Premium Essay

Law Review

In: Business and Management

Submitted By paulineta11
Words 434
Pages 2
Law Review #3
Dr. Chris Hamilton
1. What is the “Mirror Image Rule?” At common law, what is the result of breaking it? How does this relate to “Revocations?” How does the UCC change the rule?
2. What is the difference between “Bilateral” and “Unilateral” contracts? Give an example of each.
3. Unilateral contract offers: When can you not revoke your offer, even though it has not yet been accepted?
4. Explain what “Firm Offers” are, and how they work. What kind of consideration is necessary?
5. Define what “option contracts” are, and how they work
6. Define, and show the differences between “Impossibility” and “Economic Frustration” (Commercial Impracticability)
7. Define “consideration.” What four things might be consideration?
8. What is “Good Consideration?” Give an example. Is it always necessary to have it in contracts?
9. A minor’s contract is generally voidable, except where the contract is for “_______.” Give an example.
10. Explain what an “Illusory” promise is. What are the two reasons why they will fail?
11. What is “privity” of contract? Explain how the following four work: 3rd Party Beneficiary Contracts, Assignments, Delegations, Novations
12. Define the following: Express contracts, implied contracts by the facts, implied contracts by the law (e.g., “Quasi” Contracts)
13. Define, and show the difference between the following contracts: Valid, void, voidable, and unenforceable
14. When is an insane person’s contract ... Void? Voidable?
15. Define “Duress” in a contract
16. Define “Undue Influence” in a contract. How does persuasion differ from Undue Influence (if it does)?
17. Name 3 things that must be in writing under the Statute of Frauds rule.
18. Name three more things that have to be in writing under the Statute of Frauds rule
19. Regarding the S/F’s “promise to answer for the…...

Similar Documents

Premium Essay

Law Review

...CREED CASE LAW REVIEW May 2012 INTRODUCTION When the Ontario Human Rights Code became law in 1962, creed was one of the original grounds of discrimination. This was likely to deal with the fact that at the time, there was significant overt discrimination against religious minorities. Over time, Canada’s legal and societal approach to creed rights has evolved significantly. However, it continues to be one of, if not the, most complex and controversial area of rights law. Perhaps more than any other ground in human rights codes, creed rights tend to give rise to strong opinions, even among those who may not otherwise have much to say about human rights. Everything from what is creed (and what beliefs and practices are protected under the ground of creed), how creed claims are proven, how creed must be accommodated and what to do where creed bumps up against other rights have led to judicial interpretation and public debate. In Quebec, the provincial government appointed a Commission on Accommodation Practices Related to Cultural Differences 1 in response to public discontent concerning accommodation of, among other things, creed rights. This may be in part because creed is unique in some respects. It encompasses not just innate personal characteristics but also covers associated practices and beliefs. Rights in relation to religion have been recognized as not just equality rights, but also among the “fundamental freedoms” of every Canadian as listed in s. 2 of the Canadian......

Words: 29833 - Pages: 120

Premium Essay

Law/421 Article Review

...Article Review Warren Combs LAW/421 April 15, 2013 Article Review In today’s business world, the use of technology has changed how transactions take place between consumers and businesses. The capability to do business on the Internet has opened the gates for companies to grow at faster rates by making available to consumers, products, and services on demand. Although the Internet has allowed quick expansion too many business sectors, the growth of such capabilities has also presented a different set of issues. Protecting intellectual property for these types of business transactions has proven to be more challenging than the startup of e-commerce trade. Legislatures have begun to educate themselves with priority, on the differences in commerce and e-commerce; but the effects from lack of proper ethics and security has caused many lawmakers to scramble for answers. The following article review will reveal what is becoming more apparent as consumers persistently demand e-commerce products and services. Video Streams into the Mainstream The widespread adoption of streaming video on the Internet has become the major frontier for online multimedia. Graphics, animation, and audio technologies have proliferated on the Internet for years. Streaming video—in which viewers can begin watching content almost as soon as it starts downloading—is developed as a mainstream technology (Lawton, 2013). The portion of US companies using streaming media has doubled, from...

