Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Business Law 3500 > Midterm > Flashcards

Midterm Flashcards

1
Q

Fiduciary rule

A

Fiduciary must act solely in the interest of other person’s property and interests
Higher than normal obligation to each other

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Stare decisis

A

Prior decisions help determine current controversy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Jurisprudence

A

The study of legal philosophy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Idealist

A 
Law should be a body of principles independent of human experience
Natural law (an informed definition of what is fair and just)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Positivist

A

Separates the morals from the law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Historical

A

Law will embody society’s customs

Works under general agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Sociological

A

Reflects present human conduct

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Realist

A

Law is the way law is enforced

What actually occurs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Economic

A

Good law reflects good economics

Concern for efficiency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Politico

A

Way judiciary perpetuates itself in order to maintain current socioeconomic order
Endless reevaluation of law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Non-feasance

A

Not doing/doing nothing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Malfeasance

A

Purposeful breaching of a duty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Misfeasance

A

Breaching a duty but NOT purposefully

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Case of 1st impression

A

Matter not previously decided in that state

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Marital consortium

A

Good company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Orbiter dictum

A

A remark by the way

Lacks precedential value, but may indicate what the court will do in the future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Res judicata

A

The matter has been decided

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Extension of common law liability

A

Can’t follow cases that came before, must expand the law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Fruit of the poisonous tree doctrine

A

Evidence illegally obtained cannot be used in court proceedings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

2 requirements for trial in federal court

A

Diversity of citizenship (plaintiff & defendant)

$75K plus controversy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Jurisdiction

A

Power to hear and decide case
Must have control over parties and subject matter
Minimum contact with state

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Supreme Court cases come from

A

Federal courts or when Constitutional issues are involved in a state Supreme Court

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Levels of appeal for each court

A

2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Civil case

A

Broken a statute, harmed society
Proof more likely than not
Remedy $

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Criminal case
Relatively higher burden of proof Must be beyond a reasonable doubt Remedy fine or imprisonment
26
Statute of frauds
Certain contracts have to be evidenced in writing to be enforceable 1. Greater than 12 mos to fulfill 2. Real estate contracts 3. Greater than 1 year lease
27
Mailbox rule
An offer is effective when it is received A cancellation is effective when it is received An acceptance is effective when it is sent/dispatched
28
Bilateral
At the time the contract is made both sides are obligated
29
Unilateral
At the time the offer is made the only obligated party is the offeror
30
Detriment
Something you have to do now that you didn't have to do before
31
Benefit
What you receive from doing the contract
32
Contract types
Express - explicit Implied in fact - dentistry, barber shop Implied in law - quasi contract, isn't a contract but treated as if it is
33
Consideration
Must have promise and return of promise Past consideration doesn't apply Must have mutual obligations Only works if applied in full
34
Promissory estoppel
Detrimental reliance - must be reliance on promise, do something they otherwise wouldn't Reliance foreseeable by promisor Injustice if promise is not enforced
35
Unconscionable contract
Throw out bits/ whole of contract deemed reprehensible
36
Substantial performance
When party doing the performance falls short of full performance obligation IN GOOD FAITH and the purposes of contract were SUBSTANTIALLY PERFORMED Recovery based on quasi contract, reasonable value
37
Valid contracts
Enforceable
38
Void contracts
Not enforceable at face (contract for illegal act)
39
Voidable contract
Appear valid but really aren't
40
Lack of capacity
Must understand to consent
41
Minors
Lack of capacity, can void contracts within a reasonable time after reaching age of majority Can ratify contracts after reaching age of majority by committing an action consistent with contract
42
Exceptions to minors' lack of capacity
Student loans Consent to adoption Employment no compete Necessities for household
43
Misrepresentation
Misstatement relied on by other side, causes financial injury Need not be intentional
44
Rescission
Caused by misrepresentation | Voids contract and returns everything to status quo ante
45
Mutual mistake
Must be meeting of the minds | Unilateral mistake w/o misrepresentation/fraud allows contract to go forward
46
Duress
Contracts must be entered into with free will 1. Actions/thoughts wrongful 2. Did threat or free will induce contract
47
Undue influence
Dominant party substitutes their judgment for subservient party's
48
Illegality
Against the law or against public policy
49
Parol evidence
In any full integrated argument (whole meant to be in writing) any prior negotiations and representations are merged into the contract Protects sanctity of written contract Doesn't apply to modification of contract Evidence of void ability permmissable
50
Condition precedent
Must happen for contract to be valid
51
Condition subsequent
Contract later voided based on later condition unmet
52
Damages
Meant to put injured party in same financial position as if contract had been fulfilled
53
3rd party intended beneficiary
Can sue Consideration not needed Can collect if specifically named
54
3rd party incidental beneficiary
Cannot sue
55
Appellant
Party making appeal
56
Appalled
Defending appeal
57
Summary judgment
Even if you believe everything the other side says, they still have no cause against us
58
4 stages of lawsuits
Pleading Discovery Trial Appellate
59
Complaint
Plaintiff against defendant | States the factual basis of the claim
60
Answer
Defendant against plaintiff | Admits or denies the allegations of the complaint; may also raise affirmative defenses
61
Counterclaim
Defendant against plaintiff | States basis for claim by defendant against plaintiff
62
Reply
Plaintiff against defendant | Answers counterclaim
63
Cross claim
Defendant against another defendant | States basis for claim
64
Impleader
Defendant against a nonparty | Defendant adds another party to the lawsuit
65
Intervention
Nonparty against a party | Another party seeks to join the lawsuit
66
Inter pleader
Plaintiff or defendant against two parties | Forces the court to determine rightful holder of monies
67
Discovery
Process where each party attempts to learn what the other party knows
68
Deposition
Only time before trial that attorneys can ask direct questions to the other side
69
Pretrial conference
Witnesses (names, scheduling issues) Length and order of trial Trial date
70
Executed
Contract done in full
71
Executory
At least one party still has work to do
72
Acceptance
Words or actions by which an offeree signifies that they intend to be bound by the offer
73
Specific performance
When subject matter of contract is UNIQUE, plaintiff can sue for item not $$$
74
2-201
Contract for sale of goods of $500 or more must be in writing unless Between merchants within a reasonable time Goods specially manufactured to buyer specifications and not suitable for resale Party to whom sale was made admits contract for sale up to a certain amount (only this amount is then collectible) Goods for which payment has been made/received and accepted

Business Law 3500 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions