Chapter 1business Law

Unilateral contract – Contract under which only one party makes a promise
Loyalty fiduciary duty of principal – Act loyally for the principal's benefit at all times, agent may not receive profits unless principal knows, agent can't disclose or use any confidential information for their own benefit during agency, can't compete w/ the principal, can't act for two principals whose interest conflicts, can't engage in appropriate behavior that reflects badly on the principal
General Partnership (Ownership Reqs.) – •Not a separate entity in most states. The owner is the partners. However, under the Uniform Partnership Act the partnership is treated as an entity.
T/F: Voidable means that one of the parties is able to get out of the contract – True
Ordinances – Laws created by city councils or county boards, aimed at local matters.
sociological – believe the law should reflect societal values, which may change over time
Which are the 3 ways to classify a CONTRACT? – 1. By type of information (Express – Implied)
2. By type of performance (Bilateral – Unilateral) (Executed-Executory)
3. By enforceability (Valid – Unenforceable) (Void-Voidable)
Punitive Damages – Monetary damages that may be awarded to a plaintiff to punish the defendant and deter similar conduct in the future.
Mens rea – criminal or mental intent
Nguyen Imports, Inc., accuses Ogilvie, an accountant, of committing defalcation. This is​
268. _____ A void contract:
a. Is a contract that one or both parties can cancel at their option
b. Is a contract, even though the courts will not enforce it
c. Creates no legal obligations
d. Is a contract that is created by operation of law rather than by the agreement of the parties – c. Creates no legal obligations
Duty of restitution – A person who has dealt with an insane person must place the insane person in status quo by returning the value of the consideration paid by the insane person at the time on contracting.
4 basic groups of legal philosophers – natural law theory, power theory, justice theory, order theory
Nguyen Impоrts, Inc., аccuses Ogilvie, аn аccоuntant, оf committing defalcation. This is​
Draft – a written order signed by one person requiring the person to whom it is addressed to pay
a particular sum of money to the bearer, either on demand or at a certain time.
Shareholder – A person who invests in a corporation by buying stock and is a partial owner
T/F: JimBob bought what he thought was the prettiest brass ring out of a box of brass rings at IdaMae's yard sale for 50 cents. JimBob thought this would look nice on the left finger of his 13 year old cousin LuLu. It turns out the ring was worn by Catherine the Great, was made of solid 24K gold, and worth $300,000.00. IdaMae can claim this was a mutual mistake of value and get the ring back from JimBob. – False
plaintiff – the person who brings the suit.
Professional Corporation (PC) – A type of corporation that is for profit and organized to provide a professional service such as for physicians, lawyers, architects, accountants, and engineers.

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