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

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

3. 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

4. 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

5. 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

6. 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)

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

8. 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

9. 6 Requirements of Legally Enforceable Contract
1. Offer and acceptance
2. Genuine assent
3. Legality
4. Consideration
5. Capacity
6. Writing

10. 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

11. 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

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

13. 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

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

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

16. 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

17. 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

18. 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

19. Money Damages …
Compensatory
Consequential
Punitive
Liquidated
Nominal

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

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

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

23. Class Closer Complete following scenario questions with brief answer:
Pg 193…
Pg 198 ….8 – 12
Pg 205 …

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

25. 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

26. 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

27. 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 …………………………………………………..

28. 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

29. 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!!!!!!!!!!!!