Business law homework

1. When does a rule become a law?
Rule is a prescribed conduct for doing a particular action, which is issued by an authoritative body. When the rule/ bill is proposed in the form of a document and approves by the both the houses of the congress. It becomes a law when the bill is approved by the President.
2. Explain what the common law and equity are and how they differ?
Common law which is applicable to all the citizens of the country and which is enforced by the state. Common law is principle based approach and applicable as per the circumstances of the situation. Whereas the equity is the principle that envisages that the all the rights and liabilities should be shared equally by all interested parties.
3. What determines whether an offence is a felony or a misdemeanor? Are there offences less serious than misdemeanors?
Seriousness of an offence determines whether certain crime is felony or misdemeanor.
Felony crimes are more serious in nature, may be violent or non violent and are punishable with imprisonment. E.g., criminal damage to property, humans.
Misdemeanor is less serious than Felony crimes, more towards bad behavior towards others.
Again, felony and misdemeanors are further assessed based on the jurisdiction of the respective state laws.
Yes, there are offences which are less serious than misdemeanor which is infractions; usually these kinds of offenses are leads to fines.
4. Name the court in which the following disputes would be settled.
a) A claim for an unpaid bill of $100.
US congress is allowed to create the lower court/ Inferior court from time to time to hear cases with the suit amount less than $75,000.
b) A case involving the tariff on imported caviar.
As this is related to international trade, cases involving matter related to tariffs and other matters related to international trade will be heard in The United States International Trade for in all civil cases.
c) A controversy among cousins regarding their share of a deceased grandparent’s estate.
Any disputes related to deceased person’s property to the legal beneficiaries will be heard in the Probate court.
d) An allegation that a child has been neglected.
This comes under Child Abuse and Neglect Policy and Child Abuse Prevention and Treatment Act (CAPTA)
e) A child custody case.
Under the State Family Law Statutes, cases concerning family are heard.
A child Custody case will be heard in the Family Court. Which are governed by the state and local laws.
f) A damage suit for $7,500.
Inferior court / lower court will hear this case.
5. Must a party to a lawsuit be represented by a lawyer? Explain.
No, not necessarily by the lawyer, anyone with the appropriate legal knowledge and necessary investigation can be represented. But, representation by the lawyer is always preferred as the person would have represented the similar case and update to date and adequate knowledge to represent a case.
6. Why is it important to comply with procedural laws?
In order to get the speedy hearing and judgment of the case, we need to follow the procedural laws. These procedural laws are the rules or the procedures to file a suit in the court of law and the steps to get the judgment.
As each court has its own way of working under the statutes based on the state and local laws.
We have to comply with the procedural laws.
7. What is the purpose of discovery?
Discovery in the context of law means, the parties should hand over the information and evidence relating to the claim, so that all the participants are aware of the information at the trial.
8. How does trying a case in a small claims court differ from trying a case in a court of record?
A small claims court hears the cases up to $10,000, in which cases are simple, informal and inexpensive. In this court it is not necessary to hire an attorney, these small claims jurisdiction court deals only with the matters related to money up to $10,000 only not other cases like damages, non-fulfillment of the promise in the business.
Court of record is a trial or appellant court, where judicial proceedings are enrolled for a perpetual memory and testimony. Certain courts are exceptionally recorded as court of records.
9. Give the three examples of intentional torts.
Intentional torts are harms with willful intent.
a. Defamation
b. Assault.
c. Intentionally leading to emotional distress.
10. Explain how injured parties may recover for negligence torts when the injured parties have themselves been negligent.
When the injured party is negligent, comparative negligence or non-absolute contributory negligence will come into place. It is also, partial legal defense, which reduces the damages on the rounds of negligence on the part of the injured persons.
11. Explain the benefit to plaintiffs of the doctrine of strict tort liability.
There are cases where defendant is required to pay damages to the plaintiff because of the violation of law, even defendant was not at fault or was not of the intent to cause damages.
Many times strict tort liability acts as a standard of liability, in which person is legally responsible for the offences/ consequences, examples in the areas of health, protection of animals, environment etc.,
12. How can computers be involved in crimes?
In today’s digital world, majority of the personal / business / professional data is stored in the computers and cloud. Even after taking adequate measures to safeguard the data, there are activities like hacking, phishing, malware, criminal invasion of computer privacy are some of the main ways in which crimes can be done with the computer and thru the computer.
