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Business_Law_I_Essentials_-_WEB.pdf | Essentials |
Business_Law_I_Essentials_-_WEB.pdf | Business Law I Essentials |
Business_Law_I_Essentials_-_WEB.pdf | OpenStax
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Business_Law_I_Essentials_-_WEB.pdf | TABLE OF CONTENTS
Preface
1
1
American Law, Legal Reasoning, and the Legal System
3
1.1 Basic American Legal Principles
3
1.2 Sources and Types of Law
5
1.3 Important Business Laws and Regulations
7
2
Disputes and Dispute Settlement
15
2.1 Negotiation
15
2.2 Mediation
19
2.3 Arbitration
22
3
Business Ethics and Social ... |
Business_Law_I_Essentials_-_WEB.pdf | 7.3 Breach of Contract and Remedies
80
8
Sales Contracts
85
8.1 The Nature and Origins of Sales Contracts
85
8.2 Warranties and Sales Contracts
91
9
Employment and Labor Law
97
9.1 Employment, Worker Protection, and Immigration Law
97
9.2 Labor Law
101
9.3 Equal Opportunity in Employment
105
10
Government Regulation
11... |
Business_Law_I_Essentials_-_WEB.pdf | Index
167 |
Business_Law_I_Essentials_-_WEB.pdf | This OpenStax book is available for free at http://cnx.org/content/col30149/1.5 |
Business_Law_I_Essentials_-_WEB.pdf | Welcome to Business Law I Essentials, an OpenStax resource. This textbook was written to increase student
access to high-quality learning materials, maintaining the highest standards of academic rigor at little to no
cost.
About OpenStax
OpenStax is a nonprofit based at Rice University, and it’s our mission to improve ... |
Business_Law_I_Essentials_-_WEB.pdf | About Business Law I Essentials
Business Law I Essentials is a brief introductory textbook designed to meet the scope and sequence
requirements of courses on Business Law or the Legal Environment of Business. The concepts are presented in
a streamlined manner, and cover the key concepts necessary to establish a strong ... |
Business_Law_I_Essentials_-_WEB.pdf | Chapter Outline
1.1 Basic American Legal Principles
1.2 Sources and Types of Law
1.3 Important Business Laws and Regulations
Introduction
Learning Outcome
•
Describe the foundation and sources that establish American law.
1.1
Basic American Legal Principles
The American legal system has its roots in the British legal s... |
Business_Law_I_Essentials_-_WEB.pdf | Figure 1.2
The American legal system is designed to establish a set of standards for acceptable behavior.
(Credit: joergelman/ pixabay/ License: CC0)
Promoting Consistency
The American legal system follows the British Common Law system, which is designed to leverage past judicial
reasoning, while also promoting fairnes... |
Business_Law_I_Essentials_-_WEB.pdf | Resolving Disputes
Conflicts are to be expected given people’s varying needs, desires, objectives, values systems, and
perspectives. The American legal system provides a formal means for resolving conflicts through the courts. In
addition to the federal court and individual state systems, there are also several informa... |
Business_Law_I_Essentials_-_WEB.pdf | Figure 1.3
The U.S. Constitution is known as the supreme law of the land. (Credit: lynn0101/ pixabay/
License: CC0)
American Common Law
As discussed in the previous section, the United States follows the common law legal tradition of English law.
Judges in the Common Law system help shape the law through their rulings ... |
Business_Law_I_Essentials_-_WEB.pdf | states. Finally, a number of powerful federal and state laws coexist in areas such as antitrust, trademark,
employment law, and others.
Statutes
When a bill becomes a federal law, it is assigned a law number and prepared for publication by the Office of
the Federal Register (OFR) of the National Archives and Records Ad... |
Business_Law_I_Essentials_-_WEB.pdf | Business law consists of many legal disciplines, including contracts, tax law, corporate law, intellectual
property, real estate, sales, immigration law, employment law, bankruptcy, and others.
