First Quarter Final Exam

assent to an offer indicating an agreement to accept it’s term

• Commissions created by legislature • Enact rules to regulate business and industry (ex. FTC, OSHA ADA)

• confirmation of something previously done • Minor can only affirm or ratify after reaching adulthood and • can only disaffirm as a minor (after affirming, you cant disaffirm)

• Adjudicated Incompetent people= void • Nonadjudicated Incompetent people= voidable like a minor until person is adjudicated

Yes, voidable (the minor’s option) except for necessities

transferring rights under a contract to a 3rd party; assignor to assignee

person not a party to a contract that receives some benefit from it.

a promise given in exchange for another’s promise

• Majority states say void • Some states say voidable • In any event, it is unenforceable • Must be mistake as to material part of contract such as the subject matter

laws regarding the performance of business and commercial transactions

• Appellate court decisions • stare decisis (stand by the decision)

laws concerning private rights between individuals

a)Trial court – court of original jurisdiction. Known by many names depending on the state and location b) Appellate Courts 1. Court of Appeals 2. Supreme Court of the state

• History and source of American Laws • a custom which has become recognized by the courts as binding on the community. Still referred to today in some cases. • Laws the Pilgrims brought from England.

Actual damages you suffer.

the lawsuit

• Whatever a promisor (offeror) gives or promises to give to another in exchange for that other person’s promise or action to give to them. • Both parties must give consideration but does not have to be equal. Must be something of value Ex. You pay a contractor half the cost to build a shed before he begins building it. So he is bound to begin working and when he begins the work, you’re bound to pay him once the work is complete.

• supreme law of the US • defines relationship between different branches of government to each other and to the people • Has the Bill of RIghts (1st 10 amendments)

loans money to a party of a contract - may sue for breach

• offense against society as a whole, • violation against a statute or ordinance • felony and misdemeanor

person being sued

transferring your obligation to a 3rd party

renouncing a contract previously accepted (only minors can do this)

depositions (oral) and interrogatories (written)