Business Law 1: Tort Liability Overview

Liability that requires neither an intent to harm, or harm through negligence.

<p>Failure to exercise care that a reasonable person would exercise where said failure causes injury to another.</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>Negligence duties are obligations imposed on a party to act with reasonable care. The common law statuses of visitors are invitees, licensees and trespassers. Invitees are invited for the owner's benefit and have the highest standard of care, licensees have a duty of care for known defects, and trespassers only have a duty to avoid harm.</p> Signup and view all the answers

<p>Actual causation is the direct link between an action and harm, while proximate causation considers whether the harm was foreseeable and directly attributable to the action.</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>An intentional tort requires an act, intent, and cause.</p> Signup and view all the answers

<p>Tortious interference with contract requires knowledge of the contract, intentional interference with the contract, causation of the breach, and resulting damages.</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>A contract that cannot be enforced. Example: An oral contract.</p> Signup and view all the answers

<p>A contract that gives the party/right to void/cancel the contract. Example: a contract entered into with a minor.</p> Signup and view all the answers

<p>A contract that states unequivocally, (expressly) the following: 1. intent of the contract, 2. the terms of the contract.</p> Signup and view all the answers

<p>Legally binding agreement through action/conduct, and does not need to be written... Indicated through conduct presence of an existing agreement.</p> Signup and view all the answers

<p>Not all acts in contract have been completed.</p> Signup and view all the answers

<p>One party makes a promise, and the other party returns favor through an action. Example: Offering a reward for finding a lost pet.</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>A subjective offer assesses the offer based on feelings at the time, whereas an objective offer assesses the offer based on what a reasonable person would understand about the agreement.</p> Signup and view all the answers

<p>Both A and B</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>Revocation must be received before it is effective.</p> Signup and view all the answers

<p>Both A and B</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>An inquiry seeks clarification or suggests modifications without rejecting the initial offer, whereas a counter offer proposes alterations to the initial offer and effectively rejects the original offer.</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>Legally sufficient value (freedom to contract), bargained for exchange.</p> Signup and view all the answers

<p>Consideration is NOT legally sufficient. Example: A porch sold for 1 penny, which is still legal but is nominal and raises questions like 'were they threatened'?.</p> Signup and view all the answers

<p>Not exercising a right that you could exercise.</p> Signup and view all the answers

<p>Not doing something you have the legal right to do (example: smoking).</p> Signup and view all the answers

<p>Severity of issue X probability of event (example: if pigs fly, I give Sally 100$, if there's a 50% chance pigs fly in my magical world, then I have an exposure of $50), some amount of exposure can be a legal detriment.</p> Signup and view all the answers

<p>Things done in the past do not satisfy as consideration.</p> Signup and view all the answers

<p>The consideration rule is not necessary when you promise to do something you are obligated to do anyway (example: agreeing to build a fence, and then changing the price later to build the same fence), exception: debtor owes money that is subject to dispute, if lesser money than owed is accepted by person who is owed the debt, the lesser money counts as consideration that the debtor will pay the full amount.</p> Signup and view all the answers

<p>Rescission is when parties to a contract agree to destroy the contract. Reformation is when they make new terms or even just correct a spelling error.</p> Signup and view all the answers

<p>Both A and B</p> Signup and view all the answers

<p>Promissory estoppel - A promise, promiser knows their promise will induce action by the other party, promise actually induces action, injustice results.</p> Signup and view all the answers

<p>As much as one deserves', only needed when the contract is unenforceable.</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>Good required for a reasonable standard of living not provided by parent or legal guardian (can pay less than agreed but still must pay something).</p> Signup and view all the answers

<p>After 18, minority can reinstate a previous contract only when contract is expressed or implied through conduct, retaining and using goods after reaching majority</p> Signup and view all the answers

<p>Both A and B</p> Signup and view all the answers

<p>Unable to Understand the nature of the contract and the terms of the agreement, adjudicated incompetence before contract means all contracts made by the said person is Void ab initio, addicted after the contract means the contract is Voidable at the option of the incompetent.</p> Signup and view all the answers

<p>Must return any consideration given (in whatever state it exists), must be done within a reasonable time after regaining competence.</p> Signup and view all the answers

<p>Allows the previously incompetent person to ratify their previous agreement and make it enforceable.</p> Signup and view all the answers

<p>Unable to comprehend a contract is being made and/or the terms.</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>Must return consideration in whatever state it exists, must be done within a reasonable time after sobering up.</p> Signup and view all the answers

<p>Violates a statute, violates public policy.</p> Signup and view all the answers

<p>Both parties must create a specific severability clause, otherwise if illegal condition is found or created due to law change the entire contract is void.</p> Signup and view all the answers

<p>If done in order to raise revenue, contract is valid, and operator may be punished. If done to protect public, contract is voidable at option of non-offending party, and operator maybe punished.</p> Signup and view all the answers

<p>When an otherwise valid contract is created, and the law later changes to make the contract illegal, contract will be void, quantum merit comes into play when 1 party has fulfilled their duty before the contract is made void.</p> Signup and view all the answers