Figure 1.4
Contract law is just one type of law that businesses need to be concerned about. (Credit: edar/
pixabay/ License: C... |
Business_Law_I_Essentials_-_WEB.pdf | companies avoid legal liability and exposure. Typically, an ethics code and/or a code of conduct details a
company’s requirements and guidelines, while also serving as a key corporate governance tool.
In addition to business ethics, companies must also consider their social responsibility and the laws related to
it, su... |
Business_Law_I_Essentials_-_WEB.pdf | or contract is that there must be an offer and acceptance of the terms of that offer. Sales contracts normally
involve the sale of goods and include price terms, quantity and cost, how the terms of the contract will be
performed, and method of delivery.
Employment and Labor Law
Employment and labor law is a very broad ... |
Business_Law_I_Essentials_-_WEB.pdf | Assessment Questions
1. What country is the United States legal system derived from?
a.
Germany.
b.
United Kingdom.
c.
United States of America.
d.
Canada.
2. What is the function of law in the United States?
a.
Establish standards.
b.
Promote consistency.
c.
Promote, provide, and maintain order.
d.
All of the above.
3... |
Business_Law_I_Essentials_-_WEB.pdf | 10. Regulations are:
a.
Laws passed by Congress.
b.
Rules made by local governments.
c.
Derived from decisions made by judges.
d.
Rules adopted by administrative agencies.
11. What is an Unfair Trade Practice and which Administrative Agency regulates it?
12. Some of the rights in the Constitution’s Bill of Rights exten... |
Business_Law_I_Essentials_-_WEB.pdf | Introductory Business Law. Modern States. Retrieved from: https://modernstates.org/course/introductory-
business-law/.
Chapter 1 American Law, Legal Reasoning, and the Legal System
13 |
Business_Law_I_Essentials_-_WEB.pdf | 14
Chapter 1 American Law, Legal Reasoning, and the Legal System
This OpenStax book is available for free at http://cnx.org/content/col30149/1.5 |
Business_Law_I_Essentials_-_WEB.pdf | Chapter Outline
2.1 Negotiation
2.2 Mediation
2.3 Arbitration
Introduction
Learning Outcome
•
Explain the theory, practice, and law of disputes and resolution.
2.1
Negotiation
We frequently engage in negotiations as we go about our daily activities, often without being consciously
aware that we are doing so. Negotiatio... |
Business_Law_I_Essentials_-_WEB.pdf | Negotiation Types and Objectives
Per the above definition, negotiation becomes necessary when two parties hold “non-identical” preferences.
This statement seems fairly obvious, since 100% agreement would indicate that there is not any need for
negotiation. From this basic starting point, there are several ways of think... |
Business_Law_I_Essentials_-_WEB.pdf | Negotiation Style
Everyone has a different way of approaching negotiation, depending on the circumstance and the person’s
personality. However, the Thomas-Kilmann Conflict Mode Instrument (TKI) is a questionnaire that provides
a systematic framework for categorizing five broad negotiation styles. It is closely associat... |
Business_Law_I_Essentials_-_WEB.pdf | Figure 2.3
Concern for self vs. others leads to the differences in negotiating styles. (Modification of art by
BNED/Rubin Credit: CC BY NC SA)
Negotiation Styles in Practice
Apple’s response to its treatment of warranties in China, i.e., giving one-year warranties instead of two-year
warranties as required by law, serv... |
Business_Law_I_Essentials_-_WEB.pdf | decided to be subject to binding arbitration relinquish their constitutional right to settle their dispute in court.
It is the FAA that allows parties to confirm their awards, as will be discussed in the following chapters. When
considering negotiation laws, it is important to keep in mind that each state has laws with... |
Business_Law_I_Essentials_-_WEB.pdf | judge may come up with a solution to which neither party is in favor. In contrast, mediation gives the
disputing parties opportunities to find common ground on their own terms, before relinquishing control
to outside forces.
Role of the Mediator
Successful mediators work to immediately establish personal rapport with t... |
Business_Law_I_Essentials_-_WEB.pdf | whether the action itself is right or wrong, regardless of its consequences.
