Law PDF

Lesson 1: What is the law? : Enforceable rules governing relationships among individuals and between individuals and society - Sets out rights, duties, and obligations - The law is ENFORCABLE key element (MBY Exam) Enforceability! - Shaping Moral standards is what the law does - What is...

Lesson 1: What is the law? : Enforceable rules governing relationships among individuals and between individuals and society - Sets out rights, duties, and obligations - The law is ENFORCABLE key element (MBY Exam) Enforceability! - Shaping Moral standards is what the law does - What is legally right and wrong: It Depends Lesson 2: - The Law is constantly evolving/changing (society could not exist without laws) - Relationship between morality and the rules that the law dictates - Legal trends - Different laws can effect just single business decisions Lesson 3: -Contracts law - labor law -trade law -company law -etc… Civil law vs Common law (also sharia law) Civil Law(Continental European) - Oldest law system- CIVIL LAW (Oldest legal system) - Legal rules are set out in one Comprehensive synthesized code Common Law(Anglosaxon tradition) - Law is found on a case-by-case basis, it is based on an accumulation of judicial decisions - Law is based on court decisions rather than formal codes - Precedent: Preceding case - Encourages litigation Lesson 4: -chilling effect: causing the freezing of progress, and innovation on the particular subject at hand -conflicts of law: clear laws but they are in conflict with each other Lesson 5: - Lesson 6: -Contracts Law -Adversarial law(Test question) (2 sides fighting prosecutor and defense plus a judge who is presiding against this case) -Civil law: Inquisitorial System (The judge has more power) -u enter a contract pretty much every day -Contract- Promise or agreement- Creates a legal obligation (each party has a right and a duty) -At least 2 parties - Expression of an offer and an acceptance of the offer - Lawful expectations must be met in a contract(remedies will be enforced if it is not so ) -Essential to the legal system: Trust, predictability, consistency - business modern could not exist - basis of all commercial dealings - proof of existence 4 elements of a contract: Meeting of the minds, capacity of the party, consideration, legality Capacity: Everyone has capacity except Minors, Mentally ill people -Contracts made by Minors: -Valid Contracts -Voidable Contracts -Void Contracts Valid Contracts: All necessary elements of a contract are present - Voidable contracts: Its a valid contract but it can be avoided at the option of one or both of the parties - If the contract is voided, both parties can be released from it (minors, fraud, undue influence, duress) The main types of contracts which are voidable by a minor are: (a) Contracts of partnership. (b) Contracts to buy shares. (c) Contracts to take a lease of land. The main types of contract which are voidable by a minor are: (a) Contracts of partnership. (b) Contracts to buy shares. (c) Contracts to take a lease of land. Void Contracts: Contracts with minors other than Valid or Voidable contracts -If Drunkards and Mentally ill people ratifi a contract after they become sober then the contract is valid(agreement but not a contract because it never existet) The legality of a contract: -Everything that illegal man Mutual Agreement: Offer plus Acceptance - A) Promise/commitment communicated by Offeror to Offeree - B) To perform or refrain from performing some specific act in the future - Offeror: Person who makes an offer - Offeree: Person to whom the offer is made Auction the Buyer is the Offeror and the Auction house is the Offeree(Test question) - The contract is formed when the auctioneer accepts the bid The Offer: - Generally, Courts look for 3 factors: Clear intent Sufficiently definite terms Clearly communicated Consideration: - This definition might be abbreviated to say that consideration consists either in the giving of a benefit or the suffering of a loss. - Executed consideration occurs when one of the parties makes the offer or the acceptance in such a way that he has completely fulfilled his liability under the contract. The only contractual liability remaining is that of the other party. A seller of goods, for example, might offer to sell goods if the buyer sends cash with an order. If the buyer accepts this offer by sending the cash then his consideration is executed. Executed  consideration is found in the acceptance of unilateral offers, where the acceptance is made by performing some action rather than by promising to do something in the future. - It is a general principle of the law of contract that consideration must be ‘sufficient’ but need not be ‘adequate’ - Sufficient: something of recognisable economic value however small - Adequate: same value as the other party - Privity of a contract: A person who is not a party to a contract is prevented from suing on the contract (There is an exception to this rule where a third party does have some rights only in the case that the contract states that the third party has rights or limited rights) Is an Advertisement an Offer ??: —-------------------------------------------WILL FINISH—------------------------------------------------------------ Lesson 7: - Social agreement is not a contract - Employment Contracts in Belgium must be in writing - A contract is a Promise or Agreement - Proof of a contract: paper, witnesses, emails, etc…. - Must a contract be always in writing to be legally enforceable: depends on what type of contract, country, etc…. Express contracts: a written or oral contract - Terms are clear and define - There must be an offer and acceptance Implied contracts: manifested by conduct rather than express language -A contract in which the agreement between parties