BUSI 2601 Lecture Notes - Lecture 2: Superior Court, Counterclaim, Alternative Dispute Resolution
11 Dec 2016
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Pr ima r y sur c es of l e g a l li a bi li ty. Tort intentional (assault, trespass: you intend the act and its consequences, assault and battery, trespass. Falling below a reasonable standard of care: damages result to a party to whom a duty of care is owed, ex; professional negligence (ex; lawyers missing limitation period), slip and falls, negligent misrepresentation, car addicts, product liability. Contract: exchange of promises (consideration, offer and acceptance, can be oral (harder to prove, pa(cid:396)ties (cid:373)ust (cid:271)e (cid:862)ad ide(cid:373)(cid:863) Meeting of the minds, same understanding: an agreement to agree is not a contract, distinguish from a letter of intent, memoranda of understanding (misused term) It"s (cid:374)ot (cid:449)hat (cid:455)ou (cid:272)all it, it"s (cid:449)hat ele(cid:373)e(cid:374)ts a(cid:396)e pa(cid:396)t of the ag(cid:396)ee(cid:373)e(cid:374)t that (cid:373)ake it a contract. A promise to provide funds in exchange for a promise to repay the funds over a period of time and generally with interest, aka contract.