Imagine a situation in which a professional accountant holds a consequentialist ethical viewpoint and believes
that there are certain scenarios in which the disclosure of only part of the truth is a commendable course of
action. For example, i... |
Business_Law_I_Essentials_-_WEB.pdf | Future Directions in Mediation
As technology continues to change the ways we interact with one another, it is likely that we will see advances
in mediation techniques. For example, there are companies that offer online mediation services, known as e-
mediation. E-mediation can be useful in situations where the parties ... |
Business_Law_I_Essentials_-_WEB.pdf | lawyers and judges.
Types of Arbitration Agreements
Parties can enter into either voluntary or involuntary arbitration. In voluntary arbitration, the disputing
parties have decided, of their own accord, to seek arbitration as a way to potentially settle their dispute.
Depending on the state’s laws and the nature of the... |
Business_Law_I_Essentials_-_WEB.pdf | Ethics of Commercial Arbitration Clauses
As previously discussed, going to court to solve a dispute is a costly endeavor, and for large companies, it is
possible to incur millions of dollars in legal expenses. While arbitration is meant to be a form of dispute
resolution that helps disagreeing parties find a low-cost, ... |
Business_Law_I_Essentials_-_WEB.pdf | Figure 2.6
Various types of arbitration can be employed depending on what the parties think is best for their
situation. (Credit: Tim Eiden/ pexels/ License: CC0)
To overcome this shortcoming, the building owner could write a lease agreement that stipulates that the
parties use binding baseball arbitration and use subj... |
Business_Law_I_Essentials_-_WEB.pdf | •
Writ of Execution. Cornell Law School defines a writ of execution as “A court order that directs law
enforcement personnel to take action in an attempt to satisfy a judgment won by the plaintiff.”
•
Garnishment. A garnishment refers to a court order that seizes the money, typically wages, to satisfy a
debt. A myriad ... |
Business_Law_I_Essentials_-_WEB.pdf | 4. How does the process of negotiation work?
5. Explain the Thomas-Kilmann Conflict Mode Instrument.
6. A person trained in conflict resolution is considered:
a.
An arbitrator.
b.
A mediator.
c.
A negotiator.
d.
A judge.
7. Mediation focuses on:
a.
Solutions.
b.
Testimony.
c.
Expert witnesses.
d.
Discoveries.
8. Name t... |
Business_Law_I_Essentials_-_WEB.pdf | Endnotes
He, L. (April 2013). Tim Cook’s apology letter to Apple customer in China. Forbes. Retrieved from:
https://www.forbes.com/sites/laurahe/2013/04/03/tim-cooks-apology-letter-to-customers-in-
china/#510458b51ea3.
Kilmann, R. H., & Thomas, K. W. (1977). Developing a forced-choice measure of conflict-handling behav... |
Business_Law_I_Essentials_-_WEB.pdf | Farber, H. S. (1981). Splitting-the-difference in interest arbitration. ILR Review, 35(1), 70–77.
Use ‘Baseball Arbitration’ to settle rent disputes at renewal time. Commercial Lease Law Insider. Retrieved
from: https://www.stroock.com/siteFiles/Pub391.pdf.
What We Do (n.d.). American Arbitration Association. Retrieved... |
Business_Law_I_Essentials_-_WEB.pdf | 30
Chapter 2 Disputes and Dispute Settlement
This OpenStax book is available for free at http://cnx.org/content/col30149/1.5 |
Business_Law_I_Essentials_-_WEB.pdf | Chapter Outline
3.1 Business Ethics
3.2 Social Responsibility
Introduction
Learning Outcome
•
Analyze the role of ethics and social responsibility in business.
