Law 3220 Exam 2 Clemson: Business Law Concepts and Definitions, Exercises of Law

A comprehensive list of key concepts and definitions relevant to business law, covering topics such as contracts, torts, property law, and intellectual property. It is a valuable resource for students studying business law, offering a concise overview of essential legal principles and terminology.

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Law 3220 Exam 2 Clemson
Covenant - ✔️✔️Restrictions that say that certain amount of space must be
allotted to parks in the neighborhood, nobody with children can buy in this
neighborhood; everyone in neighborhood has to agree to have it taken out
Customer list - ✔️✔️who is buying your product or service; if someone wants to
compete with you, they have to find their own customers
Deeds - ✔️✔️Legal document/written instrument that shows who is the owner of
property; most common way to transfer ownership to another person
Defamation - ✔️✔️Slander, libel defamation per se; Have to show that you
communicated FALSE info to a third part and it caused them harm or damage
Defamation per se - ✔️✔️Very harsh!! Certain false statements if you say them
about someone,we know it will be harmful; you go straight to the amount of
damages; strongest case
Acceptance - ✔️✔️Has to be unconditional and communicated to the offer-er
Actual cause - ✔️✔️"cause in fact"; someone walks up to you and punches you
in the face; no dispute
Adverse Possession - ✔️✔️State laws that say if someone uses your property or
a piece of your property openly and notoriously, for the required term of years,
they become the owner
Agreement among or between parties consist of an offer and acceptance -
✔️✔️Once we have an offer and an acceptance, we have an agreement
Arbitrary & Fanciful - ✔️✔️Distinctive & unusual; McDonalds & Nike, easiest to
protect
Assault - ✔️✔️No physical contact is required; to be in fear of immediate bodily
harm; threat of being harmed
Assignment - ✔️✔️You can transfer your rights to another party before there is
performance; contract as to the original party has been discharged as the rights
have transferred to someone else
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Law 3220 Exam 2 Clemson

  • Covenant - ✔️ ✔️ Restrictions that say that certain amount of space must be allotted to parks in the neighborhood, nobody with children can buy in this neighborhood; everyone in neighborhood has to agree to have it taken out
  • Customer list - ✔️ ✔️ who is buying your product or service; if someone wants to compete with you, they have to find their own customers
  • Deeds - ✔️ ✔️ Legal document/written instrument that shows who is the owner of property; most common way to transfer ownership to another person
  • Defamation - ✔️ ✔️ Slander, libel defamation per se; Have to show that you communicated FALSE info to a third part and it caused them harm or damage
  • Defamation per se - ✔️ ✔️ Very harsh!! Certain false statements if you say them about someone,we know it will be harmful; you go straight to the amount of damages; strongest case
  • Acceptance - ✔️ ✔️ Has to be unconditional and communicated to the offer-er
  • Actual cause - ✔️ ✔️ "cause in fact"; someone walks up to you and punches you in the face; no dispute
  • Adverse Possession - ✔️ ✔️ State laws that say if someone uses your property or a piece of your property openly and notoriously, for the required term of years, they become the owner
  • Agreement among or between parties consist of an offer and acceptance - ✔️ ✔️ Once we have an offer and an acceptance, we have an agreement
  • Arbitrary & Fanciful - ✔️ ✔️ Distinctive & unusual; McDonalds & Nike, easiest to protect
  • Assault - ✔️ ✔️ No physical contact is required; to be in fear of immediate bodily harm; threat of being harmed
  • Assignment - ✔️ ✔️ You can transfer your rights to another party before there is performance; contract as to the original party has been discharged as the rights have transferred to someone else
  • Assumption of risk - ✔️ ✔️ usually for medicines, alcohol, tobacco, you knew the product was dangerous to your body/your health; cannot sue
  • Assumption of risk - ✔️ ✔️ You assume the risk of being there, you were made aware the of the potential dangers and you still agreed to go; cannot receive damages
  • Attractive Nuisance - ✔️ ✔️ Only applies to children; if you have something that has an attractive nuisance, you have the obligation to protect children from it
  • Battery - ✔️ ✔️ Actual unlawful contact with your person; unauthorized contact; someone actual comes up and hits you in the face
  • 2 advantages of business trusts over normal trusts - ✔️ ✔️ Assets in that business trust cannot be reached by creditors or bank; most business trust interests are liquid
  • 3 Torts against personal property - ✔️ ✔️ Trespass against personal property, conversion, misappropriation
  • 5 Elements of a contract - ✔️ ✔️ Agreement among or between parties consist of an offer and acceptance; Consideration; Legal capacity to contract; Lawful subject matter; Genuine consent
