or more entities

27
Q

Express Contract definition

A

Express Contract: a contract in which all elements of a contract are specifically stated(offer, acceptance, consideration), and the terms are stated, as compared to an “implied” contract in which the existence of the contract is just assumed by the circumstances

28
Q

Implied Contract definition

A

Implied Contract: an agreement created by actions of the parties involved, but it is not written or spoken. An implied warranty means that when a product is purchased, it is guaranteed to work for its ordinary purpose. For example, a refrigerator is fit to keep food cool.

29
Q

Void Contract definition

A

Void Contract: a formal agreement that is illegitimate and unenforceable from the moment it is created. There is some overlap in the causes that can make a contact void and the causes that can make it voidable.

30
Q

Voidable Contract definition

A

Voidable Contract: unlike a void Contract, is a valid contract which may be either affirmed or rejected at the option of one of the parties. At most, one party to the contract is bound. The unbound party may reject the contract, at which time the contract becomes void.

31
Q

Course of Dealing definition

A

Course of Dealing: a sequence of conduct concerning previous transactions between the parties to a particular transaction that is fairly to be regarded as establishing s common basis of understanding for interpreting their expressions and other conduct.

32
Q

Trade Usage definition

A

Trade Usage: Any system, custom, or practice of doing business used so commonly in a vocation, field, or place that an expectation arises that it will be observed in a particular transaction

33
Q

How can an offer be terminated?

A

Offers may be terminated in any of the following ways: Revocation if the offer by the offeror; counteroffer by the offeree; rejection of offer by offeree; lapse of time; death or disability of either party; or performance of the contract becomes illegal after the offer is made.

34
Q

What are the requirements to form a contract?

A
  1. Specifics
    • legal description of dealings
  2. Consideration
    • giving something of value in return for value
  3. Capacity
    • able to perform (age,skills,licenses)
  4. Legal
    • can’t be illegal
  5. Proper From
    • verbal contracts but mostly in writing
35
Q

Counteroffer definition

A

Counteroffer: an offer or proposal made to offset or substitute for an earlier offer made by another.

36
Q

What is the mail box rule?

A

Mail Box Rule: in contract law, making a written offer or acceptance of offer valid or sent in the mail, with postage, within the time in which the offer must be accepted, unless the offer requires acceptance by personal delivery on or before the specified date. I.E.: baseball player example

37
Q

Shrink Wrap Agreement defintion

A

Shrink Wrap Agreement: the purchase agreements that are attached to shipped products, usually bound by shrink Wrap that contain terms and conditions. Such as: licenses, rights of use, fees and payments, warranties, limitations of liability.

38
Q

Click-On Agreement definition

A

Click-On Agreement: a type of contract that is widely used with software licenses and online transactions in which a user must agree to terms and conditions prior to using the product or service

39
Q

Uniform Electronic Transactjons Act (UETA)

A

UETA has a purpose of harmonizing state laws concerning the retention of paper records and the validity of electronic signatures.

40
Q

What is Past Consideration?

A

Past Consideratjon is defined as an act done before a contract is made. It is consideration that is already given or some act that is already performed and therefore cannot be induced by the other party’s thing, act, or promise in exchange.

41
Q

What is illegal subject matter?

A

Illegal subject matter is anything illegal a person can be requested to do that causes a contract to become void. I.e.: prostitution, gambling

42
Q

Will a contract still be enforceable when inflicted with the licensing statute of raising revenue?

A

Yes,

43
Q

Covenant Not To Sue definition

A

Covenant Not To Sue: a legal agreement in which the part seeking damages agreed not to sue the party that it has cause against. A covenant Not To Sue may indicate that the potential claimant will not sue in perpetuity, or may indicate that the claimant may postpone a lawsuit for a defined period of time.

44
Q

Accord and Satisfaction definition

A

Accord and Satisfaction: a contract law concept about the purchase of the release from a debt obligation. It is one of the methods by which parties to a contract may terminate their agreement.

45
Q

Illusionary Promise definition

A

Illusionary Promise: a Promise that is unenforceable due to indefiniteness or lack of mutuality, where only one side is bound to perform. An example of this would be an agreement between a seller and a buyer which states that the seller “ agrees to sell all of the ice cream he wants to” to the buyer. That statement did not perform a contract homie

46
Q

A release from liability definition

A

A release from liability: a legal document between two parties - the Releasor or person promising not to sue - and the Releasee or the person or company who is potentially liable.

47
Q

Disaffirmance definition

A

Disaffirmance: the denial or nullification of the existence of something of repudiation of an earlier transaction. It can also refer to a declaration that a voidable contract is void. In other words, it is an act by which a person who enters into a voidable Contract declares that they will not abide by it.

48
Q

Emancipation definition

A

Emancipation: The act of process by which a person is liberated from the authority and control of another person

49
Q

Ratification definition

A

Ratification: the confirmation or adoption of an act that has already been performed. Confirmation of an action which was not pre-approved and may not have been authorized, usually by a employer who adopts the acts of their employee

50
Q

Rescission definition

A

Rescission: the cancellation of a contract by mutual agreements of the parties.

Business Law (3 decks)

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