Words: 731 - Pages: 3

Premium Essay

Cpa Law Review

...in the eyes of the law) 4. LIMITED LIABILITY for the owners/shareholders 5. Management- generally managed by board of directors, rather than shareholders/owners. II. TYPES OF CORPORATIONS 1. DOMESTIC: a corporation doing business in its state of incorporation. 2. FOREIGN: a corporation doing business outside of its state of incorporation. III. FORMATION A. STATE STATUTES 1. There must be an enabling act permitting the existence of the corporate entity. 2. Articles of incorporation form a CONTRACT between the corp and the state. 3. Ultra Vires Acts: acts engaged in by the corporation that exceed what is authorized in their Articles of Incorporation or acts that violate the law. ONLY the corp’s shareholders and/or the State of incorporation can challenge (sue) re: ultra vires acts. B. ARTICLES OF INCORPORATION Must be filed w/ the state and must contain the following: 1. corp name 2. name & street address of registered agent 3. name(s) & address(es) of incorporators. 4. number & class(es) of authorized shares of stock These four requirements are universally req’d & must be memorized. Some states also require: 5. corp purpose (broadly defined) – “to engage in any legal activity” 6. corp powers 7. par value of authorized stock Shares of stock sold below par value, B. BY LAWS Not legally required, but corps will frequently have by-laws, which govern......

Words: 2332 - Pages: 10

Free Essay

Review of Law in Context

...NOT FOR DISTRIBUTION: USE ONLY IN COMPLIANCE WITH COPYRIGHT: DAVID RISSTROM AN INTERPRETATION OF LAW IN CONTEXT Bottomley, S., Gunningham, N. and Parker, S., 1991, Law in Context, The Federation Press, Leichhardt. { } = additional material from lectures. ( ) = my comments. (See ‘x’) refers to book page number. A short (somewhat boring) message from the summary executioner before you dive in; These notes are an interpretation of the book Law in Context and the lectures given as part of the 1991 Course. They are not a satisfactory substitution for reading the text. You are only likely to get the maximum value out of this summary by reading it in conjunction with the text. The question of ‘the law in whose context’ may be worth keeping in mind as you read. This is an interpretation seen through my eyes, not yours. My comments are not unbiased, as it is as equally unlikely that yours may be. So my ‘advice’ is consider what is said here and in the book considering the need to understand the ‘mechanics’ that help make sense of the more involved themes that develop in the book as you progress through Law in Context. The observations, important in their own right, may be particularly useful for seeing how their often ubiquitous expression is taken as ‘normal’ in the areas of wider society, such as in discussions of economics and power. It is unlikely that you will find any ‘right answers’ from this summary, but I do hope it helps you in......

Words: 51747 - Pages: 207

Premium Essay

Law 421 Week 5 Article Review

...University of Phoenix Material Article Review Format Guide MEMORANDUM UNIVERSITY OF PHOENIX DATE: 8/26/2014 TO: Jon Croasmun FROM: RE: Sarbanes-Oxley Act: Was the “one-size-fits-all” approach justified? http://dx.doi.org/10.1002/jcaf.20691 ARTICLE SYNOPSIS In your own words, summarize the article. This article talks about whether or not the Sarbanes-Oxley Act and the laws that came along with it were the right solutions for the issues that came out of the WorldCom and Enron bankruptcies. It discusses how different sized businesses are affected by different rules and legislature and the outcomes that arose in which different companies would have to follow because of the SOX act. The author of this article did studies on if fraud of the financial statements had anything do with businesses filing for bankruptcy, this being the case with WorldCom and Enron. The author concluded that the bigger the company that filed, it was more likely general overstatement and fraud litigation occurred. LEGAL ISSUE In 1 to 3 sentences, identify the legal business issues raised in the article. Legal issues were everywhere in this article. One example with the Sarbanes-Oxley Act of 2002 going into place, Companies could choose to no longer be publically traded just so that they didn’t have to follow the SOX act. This article also explains whether or not it is right to make smaller companies adhere to the same rules and regulations as the larger......

