Biz law 2

27 cards·by dmatic25

DIFFERENCE BETWEEN ASSIGNMENT AND DELEGATION

ASSIGNMENT: TRANSFER OF CONTRACTUAL "RIGHTS" TO A 3RD PARTY...DELEGATION: TRANSFER OF CONTRACTUAL "DUTIES" TO A 3RD PARTY

SPECIFIC CIRCUMSTANCES AN ASSIGNMENT OF RIGHTS IS PROHIBITED

STATUTE PROHIBITS ASSIGNMENT/CONTRACT IS PERSONAL IN NATURE/ASSINGMENT SIGNIFICLY CHANGES RISK OR DUTY OF OBLIGATOR/CONTRCT PROHIB ASSIGNMNT

WILL A CONTRACTOR BE CONSTRUED AS IMPLYING ASSIGNMENT OF RIGHTS, DELEGATION OF DUTIES, OR BOTH

BOTH: NORMALLY WORDED SPECIFICLY, WHEN WRITTEN IN GENERAL LANGUAGE, IT IS ASSUMED

WHAT FACTORS INDICATE A 3RD PARTY BENEFICAIARY IS AN INTENDED BENEFICIARY

DESIGNATED A BENEFICIARY IN THE CONTRACT/PERFORMANCE RENDERED DIRECTLY/HAS THE RIGHT TO CONTROL THE DETAILS OF THE PERFORMANCE

LEGAL DIFFERENCE BETWEEN "INTENDED 3RD PARTY BENEFICIARY" AND "INCIDENTAL 3RD PARTY BENEFICIARY"

INTENDED: CAN SUE TO ENFORCE CONTRACT / INCIDENTAL:CANNOT SUE TO ENFORCE CONTRACT

WHAT IS A CONTRACTUAL CONDITION

POSSIBLE FUTURE EVENT, THE OCCURENCE OR NONOCCURENCE WILL TRIGGER THE PERFORMANCE OF A LEGAL OBLIGATION OR TERMINATE AN EXSISTING OBLIGATION

HOW DOES A CONDITION AFFECT CONTRACTUAL OBLIGATIONS

CREATES OBLIGATIONS THAT MUST BE SATISFIED / IF NOT SATISFIED, OBLIGATIONS ARE DISCHARGED

HOW ARE MOST CONTRACTS DISCHARGED

OPERATION OF LAW / FAILURE OF CONDITION / BY AGREEMENT / BY PERFORMANCE / BY BREACH

WHAT IS SUBSTANTIAL PERFORMANCE

A PARTY WHO IN GOOD FAITH PERFORMS SUBSTANTIALLY ALL TERMS OF A CONTRACT CAN ENFORCE THE CONTRACT AGAINST THE OTHER PARTY

IF NONBREACHING PARTY HAS NOT TREATED AN ANTICIPATORY REPUDIATION AS A BREACH, CAN THE BREACHING PARTY RETRACT THEIR REVOCATION

YES / BY PROPER NOTICE TO RESTORE THE PARTIES TO THE ORIGINAL OBLIGATIONS

UNDER WHAT CIRCUMSTANCES MIGHT A CONTRACT BE DISCHARGED BY OPERATION OF LAW

MATERIAL ALTERATION / STATUTE OF LIMITATIONS / BANKRUPTCY / IMPOSSIBLE OR IMPRACTIBILITY OF PERFORMANCE

DIFFERENCE BETWEEN COMPENSATORY AND CONSEQUENTIAL DAMAGES

COMP:COVER DIRECT LOSSES AND COSTS / CONSEQUENTIAL: COVER INDIRECT AND FORSEEABLE LOSSES

WHAT ARE NOMINAL DAMAGES, AND WHEN MIGHT A COURT AWARD THEM

NO DAMAGE OR FINANCIAL LOSS, TECHNICAL INJURY, SMALL COMPENSATION / WHEN A DAMAGE MUST BE IMPOSSED REGARDLESS OF ACTUAL LOSS.

USUAL MEASURE OF DAMAGES FOR A BREACH OF CONTRACT FOR THE SALE OF GOODS

AN AMOUNT EQUAL TO THE DIFFERENCE BETWEEN THE CONTRACT PRICE AND THE MARKET PRICE

WHAT CIRCUMSTANCES CAN A CONTRACT BE UNILATERALLY RESCINDED

FRAUD / MISTAKE / DURESS / UNDUE INFLUENCE / MISREPRESENTATION / LACK OF CAPACITY TO CONTRACT

WHEN MUST A PARTY CHOOSE WHICH REMEDY TO PURSUE TO THE EXCLUSION OF OTHERS/ WHEN ARE REMEDIES CUMULATIVE

WHEN REMEDIES ARE INCONSISTENT WITH ANOTHER/ REMEDIES UNDER THE UNIFORM COMMERCIAL CODE.

ARE "SHRINK WRAP" AND "CLICK ON" AGREEMENTS ENFORCEABLE

YES THEY ARE ENFORCEABLE

WHAT FORMALITIES ARE REQUIRED TO CREATE AN AGENCY RELATIONSHIP

BY AGREEMENT / BY RATIFICATION / BY ESTOPPEL / BY OPERATION OF LAW

WHAT FORMALITIES ARE REQUIRED TO CREATE AN AGENCY RELATIONSHIP

BY AGREEMENT / BY RATIFICATION / BY ESTOPPEL / BY OPERATION OF LAW

HOW IS AN AGENCY CREATED BY ESTOPPEL

PRINCIPAL CAUSES A 3RD PERSON TO BELIEVE THAT ANOTHER PERSON IS THE PRINCIPLES AGENT

WHAT SPECIFIC DUTIES DOES AN AGENT OWE TO HIS OR HER PRINCIPLE

PERFORMANCE / LOYALTY / NOTIFICATION / OBEDIENCE / ACCOUNTING

WHAT SPECIFIC DUTIES DOES A PRINCIPLE OWE THEIR AGENT

COMPENSATION / REIMBURSEMENT AND INDEMNIFICATION / COOPERATION / SAFE WORKING CONDITION

WHAT REMEDIES AND RIGHTS DOES AN AGENT HAVE AGAINST AN PRINCIPAL

TORT & CONTRACT REMEDIES/DEMAND FOR AN ACCOUNTING/NO RIGHT TO SPECIFICPERFORMANCE

WHAT REMEDIES AND RIGHTS DOES A PRINCIPLE HAVE AGAINST AN AGENT

CONSTRUCTIVE TRUST/AVOIDANCE/INDEMNIFICATION

1ST TYPE OF AGENTS AUTHORITY

(ACTUAL) EXPRESSED:DECLARED CLEAR TERMS. IMPLIED:DO WHAT IS REASONABLE TO CARRY OUT OBJECTIVES OF AGENCY

2ND TYPE OF AGENTS AUTHORITY

(APPARENT) PRINCIPAL EITHER BY WORD OF MOUTH OR ACTION, CAUSES 3RD PARTY TO BELIEVE AGENT HAS AUTHORITY

IF AGENT ACTS OUTSIDE THE SCOPE OF THEIR AUTHORITY, HOW MIGHT THE PRINCIPAL BE LIABLE

PRINCIPAL CANNOT BE HELD LIABLE ON THE CONTRACT / UNLESS PRINCIPLE RATIFIES PRIOR TO 3RD PARTY WITHDRAWL