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LEB 320F Exam 2 Questions and Answers
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LEB 320F Exam 2 Questions and Answers
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LEB 320F Exam 2 Questions and AnswersLegally Enforceable Contract - Answer -: A contract in which, if one party fails to perform as promised, the other party can use the court system to enforce the contract and recover damages or other remedy.
promise - Answer -A declaration that binds a person who makes it (the promisor) to do or not to do a certain act.
Bilateral Contract - Answer -A contract that includes the exchange of a promise for a promise
what is an agent - Answer -a person employed to act on behalf of another
contract - Answer -a promise in which the breach will provide some remedy and the proper execution of which will be recognized as a duty.
Legality/Public Policy - Answer -Procedural Unconscionability
Substantive Unconscionablity
Voidable Contract - Answer -although meeting all legal requirements, it can still be cancelled by one of the parties
-lack of reality of consent
-lack of legal capacity
Sources of Contract Law - Answer -Common Law vs. Sale and Lease Contracts
Trade Secrets - Answer -Information owned by the company by which the company gains a competitive advantage
Contract - Answer -an agreement that can be enforced in court
intellectual Property Law - Answer -Trademarks, trade secrets, patents, and copyrights -more important in modern times
-intangible assets Trade Secret - Answer -1. Can't be general knowledge
2. not accessible through legal means
3. information gives the owner a competitive edge
Defective agreements are due to what? - Answer -Parties making simple mistakes
Common Law - Answer -- All contracts except sales and leases.
- real estate, stocks, bonds, services
what is a principal - Answer -employer of an agent is a principal
How is a contract determined to be formed and what are the determinations of such requirement? - Answer -The contract is determined to be formed through intent. Intent is
determined through the objective theory of contracts. The objective theory of contracts states that the intention to enter into a binding agreement is not determined by the personal or subjective facts but rather objective facts.
Procedural Unconscionability - Answer -unfairness of the bargaining process
promisor - Answer -A person who makes a promise.
Reality of Consent - Answer -Contract can be voided on basis of no reality of consent if one of the following factors happens:
-fraud
-innocent misrepresentation
-mistake
-duress
-undue influence
3 requirements of trade secrets - Answer -• Information is not known to the public
• Not easily accessible information (through legal means); basically means that
someone is going to have to do something sneaky or commit a crime to get
this info
• Information gives the owner a competitive edge! Therefore only a business
can claim this protection
IPL concepts - Answer -1) Protects certain types of knowledge, ideas, and expressions by granting exclusive rights to creators 2) When someone else violates these rights, the violator is engaging in a form of competition that is unlawful
3) Even though there is a general consensus that intellectual property laws benefit society in the long run, such laws can go too far. I.e. something useless gets IP protected, society doesn't reap real benefits. Trade-Related Intellectual Property Rights sets # of minimum requirements for IP protection in all member states
Contract - Answer -: A promise or a set of promises for the breach of which the law gives a remedy or the performance of which the law in some way recognizes a duty
Trade Secret legal protection - Answer -kicks in when it is stolen
highest damages of any intellectual property
Unilateral mistake - Answer -Mistake by one party to a contract; If there is a mistake of fact, usually the mistaken party will have the option to make the contract voidable
Easy to correct
Contract - Answer -A set of promises constituting an agreement between parties, giving each a legal duty to the other and also the right to seek a remedy for the breach of the promises or duties.
Purpose of contract law - Answer -to maintain stability and order in the marketplace
sale and lease contracts - Answer -Governed by the Uniform Commercial Code (UCC), in our case the NY UCC.
How is the agency relationship created? - Answer -when consent and capacity have been established
4 requirements of a valid contract - Answer -agreement
consideration
contractual capacity
legality
Substantive Unconscionability - Answer -A contract with extremely one-sided and unfair terms
Fraud - Answer -the intentional misleading of one person by another
promisee - Answer -A person to whom a promise is made.
Elements of Contract Law - Answer -1. agreement
2. consideration
3. contractual capacity
4. legality
What is the most important factor? How well the company secured this information! Did they take reasonable security measures? - Answer -What does the court consider for trade secrets? Trade Secret - Answer -Any type of knowledge that is not generally known and is not readily available through legal means, if the knowledge gives its owner a competitive advantage over rivals who do not have the knowledge.
-Uniform Trade Secrets Act (UTSA)
Considerations of the court - Answer -1. how many people know
2. must be in use
3. Time and money put into it
IMPORTANT: amount of security must be reasonable
Mutual mistake - Answer -Mistake by both parties to a contract; most jurisdictions will agree that no real contract ever existed
E-contract - Answer -A contract entered into online.
Offeror: - Answer -The party who makes an offer to enter into a contract
The Function of Contracts - Answer -- makes people obligated to do things, holds accountability
Consent - Answer -when parties sign an employment contract, but there is no need to be so formal because words or actions can also indicate consent
agreement - Answer -offer and acceptance
public policy/not enforcable/Legality - Answer -the principles, often unwritten, on which social laws are based.
Exculpatory Clause-can"t sue
eg. home inspector's contract use exculpatory clause in contracts have not to be held in court!
Rental agreements
health club agreements
contract - Answer -a set of promises constituting an agreement between parties, giving each a legal duty to the other and the right to seek a remedy for the breach of the promises or duties
Elements of Fraud - Answer -All necessary:
1. D made a misrepresentation of an important fact
2. Statement made with intent to deceive
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