Words: 504 - Pages: 3

Premium Essay

Law Review

...be barred by the settlement in her first lawsuit, it is clear that the explicit reservation of her right to bring her EEOC claims allows this suit. See Rugby Milling Co. v. Logosz, 261 N.W.2d 662, 664 (N.D. 1977); RESTATEMENT (SECOND) OF JUDGMENTS 26(1)(a) (allowing a second action when the parties to the first action "have agreed in terms or in effect that the plaintiff may split his claim, or the defendant has acquiesced therein."). We therefore hold that the issues raised by Simmons in her EEOC complaint survive the preclusive effect of the prior settlement. B. Gender Discrimination 1. Non-Renewal 6 We next turn to the question of whether there was sufficient evidence to allow a trial on Simmons' gender discrimination claims. We review a district court's grant of summary judgment de novo, viewing the facts in the light most favorable to Simmons. See Moore v. Payless Shoe Source, Inc., 139 F.3d 1210, 1211 (8th Cir. 1998). To make a prima facie case of discrimination under Title VII, Simmons must show (1) she is a member of a protected class; (2) she is qualified to receive the benefit in question; (3) she was denied that benefit; and (4) there exists some evidence that gives rise to an inference of gender discrimination. See Kindred v. Northome/Industrial School Dist. No. 363, 154 F.3d 801, 803 (8th Cir. 1998). On appeal, the defendant argues that no evidence giving rise to an inference of gender discrimination exists. Simmons argues that Harstad's comments provide......

Words: 2946 - Pages: 12

Free Essay

Labor Law Ch 7 Review

...Filed complaint for illegal dismissal and non-payment of 13th month pay for 1979 & 1980 * BCC says he is contractual whose employment was fixed for specific period as evidenced by contracts - stating that he can be terminated anytime and his employment is on day-to-day basis * Solicitor General: Jimmy rendered services for more than 1yr = was regular at time of termination & nature of his job is necessary for business as recreational estab DECISION * Despite being contractual, records show was repeatedly re-hired to perform tasks ranging from dishwashing to gardening, aside from maintenance = evidence of necessity and indispensability of his services * Jimmy performed tasks for more than a year = regular employee by law B. Termination * NOT protected by security of tenure * May be removed from service anytime III. FIXED OR TERM - employee for whom a day certain is agreed upon by yee-yer for commencement and termination of employment relationship A. Standards * The day certain agreed upon for commencement and termination * Day Certain: that which must necessarily come although it may not be known when B. Fixed Employee May Perform Work Necessary in the Usual Business of Employer * Nothing contradictory about it because it’s necessary for the business * Determining factor: not the activities performed but the day certain agreed upon of termination C. When Fixed/Term Acquires Regular Status * Civil code......

Words: 3315 - Pages: 14

Premium Essay

Law-California Law Review

...California Law Review Volume 57 | Issue 1 Article 1 January 1969 The Legal Roles of Shareholders and Management in Modern Corporate Decisionmaking Melvin Aaron Eisenberg Follow this and additional works at: http://scholarship.law.berkeley.edu/californialawreview Recommended Citation Melvin Aaron Eisenberg, The Legal Roles of Shareholders and Management in Modern Corporate Decisionmaking, 57 Cal. L. Rev. 1 (1969). Available at: http://scholarship.law.berkeley.edu/californialawreview/vol57/iss1/1 This Article is brought to you for free and open access by the California Law Review at Berkeley Law Scholarship Repository. It has been accepted for inclusion in California Law Review by an authorized administrator of Berkeley Law Scholarship Repository. For more information, please contact jcera@law.berkeley.edu. California Law Review VOL. 57 JANUARY 1969 Copyright © 1969 by California Law Review, Inc. No. 1 The Legal Roles of Shareholders and Management in Modern Corporate Decisionmaking Melvin Aron Lisenberg* TABLE OF CONTENTS I A GENERAL THEORY ...... A. ... ............... 4 A NORMATIVE MODEL OF'VOTING RIGHTS IN PRIVATELY HELD CORPORATIONS ....... ................ A NORMATIVE MODEL OF VOTING RIGHTS IN PUBLICLY HELD ................ CORPORATIONS ....... 7 15 B. . ........ 1. Considerations of Public Policy .. (a) "Shareholder democracy ". . .. ........ ... . ......... (b) Client-group participation .. (c) Managerialism .......

