Business Law 301 (EXAM 1) Questions And Answers Rated 100% Correct
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Course
Business Law 301
Institution
Business Law 301
factual cause - ️️-that the defendants failure to exercise reasonable care in fact
cause the harm the plaintiff sustained
-aka the defendant's conduct is a factual cause of the harm when the harm would not
have occurred absent the conduct
Requirements of a Contract - ️️1. mutual assent
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Business Law 301 (EXAM 1)
factual cause - ✔️✔️-that the defendants failure to exercise reasonable care in fact
cause the harm the plaintiff sustained
-aka the defendant's conduct is a factual cause of the harm when the harm would not
have occurred absent the conduct
Requirements of a Contract - ✔️✔️1. mutual assent
2. consideration
3. legality of object
4. capacity
essentials of an offer - ✔️✔️-definition: indication of willingness to enter contract
-communication: offeree must have knowledge of the offer, and the offer must be made
by the offeror or her authorized agent to the offeree
-intent: determined by an objective standard of what a reasonable offeree would have
believed
-definiteness: offer's terms must be clear enough to provide a court with a basis for
giving an appropriate remedy
firm offer - ✔️✔️-a merchant's irrevocable offer to sell or buy goods in a signed writing
that ensures that the offer will not be terminated for up to three months
-ONLY APPLICABLE TO SALE OF GOODS (do not apply to real estate)
when is an offer effective? - ✔️✔️when it is received by offeree
when is a revocation effective? - ✔️✔️when it is received by offeree
when is a rejection effective? - ✔️✔️when it is received by offeror
when is a counteroffer effective? - ✔️✔️when it is received by offeror
when is an acceptance effective? - ✔️✔️upon dispatch (when it is sent)
duration of offers - ✔️✔️-lapse of time (either time specified or for a reasonable period
of time)
-revocation
-rejection
-counteroffer
-death or incompetency
-destruction of subject matter
-subsequent illegality
, when does article 2 of the UCC apply? - ✔️✔️-if the predominant purpose of the whole
transaction is a sale of goods, Article 2 applies to the entire transaction
-if the predominant purpose is the nongood or service portion, Article 2 does not apply
-DON'T FORGET!!! THE UCC ONLY APPLIES TO SALE OF GOODS!!
hybrid transactions - ✔️✔️-transactions involving both goods and service raise difficult
questions about the applicability of the UCC
-two lines of authority have emerged to deal with such situations: "predominant factor
test" and allowing the contract to be severed into different parts (applying UCC to goods
involved in contract but not to the nongoods involved)
s Steinberg v. Chicago Medical School - ✔️✔️-Steinberg sued medical school for
rejecting his application on the grounds that the school didn't evaluate his and other
applications according to the school's bulletin. he argued the school based its decision
on nonacademic considerations (family connections, donors, etc)
-Steinburg argued that by evaluating his application based on unpublished criteria, the
school breached the contract it has created when it accepted his application fee
-trail court granted defendant's motion to dismiss, Steinberg appealed and the decision
was reversed in appeals court
-school entered into an enforceable contract. the school's obligation under the contract
was stated in the school's bulletin in a definitive manner and that by accepting his
application fee - a valuable consideration - the school bound itself to fulfill its promises
ales by and between merchants - ✔️✔️-the code establishes some separate rules that
apply to transactions between merchants or to transactions involving a merchant as a
party
-merchants held to higher standards of conduct because of their knowledge of trade and
commerce and because merchants as a class generally set these standards for
themselves
merchant - ✔️✔️-a person (1) who is a dealer in a particular type of goods, (2) who by
his occupation holds himself out as having knowledge or skill peculiar to certain goods
or practices, or (3) who employs an agent or broker whom he holds out as having such
knowledge or skill
trade secrets - ✔️✔️-commercially valuable information that is guarded from disclosure
and is not general knowledge
-derives independent economic value from not being known to others
Ed Nowogroski Insurance Inc. v. Rucker - ✔️✔️
Wal-Mart Stores, Inc. v. Samara Brothers, Inc. - ✔️✔️-interpretation: unregistered trade
dress is protected in a Section 43(a) action for infringement only upon a showing of
secondary meaning for the product's design
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