Summary of the entire Business Law course based on the teacher's PPT as it is the only source available during this course. All teachers use the same shared PPTs so there will be no problem with having different teachers.
,Table of Contents
CONTRACT LAW.....................................................................................................................2
PROPERTY LAW..................................................................................................................... 3
TORTS..................................................................................................................................... 5
PARTNERSHIPS AND CORPORATIONS............................................................................... 7
INTERNAL STRUCTURE OF CORPORATIONS. INCORPORATING A COMPANY.............. 9
AGENCY PROBLEMS........................................................................................................... 10
DIRECTOR’S DUTIES AND LIABILITIES..............................................................................12
FUNDAMENTAL CHANGES..................................................................................................14
M&A, DUE DILIGENCE, AND SPA........................................................................................ 15
1
, CONTRACT LAW
Contract: agreement between two or more parties that is legally enforceable in the event f a
breach.
Core elements of a contract:
I. Parties to be legally bound
II. Sufficient agreement
Generally: offer + acceptance + consideration = agreement
Meeting of minds → enforceability
III. Intention to create a legal obligation
1. Presumption that agreements are binding in the commercial context
(between merchants)
- Always except: social arrangements, domestic life, and collective
bargains.
- Be careful: sometimes it is necessary to reverse this presumption.
2. Binding nature of contracts
Pacta Sunt Servanda → “Agreements must be kept” (fairness).
Contracts are an effective way to promote exchange → efficiency.
Types of contracts
As to acceptance:
- Bilateral: exchange for mutual promises.
- Unilateral: offeror request the performance rather than a promise. Offeror promises
to pay upon the completion of the requested act.
As to formation:
- Express: formed by language (oral or written). All the essential terms are spelled
out.
- Implied: formed by manifestation of assents other than oral or written language. (Ex:
going to the doctor for treatment).
As to validity:
- Valid: legally enforceable by both of the parties.
- Voidable: one of the parties may have the right to avoid or cancel. (Ex: a contract
with a minor).
- Void: contract with no legal effects from the beginning. Not enforceable. (Ex: an
agreement to commit a crime).
2
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