has been inferred from their conduct and surrounding facts & Circumstances(paying for food at a restaurant) -Can I be held to something that I did not agree to? -It depends A) Implied in Fact Contracts (you participate consciously) B) Implied in Law (Quasi Contract) taking delivery of something that isnt addressed to you, getting operated on while unconscious, (an action where you don't participate pro-actively,) Test question(We will get scenarios), distinguish types of contracts HW Advertisements as offers 3.1.2: Advertisements: - If an advertisement amounts to an offer, then people who respond in such a way that they accept the offer will have made a contract. - If an advertisement is only an invitation to treat, as is usually the case, a response to the advertisement cannot form a binding contract. - Ad will be considered an offer if it is definite and aimed at a specific group of persons Also is the advertiser has the intent to bind them self Offers of Unilateral Contracts: - Almost all contracts are bilateral (two-sided) because both sides make a contractual promise - However, a person who makes an offer of a unilateral contract agrees to be bound if the offeree performs some act, rather than if the offeree promises to perform some act. - Acceptance of the offer does not need to be communicated to the offeror Lesson 8: Test(Implied(in law and fact) and Expressed contract) Test (Bilateral and Unilateral) Belgium and France: displays and ads by professional retailers are considered offers for as long as supplies last (they dont have to state it because it is implicit) Same thing for England and USA: Ads are always Invitation to Terat except if an ad contains words of limitation: ex: “first customer in door on George Washington's Birthday” Same thing SWI, ITA SERBIA NEL, LITHUANIA: offer- display of merchandise, Invitation to treat: Advertisement Termination of an Offer: - Revocation: Withdrawal of an offer by the Offeror that terminates the offer. - General rule: An offer is like an outstretched hand, it may be revoked at any moment prior to acceptance. (Firm offers cant be revoked) - Civil law: it depends: it has to be a reasonable person/offer Rejection: Express words or conduct by the offeree to reject an offer terminates the offer The counteroffer: Definition: - Response by an Offeree that contains terms and conditions different from or in addition to those of the offer - Legal Effect: Terminates the previous offer (rejects original offer + at the same time makes a new offer) (If somebody gives a counteroffer they kill the original offer) Section 3.2.2: Hyde v Wrench(Might be in the test) Consideration Causa: Civil Law Concept - 1. Civil law consideration = "causa” (i.e., the reason for the parties' consent; each party expects a result) - 2. Example: (1) contracts without causeor with an illegal causeare void; (2) a false causeinvalidates the contract - 3. Generally, causeis presumed to exist and is legitimate under Civil law, even if not expressly stated in the contract Consideration Common Law Concept 1. Bargained for Exchange - Benefit each party receives by entering into a contract 2. Mutuality of Obligation - Each party must get something out of it or the contract is not enforceable a) Gifts; past acts b) Right to terminate / refuse to perform at will? Adequacy of Consideration” (Text: Section 4.2.2) Rescind a contract means: taking it back (test question) 4.2.2. Consideration must be sufficient but not adequate Promises that lack considerations: Illegal consideration, Illusory promise(Promise where one or both parties can choose not to perform their obligation), Pre-existing Duty(Something a person is already under an obligation to do), Past consideration(Promise based on the past performance of the promise) Differences between common law and civil law (on the test) Precedent/Codex Legal effect of a counter offer (Test question) Capacity and Legality: All contracts are agreement but not all agreements are contracts: agreements cant be contracts if all 4 points of a contract arent met (Myb test) Proof of existence/Evidence of a contract: a written agreement, witnesses, recordings, emails and shit like that Capacity: the ability to have the meeting of the minds. Capacity: Legal age, Sound mind, Limitations of Corporate powers(executives can enter into contracts or HR for hiring people) Classes of people that lack capacity: Minors, Infancy Doctrine: - Allows minors to disaffirm most contracts they have entered into with adults - Minors can choose whether to enforce a contract Dissafirmacnce: - This may be done orally in writing or by the minors conduct - Act of a minor to rescind a contract under the infancy doctrine Exceptions to Infancy doctrine: - Contracts for necessities: Food, clothes, shelter in come sections (4.4.1.1) A person who deals with a minor do so at their own risk. The adult party is bound by the bragain the child is not. Ratification: - The Test question: He may rescind With minors the price has to be reasonable for necessities. Not so with adults Contracts entered into with mentally incapacitated persons: - Alzheimer's, senility, etc. The contract can be valid if: - If the person is able to understand the nature and effect of entering into a contract yet lacks capacity to engage in other activities Voidable if: - A question of proof: —-----------------------------------------------WILL FINISH—--------------------------------------------------------- Legality: - Has to be legal, all necessary forms of a contract. Bro I know this shit just cant be illegal 6.4.3.1 read text If you enter an illegal agreement you won't be punished if: You snitch, Withdraw from an illegal agreement (Virgin Airlines price fixing Brussels to London) Exception also if one part of the contract is illegal Drunkard: 4.4.2.