3.1
Business Ethics
Businesses must establish a clear set of values that promote ethical practices and social responsibility. In
today’s business climate, compa... |
Business_Law_I_Essentials_-_WEB.pdf | Figure 3.2
A group of employees who uphold strong corporate values can be an asset to the company they
work for. (Credit: rawpixel/ pexels/ License: CC0)
Business ethics are considered to be the blueprint for building a successful organization. If an organization is
built on socially responsible values, it will be stro... |
Business_Law_I_Essentials_-_WEB.pdf | Executive compensation rates during employee layoffs. Let’s say a company is struggling during an
economic downturn and must lay off a portion of its workforce. Does the CEO of the company take his or her
annual raise or take a pay cut when others are losing their jobs? One could say that to take a raise is unethical
b... |
Business_Law_I_Essentials_-_WEB.pdf | until the 21st century that greater attention was paid to how companies operate and how the operation
impacts employees and the communities in which they serve.
According to the Ethics and Compliance Initiative, which is comprised of organizations that are committed to
creating best practices in ethics, each decade has... |
Business_Law_I_Essentials_-_WEB.pdf | to the local food pantry to support the community, etc.
Regulatory ethics. These are designed to maintain certain standards of performance based on the industry.
One example is a commitment to maintaining data privacy at all times, as it pertains to customer records. This
element defines how employees are to handle sen... |
Business_Law_I_Essentials_-_WEB.pdf | Figure 3.3
Employees often like to participate in volunteer activities through their employer. (Credit:
rawpixel/ pixabay/ License: CC0)
What Is Corporate Responsibility?
Corporate responsibility refers to the idea that a business is given the opportunity and privilege to make the
world a better place. This process can... |
Business_Law_I_Essentials_-_WEB.pdf | Corporate Responsibility of the Businessman, published in 1953. This book introduced the concept of
companies giving back as a form of investment in the future. This idea came from a generation that had
survived some of the hardest times in our world and wanted to make it a better place for generations to come.
By the ... |
Business_Law_I_Essentials_-_WEB.pdf | Consumer influence. A major benefit of engaging in corporate social responsibility efforts is that consumers
regularly check in with their favorite brands to see what they are doing, and they are influenced to make
purchases so they can be part of this community. With the process of posting messages on social networks,... |
Business_Law_I_Essentials_-_WEB.pdf | intervention.
Another example could be a social cause, such as creating housing for single parents in poverty-stricken
neighborhoods in a specific city. The impact can be felt in terms of the additional housing that is created (built
or rehabbed from existing homes), and the value that this effort brings to the neighbo... |
Business_Law_I_Essentials_-_WEB.pdf | 8. The benefits of Corporate Responsibility for a business include:
a.
Talent attraction.
b.
Consumer influence.
c.
Improved perception by investors.
d.
All of the above.
9. The three dimensions of the triple bottom line include all of the following except:
a.
Profits.
b.
People.
c.
Planet.
d.
Promotion.
10. Distinguis... |
Business_Law_I_Essentials_-_WEB.pdf | ttps://www.nationalservice.gov/vcla.
Fallon, Nicole. “Why You Shouldn’t Jump on the CSR Bandwagon.” Business News Daily. Retrieved from:
https://www.businessnewsdaily.com/6475-csr-brand-authenticity.html.
Lilly Family School of Philanthropy. “Giving USA 2015 Highlights.” Retrieved from:
https://doublethedonation.com/fo... |
Business_Law_I_Essentials_-_WEB.pdf | 42
Chapter 3 Business Ethics and Social Responsibility
This OpenStax book is available for free at http://cnx.org/content/col30149/1.5 |
Business_Law_I_Essentials_-_WEB.pdf | Chapter Outline
4.1 Commerce Clause
4.2 Constitutional Protections
Introduction
Learning Outcome
•
Explain the impact of the U.S. Constitution on business.
4.1
Commerce Clause
Figure 4.2
The United States Constitution is the supreme law of the land. (Credit: 1778011/ pixabay/ License:
CC0)
Figure 4.1 (Credit: geralt/ p... |
Business_Law_I_Essentials_-_WEB.pdf | The Constitution and the Law
Federal and state constitutions are a major source of business law. The United States Constitution is the
supreme law of the United States. In addition to the individual constitutions established in each state, the U.S.
Constitution sets out the fundamental rules and principles by which the... |
Business_Law_I_Essentials_-_WEB.pdf | limiting state power.
