Law Lecture 3

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Western University
Management and Organizational Studies
Management and Organizational Studies 2275A/B
Philip King

Law Lecture— October, 1 , 2013 Midterm is October 22 nd at 1:30pm in EC 2168  Non-essential services from the US government are laid off  How did this happen? We have a democratic president, but the Republicans control the house  Obamacare provides health insurance for millions of Americans who don’t have any (today is the first day for sign up)  Republicans fought against this and believe it is unconstitutional  Stand off where both parties have refused to compromise  Not all the republicans – small minority of republicans (the tea party) have started this disagreement  There are some very notable people, but they are so anti government, anti taxation—make them sound like lunatics  2010 and 2012 congressional elections demonstrated that they have the power to persuade and organize a way for you not to win the elections if they do not like you—gives them power  small party has enormous influence over the people… Republicans had to agree with tea party or else they would not get elected next time  Bill Clintons government in 1995 and 1996 got shut down… last shut down cost 1.5 billion dollars  Fragile recovery due to recession for Americans, but Republicans still shut down government  As bad as this is, it is not the show down we are most concerned about  The concern is for the ―debt ceiling‖: the shutdown will cause a small ripple effect, but for the most part is an internal matter; meanwhile, constitutionally the government cannot borrow more money than 16 billion unless they get permission from the Republicans (if they say no, America will default on its debt obligations); has never happened before (no policies, precedence’s for this)  Unless they get the debt ceiling raised, they become insolvency (such as Greece, Yemen); consequences of USA doing this (being the largest economy in the world) is a real concern  The person who blinks on the first issue (shutout) will probably the first to blink on the debt ceiling issue  Republicans should be really concerned to see what happens to the brand  Hilary Clinton would benefit from this, as this may benefit the Democrats  Why is the Republicans doing this? It is not just politics, but religion. If you look at the wording, ―god given constitutional right‖; they truly believe that the government is working in an evil manner  The real battle in coming in two weeks  Are we affected? Yes, they are our largest trading partner How do we determine is there is a contract?  Consensus  Consideration  Intention—we do not enforce contracts on people who do not intend to be legally bound All five are necessary; three above are necessary, but without the bottom two, contract cannot happen.  Capacity  Age: there are wrinkles, a contract entered with a minor is voidable (they get to choose whether they want to or not); ex. Buy a car when you are 17, they do not have to follow through because they are a minor  essentials or necessities are the only types of contracts that must be bond; required to benefit the minor (no one can reject them for required necessities)  ex. Waivers for paintball (completely worthless; parents cannot even sign off for their children); aren’t getting it right: they think they managed the risk but they didn’t (wont bother have kids sign waivers, but we will increase the insurance, and increase supervision to take preventive steps from liability)  ex. Cheerleading: signing off contracts shows that organizers can get away with negligence  Competence: if you are drunk, insane, mental health issues, etc.  It is not enough that you a really drunk, it is also that the other person ought to know (ex. Drunk and buy something on EBay, doesn’t count because the other person (seller) doesn’t know)  Legality  Illegal (cant have a contract that is illegal):  Contrary to public policy/interest: ex. Muskoka people selling cottages under the exception that you never sell it to a black person (racism)  Must also predict what may be contrary in the fut
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