Words: 89092 - Pages: 357

Premium Essay

Law Review

...Law Review 1. Pendleton Act 1883: A United States federal law that required government jobs to be awarded based on merit. This act selected government employees by competitive exams. It also made it illegal to solicit campaign donations on Federal government property and use political reasons to fire or demote government employees. 2. Davis-Bacon Act 1931: A United States federal law that required public works projects for laborers and mechanics to be paid the local prevailing wages. This act applies to contractors and subcontractors who perform on federally funded or assisted contracts in excess of $2000 for construction, alteration, repair, painting, and decorating of public works. 3. Norris-LaGuardia Anti-Injunction Act 1932: A United States federal law that created a positive right of employers not interfering against workers joining trade unions. Also, it banned yellow dog contracts and barred the federal courts from issuing injunctions against nonviolent labor disputes. 4. National Labor Relations (Wagner) Act 1935: A statue of the United States labor law that allowed private sector employees to organize into trade unions, bargain for better terms and working conditions collectively. 5. Walsh-Healey Public Contracts Act 1936: This act established overtime pay for contractor employers who worked more than 8 hours per day or 40 hours per week. It also set the minimum wage equal to the prevailing wage determined by the Secretary of Labor. It......

Words: 1196 - Pages: 5

Premium Essay

Law 421 Week 5 Article Review

...University of Phoenix Material Article Review Format Guide MEMORANDUM UNIVERSITY OF PHOENIX DATE: June 2, 2015 TO: James Crossen FROM: Joshua Parrott RE: Niskanen, W. A. (2006). Congress Should Repeal the Sarbanes-Oxley Act. Retrieved from http://www.cato.org/pub_display.php?pub_id=6624 ARTICLE SYNOPSIS This article was a proposal that really tried to give a good reason for that congress should reverse the Sarbanes-Oxley Act (SOX Act) of 2002. This act is seems like it's a problem because people felt that this act was only in place so government (people in charge of something) could feel better when dealing with some of the issues of popular concern ratherthan resolving the issue. According to Niskanen the SOX act of 2002 is unnecessary, harmful, and inadequate (2006). Punishments under this act included jail time and loss of personal property. This act was viewed as unnecessary because the stock exchange has already talked to/looked atand put into use procedures to deal most problems presented in the SOX act of 2002. Those uses include accounting standards, audits, prosecution for illegal dishonesty related to managing money and reporting procedures. Officials felt that both acts addressed the same issues therefore, congress should deem the SOX act of 2002 unnecessary. The SOX act of 2002 was viewed as harmful because it would “reduce the incentive of corporate executives and directors to seek legal advice” (Niskanen, 2006). It......

Words: 498 - Pages: 2

Premium Essay

Law 421 Week 5 Article Review

...Article Review Sarbanes-Oxley Act (SOX Act) of 2002 - 421/LAW October 21, 2015 How Does the Sarbanes-Oxley Act of 2002 Affect Small Business Owners? (Chron, 2015) Article Synopsis Senator Paul Sarbanes and Representative Michael Oxley proposed the Act to toughen corporate liability, prevent scandalous fraud, and to protect company investors. Companies would go broke soon after showing and reporting that their financial reports were sound and company is in good standings. An example would be Enron. Knowingly gave incorrect financial numbers on their transactions information to the government auditors to hide huge losses. Congress passed the Sarbanes-Oxley Act following corporate scandals to make companies accountable for their financial records (Chron, 2015). The Sarbanes-Oxley Act would magnify management's judgement about full disclosure and ethical practices by making them more aware of the possible outcomes should they be less than honest or fail to maintain compliance. The Sarbanes-Oxley Act holds executive and financial officers of a company answerable for the financial information they provide. When there is a change in the finances of a company, they must report the changes right away. They are not to wait until the next financial report. Companies large and small are required to report specific fiscal information, and procedures to ensure all financial records are legal. All public companies, large and small have to follow Sarbanes-Oxley Act. While......

Words: 447 - Pages: 2

Premium Essay

Company Law - Topic Review 1

...Kong Jianhui (MC1306BC3055) Company Law – Topic Review 1 The main issue here is what action should Bake Chef Sdn. Bhd. and Ramos take after Wonbin had solicit clients from Bake Chef Sdn. Bhd. and transfer the title of his house to his company, Cake Mart Sdn. Bhd. to evade the contract of selling his house to Ramos. In Sec 16(5) of Companies Act 1965, a company may sue and be sued in its own name. However, under the rule in “Foss vs. Harbottle”, a company should sue the other party under its own name if the company has a right under contract against the party. On the other hand, under the rule of “Jones vs. Lipman”, a court can set aside the separate legal entity of a company and look to the members of the company which is known as lifting the veil. This can be applied if a person is using his company to evade legal obligation. Looking at the facts of the case, Wonbin had signed a contract with Bake Chef Sdn. Bhd. to avoid soliciting of clients which means Wonbin had breached the contract. Therefore, Bake Chef Sdn. Bhd. can sue Wonbin under its own name because the company has the right under the rule of “Foss vs. Harbottle”. In the case of Ramos, Wonbin had also signed a contract with him to sell him the house. Even if Wonbin transfer the title to his company, under the rule of “Jones vs. Lipman”, the court can set aside the legal entity of Cake Mart Sdn. Bhd. to look after Wonbin after lifting the veil of the company. In conclusion, it is advisable for Bake Chef Sdn.......