So long as a federal regulation impacts interstate commerce, that regulation can be described as
constitutional, according to the commerce clause. However, since the Constitution was first written, there have
often been occasions when the judiciary system has needed to step in to interpret the mea... |
Business_Law_I_Essentials_-_WEB.pdf | line with the commerce clause. An exception is the 1995 case, United States v. Lopez. The case centered
around the legality of the Gun-Free School Zone Act, which was a federal law that outlawed the possession of
guns within 1,000 feet of a school. In a landmark case, the Court ruled that the Act was outside the scope ... |
Business_Law_I_Essentials_-_WEB.pdf | Regulation of the
channels of
interstate
commerce
Channels of interstate commerce describe the
passages of transportation between the states.
Thus, the commerce clause authorizes Congress
to regulate activities pertaining to the nation’s
airways, waterways, and roadways, and even
where the activity itself takes place e... |
Business_Law_I_Essentials_-_WEB.pdf | Amendment
Provision
First
Ensures that U.S. citizens have the right to freedom of speech, press, religion, and
peaceable assembly. Provides citizens with the right to appeal to government to redress
grievances.
Second
Establishes that the government cannot infringe upon citizens’ right to bear arms.
Establishes the imp... |
Business_Law_I_Essentials_-_WEB.pdf | Boston v. Bellotti, it has been established that corporate political speech is protected in the same way as
citizens’ free speech.
2.
Unprotected Speech. The 1942 case Chaplinsky v. New Hampshire determined that certain types of
speech—that which could “inflict injury or incite an immediate breach of the peace”—is not ... |
Business_Law_I_Essentials_-_WEB.pdf | the official believes items will be removed prior to obtaining a warrant). The Fourth Amendment protects
individual organizations and places of business, as well as residences. However, under the terms of the
pervasive-regulation exception, administrative agencies can conduct warrantless searches of businesses
attached... |
Business_Law_I_Essentials_-_WEB.pdf | Figure 4.4
The various protections afforded the citizenry in the Bill of Rights are also extended to
corporations and commercial activities. (Credit: Anthony Garand/ unsplash/ License: Unsplash License)
Assessment Questions
1. Explain Police Power and the Dormant Commerce Clause.
2. The Patient Protection and Affordabl... |
Business_Law_I_Essentials_-_WEB.pdf | 6. Describe the 2 types of Due Process.
7. The _____ of the constitution offers the most extensive protection for businesses.
a.
Supremacy Clause.
b.
Equal Protection Clause.
c.
Due Process Clause.
d.
Freedom of Speech Clause.
8. The 14th Amendment is a part of the Bill of Rights.
a.
True.
b.
False.
9. Which of the fol... |
Business_Law_I_Essentials_-_WEB.pdf | Chapter Outline
5.1 Common Business Crimes
5.2 Civil vs. Criminal Liability
Introduction
Learning Outcome
•
Analyze sources of criminal exposure in business.
5.1
Common Business Crimes
People rarely think about their conduct at work as being potentially illegal, or that jail time could result from
poor workplace decisi... |
Business_Law_I_Essentials_-_WEB.pdf | their businesses and keep commerce flowing more efficiently.
While federal courts initially interpreted the commerce power narrowly, over time, the federal courts have
decided that the commerce clause gives the federal government broad powers to regulate commerce, not only
on an interstate (between the states) level, b... |
Business_Law_I_Essentials_-_WEB.pdf | Types of Business Crimes
Business crimes or white collar crimes are not limited to pump-and-dump schemes; they come in many
different forms. Business crimes come in many different forms. As previously stated, these crimes often
involve deceit, fraud, or misinformation. The types of high-profile crimes include Ponzi sch... |
Business_Law_I_Essentials_-_WEB.pdf | The company admitted to altering required water test samples so they met the limits set by their permit
before releasing the waste into the city’s sewer system. The company also admitted to transporting waste that
contained benzene, barium, chromium, cadmium, lead, PCE, and trichloroethene for disposal in South Carolin... |
Business_Law_I_Essentials_-_WEB.pdf | brokerages, tobacco companies, banks, and other large commercial enterprises.” (Schodolski, 2018).
