Business Law- PPT- Lecture – CH 5- ;An Introduction to Contracts; – Flashcards
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Legal Definitions Res Ipsa loquitur
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(Latin for "the thing speaks for itself") is a doctrine that infers negligence from the very nature of an accident or injury, in the absence of direct evidence on how any defendant behaved. Although modern formulations differ by jurisdiction, common law originally stated that the accident must satisfy the necessary elements of negligence, which are duty, breach of duty, causation, and injury. In res ipsa loquitur, the elements of duty of care, breach, and causation are inferred from an injury that does not ordinarily occur without negligence.
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Contra Proferentem
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when you are the signor of a standard form contract you are at a disadvantage because you did not invent the contract the court can decide the meaning of the word. Pre-designed contract, the one offering the contract knows the contract way better than you so the balance of this comes out with the courts interpreting it in the favour of the signer. It stops companies from embedding language in the contract. If there is a defect in the contract it is the company's fault
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Volenti non fit injuria
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"The assumption of risk" If you go on a plane or boat, you assume a reasonable assumption of risk. To the extent that a reasonable person understands the level of risk. You do have recourse on something like if the plane has not been maintained properly. Now you might have action through negligence.
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Caveat emptor (Consumer-side)
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"Buyer Beware" In contractual matter you have the duty to mitigate-mitigation of loss- to reduce or minimize your own loss. unless they misrepresented it to you, you have a duty to have the car checked out.
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Caveat Venitor (Business-side)
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"Vendor Beware" There are laws to protect consumers. Vendors must mitigate their own loass. Primarily for consumers.
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Due deligence
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is the mitigation of law.
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An Offer May be Terminated by: Revocation -
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withdrawel of an offer rules- must be communicated and is avalaible up until acceptance- the offeror can withdrawal or evoke the offer anytime
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Lapse
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expiration of an offer after a specified or reasonable period- reasonable amount of time to consider that offer, that offer is live and waiting for someone to accept for a reasonable period of time. In business we don't like to leave it open ended, so we like to put actual dates, we don't like uncertainty. Both firm and unfirm offers the offeror can still sell it because there was consideration. If they offer me a dollar to hold the car, they have bought my right to revoke.
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Rejection
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the refusal to accept an offer, communicated in reasonable way, say no thank you, or counter offer is an objection to the origianl offer.
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counteroffer-
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turning down an offer and proposing a new one in its place/terminates previous offer
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Death or insanity
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capacity
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firm offer is
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an offer with a specified expiration date.
