Bus185 Business Law I, Chapter 6 Tort Law

Valid Contract – a contract which will be enforced by the court
promissory estoppel – doctrine that a promise will be enforced although it is not supported by consideration when the promisor should have reasonably expected that the promise would induce action or forbearance of a definite and substantial character on the part of the promised and injustice can be avoided only by enforcement of the promise.
Compensatory damages – Those that flow directly from the contract. Damages recovered in payment for actual injury or economic loss
EPORTED DECISIONS" – court create a law in case of INTERPRETdispute-"unconstitutional".
Classification of Crimes – Felony, misdemeanor, petty offense
free trade agreements – two or more states agree to reduce and gradually eliminate tariffs or other trade barriers
B – Riley and Shelia enter into a written contract for the sale of Riley's condominium to Sheila. Sheila transfers her right to be recorded as the owner of the property to her daughter Tricia. This transfer is
a. a delegation.
b. an assignment.
c. a rescission.
d. a negotiation
Acceleration Clause – A contract provision that enables a lender to demand payment of a loan if a certain event happens (e.g., the debtor misses payments), making the entire debt due and payable.
Primary Source of Law – A statement that establishes the law on a particular issue, such as a constitution, a statute, an administrative rule, or a court decision.
Apparent authority – occurs when the powers of the agent are created by law or circumstance.
A[n] ______ is created when two parties enter into a contract with the intended end purpose of benefiting a third party.
Sole proprietorship – business owned by one person who is subject to claims of creditors
unconscionable -> unjust enrichment – a doctrine in contract law that describes terms that are so extremely unjust, or overwhelmingly one-sided in favor of the party who has the superior bargaining power, that they are contrary to good conscience
Petit Larceny (shoplifting) – Stealing merchandise with a value of less than $1,000 from a store.
GATT: Article III – Sets forth the principle of national treatment, which prohibits WTO member states from regulating, taxing, or otherwise treating imported products differently than domestically produced products.
b. – Sal contracts with Tasty Pizza Company to deliver its products. Later, both parties change their minds and mutually agree to terminate the contract. After mutually terminating the contract, the next day, Sal again offers to deliver Tasty's products. Tasty is willing to deal with Sal, but at a new price. Sal and Tasty
a. can agree to a new contract, but it cannot include a new price.
b. can agree to a new contract that includes a new price.
c. must perform their original contract.
d. Must perform the part of their original contract that is executory.
A[n] ______ is creаted when twо pаrties enter intо а cоntract with the intended end purpose of benefiting a third party.
Standing – Legal foundation or right to sue

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