Racketeering is no longer limited to organized crime. Health insurance companies and other legitimate
businesses are being accused of pressure tactics similar to those used in organized crime racketeering.
These claims in... |
Business_Law_I_Essentials_-_WEB.pdf | understand the civil and criminal systems, it is important to understand the aspects of both civil and criminal
laws. The scope, consequences, and treatments of each vary.
Constitutional Rights
It is important to understand the Constitution, which is the basis of all law. States are allowed to create and
categorize cri... |
Business_Law_I_Essentials_-_WEB.pdf | Components of Crime
There are usually two components to criminal conduct that must be proven by the prosecutor. The prosecutor
prosecutes the case against the accused: mens rea (the criminal, or guilty, or “wrongful” mind) and actus
reus (the criminal, or guilty, or “wrongful” act).
Each statute creating a crime is sup... |
Business_Law_I_Essentials_-_WEB.pdf | Figure 5.5
Civil and criminal cases involve the court system. (Credit: Brett Sayles/ pexels/ License: CC0)
Initiation and Roles
Criminal and civil cases are initiated differently, and the titles of the individuals involved differ slightly. Criminal
cases are only initiated by the federal or state government in response... |
Business_Law_I_Essentials_-_WEB.pdf | In the Liebeck v. McDonald’s case, a woman sued McDonald’s for serving hot coffee. The woman spilled hot
coffee on her lap while trying to add cream and sugar. The woman sued McDonald’s for negligence in a civil
suit. The issue centered on whether or not the coffee’s specific temperature was unreasonably hot.
McDonald’... |
Business_Law_I_Essentials_-_WEB.pdf | 7. The burden of proof is a criminal case is:
a.
Reasonable suspicion.
b.
Beyond a reasonable doubt.
c.
Preponderance of evidence.
d.
Clear and convincing evidence.
8. Which of the following is a goal of an arraignment?
a.
The defendant is informed of the charge and enters a plea.
b.
Requires the defendant to bear the ... |
Business_Law_I_Essentials_-_WEB.pdf | Chapter Outline
6.1 Intentional Torts and Negligence
6.2 Product and Strict Liability
Introduction
Learning Outcome
•
Explain torts system application to business.
6.1
Intentional Torts and Negligence
Civil suits arise from damages suffered by one or more persons or entities at the hands of another person or
entity. Th... |
Business_Law_I_Essentials_-_WEB.pdf | Figure 6.2
Civil suits are decided in court by judges and juries. (Credit: Coffee/ pixabay/ License: CC0)
Torts
Civil suits involve different causes of action, and they are included in one general classification: torts. The word
“tort” means “wrong” in French. Thus, torts are wrongs committed against others who suffer ... |
Business_Law_I_Essentials_-_WEB.pdf | Functions During a Tort Litigation
The Judge Decides Issues of Law
The Jury Decides Questions of Fact
The elements of the defense
Legal consequences of what happened
Application of legal rules
The damages suffered by the plaintiff
Table 6.1
Harm
Two types of torts are intentional torts and negligence. Intentional torts... |
Business_Law_I_Essentials_-_WEB.pdf | •
Invasion of privacy involves unwanted production of negative public information. Different standards
apply to invasion of privacy based on the status of the individual as a public figure.
Negligence
Negligence is another type of tort that has two meanings. It is the name of a cause of action in a tort, and it is
a fo... |
Business_Law_I_Essentials_-_WEB.pdf | •
A duty by the defendant to either act or refrain from acting
•
A breach of that duty, based on a failure to conform to the standard of care by the defendant
•
A causal connection between the defendant’s action or inaction, and the injury to the plaintiff
•
Measurable harm that can be remedied in monetary damages
Fore... |
Business_Law_I_Essentials_-_WEB.pdf | Figure 6.4
If horses get out of a fenced-in area, the owner would be liable for any damage they cause while
loose. (Credit: Slack/ pexels/ License: CC0)
For a court to assign strict liability based on abnormally dangerous activities, the activity must meet certain
criteria. The court must establish that at least four o... |
Business_Law_I_Essentials_-_WEB.pdf | Figure 6.5
Train tracks are a common area for trespassing. (Credit: Muscat_Coach/ pixabay/ License: CC0)
In some cases, however, the property owner could be held liable (Kionka, 2013):
•
When the area in question is a common place for trespassing
•
When the owner knows a trespasser is present
•
When the trespasser need... |
Business_Law_I_Essentials_-_WEB.pdf | •
The behavior of the plaintiff did not significantly contribute to the harm caused.