  • 5 Types of Copy Right Protection - ✔️ ✔️ Right to reproduce work, right to publish or distribute work, right to display the work in public, right to perform the work in public, right to prepare derivative works based on the original
  • 5 Ways to withdraw an offer - ✔️ ✔️ Withdraw before it is accepted; if the other party rejects the offer; a counteroffer; by lapse or passage of time; operation of law (subject matter is destroyed)
  • Berne Convention - ✔️ ✔️ Countries that sign this work to accept all copyrights from countries in it
  • Bulk Supplier Doctrine - ✔️ ✔️ If you are the supplier of raw materials to a manufacturer, you are not liable for injuries caused by someone using the end product made by the manufacturer
  • Business and Commercial Leases - ✔️ ✔️ Issues that don't relate to residential leases: signage that you can put up on business, who pays utilities, right to sublet
  • Can non-residents own real property? - ✔️ ✔️ NO
  • Discharging a contract - ✔️ ✔️ Both parties have met their obligations under it; it is a one-time contract; substantial performance; assignment and delegation
  • Duties of Landlords - ✔️ ✔️ Has a reasonable period of time to fix problems that are reported by tenants
  • Duties of tenants - ✔️ ✔️ Pay rent on time, not conduct illegal activities in units, return unit in same shape it was given to you, not be a nuisance to other tenants
  • Easements - ✔️ ✔️ Gives someone the legal right to be on your property for a specific purpose; limitations or requirements for the use of your property; Ex. cities can put sidewalks and utilities on your property
  • Eminent domain - ✔️ ✔️ Eminent domain requires just compensation of fair market value if gov't takes private property for public use; only get compensating if your property value goes down to 0
  • Equity Remedies - ✔️ ✔️ Specific performance (if subject matter is unique, they have to deliver, NOT services); Injunction (rare)
  • Expressed contract - ✔️ ✔️ either a written or oral agreement between parties; enforceable whether or not it is in writing
  • False Arrest - ✔️ ✔️ Police detaining or holding you without your consent in an unreasonable manner
  • False imprisonment - ✔️ ✔️ Detained suspected shoplifters in an unreasonable manner
  • Fraud - ✔️ ✔️ Fraud or Misrepresentation: intentional torts; Scientre - knowledge you knew that you were presenting false info; someone reasonably relies on that info and suffers damages or loss of reputation
  • Generic - ✔️ ✔️ Hardest to protect; through overall overuse in the English language; no longer associated with any particular company
  • Genuine consent - ✔️ ✔️ You were informed of all of the facts and knew what you were consenting to, no fraud, no undue duress; 72 hours to cancel a contract is a door to door salesman twists your arm
  • Goodwill - ✔️ ✔️ Value attributed to your business because it is up and running and is profitable; people are willing to pay a premium
  • How to prove to court that it is a trade secret - ✔️ ✔️ Show that it is protected/locked away; should have employees sign non-disclosure agreeents; those same employees should sign non-compete agreements
  • If there was a breach - ✔️ ✔️ A notifies B that contract has been canceled and A has to go and try to mitigate damages; A can sue for damages but they have the duty to mitigate his or he damages even though they did nothing wrong
  • Implied contract - ✔️ ✔️ One that the court creates, arises by actions of parties, your actions show that you are accepting the contract
  • Implied Warranty - ✔️ ✔️ one the court creates; there is an implied warranty that the food in a restaurant is fit for consumption
  • Infliction of emotional distress - ✔️ ✔️ Outrageous or severe conduct likely to inflict severe emotional or mental distress in most people
  • Interference with contractual relations - ✔️ ✔️ Anytime a third party knows about a contract and tries to interfere with it; THERE IS A CONTRACT
  • Interference with prospective advantage - ✔️ ✔️ Any arrangement/situation that gives a business a competitive advantage that HAS NOT BEEN REDUCED TO CONTRACT; steal customer list, trade secret, trained workforce, sales
  • Invasion of privacy - ✔️ ✔️ We expect that our private life will remain private; use your name or photo without your permission; publicize anything about your life that you do not want shown; not something that is already public!!!; hard for professionals/celebrities to win an invasion of privacy case
  • Joint tenancy - ✔️ ✔️ Has joint rights for survivorship; can re-deed the property to switch joint tenancy to tenancy in common
  • Lawful subject matter - ✔️ ✔️ Subject matter but be legal before, during the entering of a contract. If it is illegal and becomes legal, it is still void
  • Legal capacity to contract - ✔️ ✔️ It is a contract but it is voidable on one side; minors and people who are intoxicated at the time or insane are deemed to not have the legal capacity to contract; person has option to void the contract (not for enlistment, marriage, and educational loan contracts)
  • Liability waiver - ✔️ ✔️ Only affective against negligence based-torts; to be affective, the liability language has to be clear, in writing, and all parties must have signed the waiver
