Herbert Business Law Exam 1 (1, 2, 4) #1 #18

Suitability (Sale of Goods Act): Goods must be suitable for stated purposes IF – 1. Buyer told seller of purpose
2. Buyer relies on seller's expertise
3. Seller is in the business of selling such goods
Disparagement – Any false statement made to others that questions the legal ownership or raises doubts as to the quality of merchandise. (p. 119)
specific performance – An equitable remedy requiring the breaching party to perform as promised under the contract; usually granted only when money damages would be an inadequate remedy and the subject matter of the contract is unique (for example, real property).
Uniform Partnership Act of 1914 & 1984 – determines the operation of partnership when the agreement is silent or where there is no formal agreement among the partners
The U. S. Constitution takes precedence over… – A state constitution, statute, and court decision.
Partridge v Crittenden 1968 – The defendant placed an advert in a classified section of a magazine offering some bramble finches for sale. S.6 of the Protection of Birds Act 1954 made it an offence to offer such birds for sale. He was charged and convicted of the offence and appealed against his conviction.

Held:

The defendant's conviction was quashed. The advert was an invitation to treat not an offer. The literal rule of statutory interpretation was applied.

Unilateral Mistake – Misunderstanding by only one party.
What case established a right to privacy? – Griswold v. Conn
Cashier's Check – a check drawn on a bank's own funds and signed by a responsible bank official.
A[n] ______ occurs when a party to a contract transfers his or her duty to perform to a third party who is not part of the original contract.
question of fact – deals with what really happened in regard to the dispute being heard
Compensatory Damages – Contract damages placing the injured party in a position as good as the one he would have held had the other party performed; equals loss of value minus loss avoided by injured party plus incidental damages plus consequential damages
Fungible Goods – These are goods that are alike naturally or similar agreement by trade usage.
Elastic demand – Demand that changes quickly in respect to price change
A[n] ______ оccurs when а pаrty tо а cоntract transfers his or her duty to perform to a third party who is not part of the original contract.
Conversion – Wrongfully depriving another of possession of personal property
Rape – a victim who is unconscious; or a victim who is physically unable to resist an act a sexual act or communicate unwillingness to submit to an act of vaginal intercourse or a sexual act

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