The doctrine of res ipsa loquitor does not establish proof of negligence, but it does allow the jury to infer what
is not explicitly available pertaining to negligent acts or omissions on the part of the defendant (Baime, 2018).
Neglig... |
Business_Law_I_Essentials_-_WEB.pdf | Defenses
There are defenses to product liability claims. In some cases, the plaintiff’s own behaviors contribute to his or
her injuries, based on his or her own negligence. This situation is known as contributory negligence.
Contributory negligence, when determined by the court, prevents any recovery of damages by the ... |
Business_Law_I_Essentials_-_WEB.pdf | Conclusion
In some cases, a plaintiff suffers harm, but fault is not easily determined, or fault is not the issue. A defendant
can exercise reasonable care while the nature of the activity lends itself to risk of harm. Products could have
obvious or hidden defects that cause harm to another. When defects occur, the pla... |
Business_Law_I_Essentials_-_WEB.pdf | 9. The elements of res ipsa loquitor that a plaintiff must establish in a product liability lawsuit include all of the
following except:
a.
The defendant breached his or her duty of care.
b.
The defendant had control over the product in question while it was being manufactured.
c.
Under normal circumstances, the produc... |
Business_Law_I_Essentials_-_WEB.pdf | 74
Chapter 6 The Tort System
This OpenStax book is available for free at http://cnx.org/content/col30149/1.5 |
Business_Law_I_Essentials_-_WEB.pdf | Chapter Outline
7.1 Consideration and Promissory Estoppel
7.2 Capacity and Legality
7.3 Breach of Contract and Remedies
Introduction
Learning Outcome
•
Analyze the principles of contract law and how they apply to businesses.
7.1
Consideration and Promissory Estoppel
A contract is defined as an agreement between two or ... |
Business_Law_I_Essentials_-_WEB.pdf | Figure 7.2
Before a contract can become legal and enforceable, several elements must first be in place.
(Credit: rawpixel/ pixabay/ License: CC0)
The key to a contract is that there must be an offer, and acceptance of the terms of that offer. An offer is a
proposal made to demonstrate an intent to enter a contract. Acc... |
Business_Law_I_Essentials_-_WEB.pdf | party gets consideration from the agreement. Consideration can be money, property, a promise, or some
right. For instance, when a music company sells studio equipment, the promised equipment is the
consideration for the buyer. The seller’s consideration is the money the buyer promises to pay for the
equipment.
Promisso... |
Business_Law_I_Essentials_-_WEB.pdf | The doctrines of consideration and promissory estoppel are essential to an understanding of how contracts
are formed and enforced in the United States.
7.2
Capacity and Legality
For a contract to be legally binding, the parties entering into the contract must have the capacity to do so. As
a legal matter, there are cer... |
Business_Law_I_Essentials_-_WEB.pdf | Voluntary Intoxication – Drugs and Alcohol
Courts generally do not find lack of capacity to contract for people who are voluntarily intoxicated. The
rationale for this decision is found in the reasoning that individuals should not be allowed to side-step their
contractual obligations by virtue of their self-induced sta... |
Business_Law_I_Essentials_-_WEB.pdf | Some examples of contracts that would be considered illegal are contracts for the sale or distribution of illegal
drugs, contracts for illegal activities such as loansharking, and employment contracts for the hiring of
undocumented workers.
An understanding of the several theories outlined herein for establishing (or c... |
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