Term
What is an Agency Relationship?
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Definition
strict, secondary liability that arises under the common law doctrine of agency – respondeat superior – the responsibility of the superior for the acts of their subordinate, or, in a broader sense, the responsibility of any third party that had the "right, ability or duty to control" the activities of a violator
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Term
What are the ethical questions of compensation?
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Definition
Can fair compensation be measured or standardized?
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Is Fair Compensation an ethics issue?
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Term
What do we have to do in our one page essay on Compensation Fairness?
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Definition
Define "Fair" Compensation and make a claim of whether its ethical or not.
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Defend your definition of fair compensation.
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Defend your stance on whether fair compensation through explained reasoning/analogy/syllogism.
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Term
What defines an ethical issue?
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Definition
Is it legal, does it follow defined industry standards, followed defined ethical statement, effects on stakeholders?
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Term
What do Contracts do?
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Definition
Provides an incentive to stick to the terms laid out in an agreement.
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Allows an agreement to be predictable and stable.
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Term
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Definition
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Term
What is the goal of the court in a contract case?
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Definition
To get the parties of the contract back to where they were before the contract was signed.
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Term
What is an Efficient Break?
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Definition
An allowed Breach of Contract that has to pay a contract breaking penalty.
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Term
What does a contract must have?
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Definition
Both sides must have a benefit and a burden.
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Term
What is a Dead Hand Law?
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Definition
Control is restricted to living property owners.
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Term
Estates are taxed when?
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Definition
Before inheritance is taken out
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Term
What are not contracts?
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Definition
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Term
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Definition
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Term
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Definition
The one who makes the offer.
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Term
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Definition
The one who the offer is being given to
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Term
What is an invitation to treat?
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Definition
An invitation to come in and communicate, in order to come into an agreement.
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Term
If a business advertises an offer, what is required of that business if someone accepts the offer?
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Definition
To follow through with their side of the agreement
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Term
What is Unilateral agreement?
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Definition
Agreement is based on the action taken by the Offeree
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Term
What is Bilateral Agreement?
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Definition
An exchange of promises
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Term
What is partial performance?
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Definition
The contract is not accepted if the full burden and benefits are not given.
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Term
What is an option contract?
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Definition
A contract that adds additional terms that limit one's ability to revoke.
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Term
When are contracts revocable?
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Definition
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Term
What makes an offer legitimate?
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Definition
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Term
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Definition
A definite acceptance of terms in a contract
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Term
What is a contract?
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Definition
Offer/Acceptance
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Consideration : Burden and Benefit
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Cannot be Illegal
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Must be Possible
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Must be Sane
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Parties must be age of majority
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Must be detailed enough
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Term
When do contracts ever have to be written?
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Definition
Prenup
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Real Estate
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Anything that takes more than a year
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Term
What does Force Majeur mean?
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Definition
| If burdens and benefits for some reason cannot occur due to reasons that cannot be helped, then blank happens... |
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Term
What is Promisory Estoppel?
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Definition
The defendant made a promise, the plantiff relied on the promise to their detriment, if the court doesn't intervene it would become an injustice then: it must be a contract.
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