13. What provision does the law allow if a party to a contract fails or refuses to perform it?
When one party to the contract does not perform as per the contract, it leads to breach of contract. Below provisions can be used in such cases:
a. Recession of contract
b. Sue for the party for the specific non-performance.
c. Sue for damages – damage which occurred for the not performing particular contract.
d. Injunction – Court may order for stopping the party to the contract.
14. How does a contract differ from an agreement?
Typical and major difference between the contract and the agreement is, a contract is legally binding on the parties to the contract, whereas agreement is only binding agreement, it cannot be enforced in the court of law.
Agreements usually miss the essential elements which need to be present. There are some rigid terms and conditions laid out in the contract, to bind the contract legally.
15. When is a contract actually an unenforceable agreement? Can it be made enforceable?
When contract is unlawful, voided contracts and no longer possible to enforce it becomes unenforceable agreements and cannot be made enforceable because of its nature.
16. What two items must be expressed in order to have an express contract?
A contract must be definite offer and an unconditional acceptance for a consideration.
17. What is the legal presumption regarding the capacity to contract, and what is the effect of this presumption?
Legal presumption doctrine presumes that, persons entered into contract are not minors, sound mental health, not an illegal business.
Effects of this presumption are that, it reduces conflicts and confusions.
18. With regard to contracts of minors, what are necessaries?
Contract with minor is void and not enforceable and even after attaining the age of majority, the contract cannot be enforceable in the court of law.
19. If minors engage in a business in the same manner as persons having legal capacity, what is the consequence of their business contracts?
Any contract entered into by the minor is not enforceable and not binding on the parties.
20. What is the obligation of a minor on disaffirming a contract?
On disaffirming a contract by the minor, becomes void and unenforceable. But ,legally binding on the other parties to the contract.
21. When and how may a minor ratify a voidable contract?
On attaining the age of majority, minor can ratify the contract and contract will be legally binding on him.
22. List the requirements for a valid offer.
a. There must be at least two legal persons to a contract.
b. There must be communication between the two persons.
c. Offer must be accepted.
d. There must be definite terms of the contract and certain.
23. When may offer be revoked?
a. Before the acceptance of the offer.
b. It should be communicated to the offeree or to the agent if any.
c. Communication from the reliable source, should reach before the acceptance of the offer.
24. How is a “reasonable time” after which an offer would “lapse” determined?
Reasonable time is the time required to perform the contract under the circumstances and specifications as per the contractual agreement. Normally if there is no time frame mentioned in the contract, law will infer the time based on the nature, purpose and reasonableness of the contract.
25. What is the “mail box” rule?
Mail box rule applies when ever valid offer is sent thru mail/email/fax. The offeree in turn replies to the mail and when it is placed in the mail, said to have been accepted the offer.
26. When does a promise constitute consideration?
When the promise becomes obligation on the party to the contract, it binds the person to make the consideration.
27. May a promise that is conditional constitute consideration?
Yes, all the conditional promises constitute a binding consideration.
28. What is the general rule about the adequacy of the consideration?
General rule is that it must be fair and reasonable consideration. Beyond this courts will not interfere for the bad deals.
29. George agrees to remodel a kitchen for Harry for $30,000, but after beginning work asks Harry to pay $34,000. Can George enforce Harry’s new promise to pay $34,000?
Yes, it is enforceable, if the Harry has the valid reason to the increase in price and the same is accepted by the George.
30. If a boy promises his father that he will not own and operate an automobile until he is eighteen in exchange for his father’s promise to pay him $2,000, is there a valid contract?
Any promise or contract entered with the minor is void.
31. When will courts apply the doctrine of promissory estoppel?
a. When Promisee relied upon the promise.
b. When the promisee acted upon the promise and suffered significant determent.
c. Relief can only come, upon fulfillment of the promise.
32. If Gordon minor lies about his age to induce an adult to enter a contract, is he guilty of a tort? Can any resulting contract be enforced?
Any contract entered by the minor is void, even if in case of misrepresentation of his age. Upon attaining the age of majority he can enter the contract freshly and will be legally binding.
In these cases law will protect the minors of liability, on the grounds of ignorance, lack of information about the business.
33. What is the effect in most states of a person being formally adjudicated...