Words: 303 - Pages: 2

Free Essay

Review Paper Laws on Riba

...REVIEW ARTICLE “ISLAMIC LAWS ON RIBA (INTEREST) AND THEIR ECONOMIC IMPLICATIONS” by, Shabrina Rahma Anindya 20140420052 UNIVERSITAS MUHAMMADIYAH YOGYAKARTA ECONOMICS FACULTY ACCOUNTING DEPARTMENT IPAcc 2016 The purpose of this research paper is to identify the Riba in transaction whereas it’s pessimistic repercussions and why the elimination of Riba in financial transactions is critically important. The characteristics of any financial transaction have some basis which differentiates it in Conventional or Islamic financial transaction and the most vital thing is called Interest or Riba. In this research we will discuss about the Riba (Interest), why it is essential to eliminate Riba, what are the pros and cons of it to the society and the harms it can create. We will also discuss the differences that how riba based system, if replaced by the Islamic economic and financial system can help the society as well as what primarily could be the optimistic effects after the elimination of Riba from the system. Shariah Rules are the basis of any contract and essential to derive and allow rulings based on the principles of Quran & Sunnah. Riba (Usury) is one of the most hatred things in the eye of Allah SWT. In Quran, Allah SWT has mentioned very clearly that those who are dealing in Riba are actually in war against the Almighty. Thorough out the recent years, Islamic financial institutions are one of the most growing industries that has been accepted and appreciated by society...

Words: 2082 - Pages: 9

Premium Essay

Special Education Law Review

...IDEA, the Individual with Disabilities Education Act, is our nation’s special education law. The IDEA guides how states, school districts, and public agencies provide early intervention, special education and related services to more than 6.5 million eligible infants, toddlers, children and youth with disabilities. The ADA protects the civil rights of people with disabilities in all aspects of employment, in accessing public services such as transportation, and guaranteeing access to public accommodations such as restaurants, stores, hotels and other types of buildings to which the public has access. There are six principals that the IDEA law has done to help students with special needs: 1. Zero Reject: Rule against excluding any students 2. Nondiscriminatory Evaluation: Rule requiring schools to evaluate students fairly to determine if they have a disability and, if so, what kind and how extensive. 3. Appropriate Education: Rule requiring schools to provide individually tailored education for each student based on evaluation and augmented by related services and supplementary aids and services. 4. Lease Restrictive Environment: Rule requiring schools to educate students with disabilities alongside students without disabilities to the maximum extent appropriate for students with disabilities. 5. Procedural Due Process: Rule providing safeguards for students against schools’ actions, including a right to sue schools in court. 6.......

Words: 727 - Pages: 3

Premium Essay

Law and Management Review

...The numbers of self employed workers has grown significantly in the last twenty years and, in 2008, amounted to approximately four million people, compared to over twenty seven million employees. Over two thirds of the self employed have no employees themselves, and are dependent upon using their own skills and labour. (Julie Bevan, Barriers to Business Start Up: A study of the flow into and out of self employment. Department of Employment Research Paper no 71) Determining whether a worker is an employee or not is the first action of any court during a tribunal. This is very important as employers have a large amount of liabilities to their employees, but not to their other workers, for example self employed or sub contractors. Certain laws are dependent on the nature of the employment for example The Working Time Regulations 1998 (2002 IRLR 96) refers in reg. 4(1), to a workers working time, whilst the Maternity and Parental Leave etc regulations 1999 only refers to employees. There are various benefits to workers being employees. An Employee pays far higher national insurance contributions than self employed workers; however this gives employees the rights to state benefits relating to sickness, unemployment and pension rights. Whereas self employed workers are not entitled to any of these benefits. Self-employed workers also have no rights to holiday pay or allowances, therefore anytime they do spend not working directly impacts their finances, unlike an employee who......

Words: 3353 - Pages: 14