Business Law Exam Review Thursday Class Starter Complete matching on page 20 ..#1-16 Complete matching on page 44 ..#1-12

EQ: Understand ethics, sources of laws and legal systems. Each branch checks and balances the other.

3 Elements of a Criminal Act 1. DUTY 2. VIOLATION OF THE DUTY (also known as BREACH OF DUTY) 3. CRIMINAL INTENT …. Intention to complete the act and intended to do evil

EQ: Understand criminal and civil laws. Felony = crime punishable by confinement of more than one year and/or fine of $1,000,000 or more Misdemeanor = less serious crime, such as disorderly conduct and speeding Infractions (ie Parking infraction) White collar crimes

Crimes against ….Type of Crime A person …. Assault, battery, kidnapping, murder Property …..theft, robbery, embezzlement Government ….treason, tax evasion, perjury Public peace ….rioting, disorderly conduct, illegal speeding Realty ….burglary, arson, criminal trespass Decency ….bigamy, obscenity, prostitution

EQ: Understand criminal and CIVIL laws. Elements of a tort Crime was duty, violation, intent For a tort: Duty 1. Not to injure another 2. Not to interfere with property rights 3. Not to interfere with economic rights Violation/Breach Injury Causation (proof that the breach caused the injury)

Intentional Torts Assault Battery False imprisonment Defamation Invasion of Privacy False Imprisonment’ Trespass to Land Conversion / Fraud / Interference w/ Contractual Relations

More on DEFAMATION Spoken .. Slander Written .. Libel To be legally defamatory: Be false (Truth is a complete defense) Be communicated to a third person) Bring the victim into disrepute, contempt or ridicule by others

6 Requirements of Legally Enforceable Contract 1. Offer and acceptance 2. Genuine assent 3. Legality 4. Consideration 5. Capacity 6. Writing

Key terms related to offers Genuine assent = true and complete agreement Voidable = can cancel what have put into contract and get it back Rescission = name of action when voiding Ratification = conduct suggesting you intend to be bound by contract

Contract Law DURESS Defined as occurring when one party uses an improper threat or act to obtain an expression of agreement; Examples: 1. threats of illegal conduct 2. threats to report crimes 3. threats to sue 4. economic threats

Vocabulary Check-up Complete matching on page 150 ..#1-11

Consideration and Contract Law 1. Each party must give an act, forbearance or promise to the other party. 2. Must trade what they contribute to the transaction. 3. What each party trades must have legal value and be worth something in the eyes of the law. A. Adequacy of consideration B. Nominal consideration

Illegal Agreements Read aloud Hot Debate on page 168. Lottery Wager Pari-mutuel betting State-run lotteries Bingo games and pull-tab betting

Competency license Revenue license Price fixing Bid rigging Unconscionability Procedural version = creation of contract with “fine print” Substantive version = obvious “unfair” terms

Statute of Frauds include: Contracts to buy and sell goods for a price of $500 or more Contracts to buy and sell real property or any interest in real property Contracts that require more than one year to complete Promises to pay the debt or answer for a legal obligation of another person Promises to give something of value in return for a promise of marriage

Remember the essential terms to create a valid offer: 1. Name of the parties 2. Subject matter description 3. Price 4. Quantity 5. Signature 6. Other essential terms

CONTRACTUAL OBLIGATIONS BY OPERATION OF LAW Alteration of terms must be 1. Material 2. Intentional 3. Made by party to agreement 4. Made without consent of other party

Money Damages … Compensatory Consequential Punitive Liquidated Nominal

Factors affecting Choice of Remedy 1. Conflict of Remedies 2. Duty to Mitigate 3. Waivers 4. Statute of Limitations 5. Bankruptcy

What makes a sale unique? Transfer of ownership of goods from seller to buyer and it often occurs immediately

What makes a sale unique? Transfer of ownership of goods from seller to buyer and it often occurs immediately

Class Closer Complete following scenario questions with brief answer: Pg 193….. 7- 9 Pg 198 ….8 – 12 Pg 205 …. 9 - 14

BUSINESS LAW DAY 2 REVIEW Chapter 13-25 cover an assortment of topics … Consumer Protection Property and Insurance Law Unions Discrimination in Employment Sole Proprietorships/Corporations

Class Starter Pick a topic from Chapters 13 – 25 (no more than one section to cover) Provide class with a snapshot of important items in this section Focus on key terms and important “lists” Include 5 to 8 points

Mr. Burns example from Ch 32 on Bankruptcy Creditors Pledgor …debtor (owes the debt) Pledgee …creditor (owed to) Liens …. Give creditor right to sell property and to use proceeds from sale to pay debts Mechanics lien=home/building/real property Artisans lien=allow persons who have not been paid for services Guarantor = 3rd party agrees to pay if principal debtor does not

Mr. Burns example from Ch 32 on Bankruptcy Debtors Finance charges Credit rating Credit repair and Credit counseling Record Payoffs in “records” Cancel debts and start over …………………………………………………..

Mr. Burns example from Ch 32 on Bankruptcy Bankruptcy Law Chapter 7 …. Liquidation and Straight Bankruptcy Chapter 11 ….Reorganization Chapter 13 …..Extended time payment plan Non-dischargeable debts Exempt property

GOOD LUCK Meet here (Room 102) Monday by 8:55… Bags and Phones will stay here Get a good night’s rest and have a good nutritious breakfast!!!!!!!!!!!!