  • Potential Defenses for Assault and Battery (3) - ✔️ ✔️ Consent, privilege, self- defense
  • Premises liability - ✔️ ✔️ If you own a store, you have the legal obligation to make the premises safe for your customers or anyone you invite on the property
  • Private nuisance - ✔️ ✔️ Between you and your neighbor, not the public at large
  • Privilege - ✔️ ✔️ Not guilty to trespassing for being on their property if you are going to help someone
  • Privilege - ✔️ ✔️ Press can print pretty much what is wants but can't do it maliciously (constitutional)
  • Product Liability - ✔️ ✔️ Strict liability for consumer products; implied warranty vs. express warranty
  • Product misuse - ✔️ ✔️ If you are not using the product for the purpose of its design and it injures you
  • Promissory estoppel/Detrimental reliance - ✔️ ✔️ someone is relying on you to fulfill your promise, and if it is to an extent and then you back out, court can make you fulfill your promise; pledging money to charities
  • Proximate cause - ✔️ ✔️ We are going to limit tort liability to consequences that are foreseeable likely to occur based upon the actions
  • EX: Construction company is digging a trench at a work site, don't leave any signs, someone walks into it at night and gets injured
  • Public Nuisance - ✔️ ✔️ Interfering with public's right to use property
  • Quitclaim Deed - ✔️ ✔️ Highest type of risk; "Whatever I own, you now own"; businesses won't do this
  • Real Property - ✔️ ✔️ Land, building, anything attached to the land
  • Remedies in a contract dispute - ✔️ ✔️ Monetary damages and equitable remedies
  • Rights of landlords - ✔️ ✔️ - Come in and inspect unit periodically during normal hours
  • Rights of tenants - ✔️ ✔️ Right to use and enjoy property, but you do not own it; implied warranty from the court that the unit is inhabitable
  • Self-defense - ✔️ ✔️ match their force with equal force; not excessive force
  • Service Mark - ✔️ ✔️ A Mark of a company that renders services but does not sell a product; similar to a trade mark; EXAMPLE: Jiffy Lube
  • Servitudes - ✔️ ✔️ Restrictions on use or what can be on your property; limitations or requirements for the use of your property; Easements and Covenants
  • Slander - ✔️ ✔️ Verbally make a false statement; verbal defamation
  • Sophisticated or professional user of product - ✔️ ✔️ You cannot sue because it is assumed that you know what you are doing unless it really is defective
  • Special Warranty Deed - ✔️ ✔️ Middle level riskiness; warn to buyer that "during the period of time that I owned the property, there were no liens or encumbrances on it"
  • State laws set limits on tort damages - ✔️ ✔️ They cap the amount a court can award on various types of tort litigation; states step in to protect their unemployment and their injury; applies to tort and punitive damages
  • Statutory limits on tort liability (3 limits) - ✔️ ✔️ Workers compensation, manufacture product to gov't specification, state laws set limits on tort damages
  • Substantial performance - ✔️ ✔️ If all parties perform substantially (not perfectly), then it is complete; if neither party breaches the contract
  • Suggestive - ✔️ ✔️ Hints at what the company's product is; consumer recognition; Chicken & the Sea and Dairy Queen
  • Superseding Cause - ✔️ ✔️ Intervening conduct; cuts off the liability; someone else is more liable than the negligent person
  • Tenancy by the entirety - ✔️ ✔️ Only for married couples; similar to joint tenancy; allows joint rights of survivorship; can only get out of this with a divorce
  • Tenancy in common - ✔️ ✔️ No joint right of survivorship; rights go to whoever is mentioned in the will if one party dies
  • Trademarks - ✔️ ✔️ Any kind of mark, logo, any type of distinctive characteristic that identifies a company or their product/service; 10 year protection under federal act; can renew
  • Tradename - ✔️ ✔️ Name of the company, common law is where you try to protect this; first to use it has the rights to it and can protect it; you can use the name and keep others from using it; can file a tort lawsuit, can sue for infringement for injunction and damages
  • Types of Trademarks - ✔️ ✔️ Arbitrary & Fanciful, Suggestive, Descriptive, Generic
  • Ultra-hazardous activity - ✔️ ✔️ transporting hazardous material, you have absolute liability; if anyone gets hurt, you are liable
  • Trespass - ✔️ ✔️ Legally if anyone is on your property without your permission; you have no obligation to warn trespassers of dangers on your property
  • Trespass against personal property - ✔️ ✔️ Occurs if I temporarily deprive you of use of your personal property
  • Trusts - ✔️ ✔️ Trust separates legal ownership of the property from the beneficial rights of the property; trustee is legal owner; beneficiary gets the benefits; can create for any period of time you want
  • Truth - ✔️ ✔️ Absolute defense; you can prove that what you said was not false info
  • Two types of patents - ✔️ ✔️ *Utility - relate to manufacturing processes
  • *Design patents