Legal Terms: Attractive Nuisance, Adverse Possession, Contracts, and Criminal Law, Quizzes of Introduction to Business Management

Download Legal Terms: Attractive Nuisance, Adverse Possession, Contracts, and Criminal Law and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 Attractive nuisance DEFINITION 1 Anything on your premises that might attract children into danger or harm. TERM 2 Adverse Possession DEFINITION 2 Method of acquiring legal title to land through actual, continuous, open occupancy of the property, for a prescribed period of time, under claim of right, and in opposition to the rights of the true owner. TERM 3 Attractive Nuisance - CAUCUS DEFINITION 3 Children likely to trespass Artificial Condition Utility Slight Child fails to recognize risk Unreasonable risk - e.g. no fence around a pool Serious harm - e.g. drowning in a pool TERM 4 Adverse Possession - HELUVA DEFINITION 4 Hostile - unwanted, against the owner's will Exclusive - you can't both use it at the same time Length of time - if squatter's there for 7-20 years (depending on state) then it's theirs Uninterrupted - if the squatter moves away it's interrupted & starts over Visual - has to be in plain sight or owner has to know about it Actual - have to actually be occupying it, can't just set up tent and peace out TERM 5 Trespassers DEFINITION 5 People who enter land without invitation, permission or privilege. Adults - no duty owed Children - duty is to warn them of known dangers (CAUCUS) TERM 6 Licensees DEFINITION 6 People who come on property for social reasons (e.g. having a friend over for dinner; giving them license to come to my home) Adults & Children duty is to warn them of known dangers TERM 7 Invitee DEFINITION 7 People who come in to do business (customers) Adults duty is to inform of known AND hidden dangers TERM 8 Torrey Canyon DEFINITION 8 o A supertanker capable of carrying a cargo of 120,000 tons of crude oil, which was shipwrecked off the western coast of Cornwall County, England in March 1967. o This caused an environmental disaster (the first one of this sort). TERM 9 Exxon Valdez DEFINITION 9 An Oil tanker owned by the former Exxon Shipping Company that gained infamy after the March 24, 1989 oil spill in which the tanker, bound for Long Beach, CA, hit Prince William Sound's Bligh Reef and spilled ~10.8 million US gallons of crude oil. One of the largest spills in US history & one of the largest ecological disasters. TERM 10 Voidable contract DEFINITION 10 o A contract in which one or more parties have the power, by electing to do so, to avoid the legal creations created by the contract. o Legally enforceable agreement, but may be avoided by one party if they were incompetent at the time of the contracts creation. They can ratify the contract to extinguish the power of avoidance Gives you a way out, you can either avoid the contract or ratify it (stick with it) TERM 21 Implied in Law Contract DEFINITION 21 o Not actually a contract, but rather an obligation imposed by law. o The duty defines and imposes the agreement upon the parties. E.g. I go to a car dealership to buy a car. I give them $2K down payment, & they say it'll be ready tomorrow. I come back next day, and they've sold the car. They don't get to keep the down payment. TERM 22 Quasi Contract DEFINITION 22 Similar to a contract (quasi means in the manner of), but it arises from some relationship between parties (rather than from an agreement between them). This contract is implied by court. TERM 23 Restitution DEFINITION 23 Compensation from the accused to the victim for any damage caused. TERM 24 Unjust Enrichment DEFINITION 24 One person should not be allowed to unfairly retain money/benefits at the undeserved expense of another. E.g. Dealership selling your car AND keeping your down payment. Not fair. TERM 25 Unconscionable Contract DEFINITION 25 o A contract that is unjust or extremely one-sided in favor of the person who has the superior bargaining power. o No person who is mentally competent would enter into an unconscionable contract, and no fair and honest person would accept one. o Two Main Elements: 1) An absence of meaningful choice of one of the parties 2) Terms that are unreasonably favorable to the other party TERM 26 Adhesion Contract DEFINITION 26 Standardized form contract where one party has all of the bargaining power and uses it to dictate many of the contract terms to the other party. Take it or leave it. TERM 27 Consideration DEFINITION 27 o Something of value that you exchange for a promise. TERM 28 Remedy DEFINITION 28 Pay monetary damages. TERM 29 Objective Theory of Contracts DEFINITION 29 o A binding agreement exists between 2+ parties if a reasonable person would judge that an offer has been made & accepted. Reasonable observer must examine: What they said when entering the contract How they acted/appeared The circumstances surrounding the transaction o Our legal system operates under this theory. o E.g. I know I said I would agree to that contract, but I didnt really mean to. (doesnt work) TERM 30 Specific Performance DEFINITION 30 o A specialized remedy used by courts when no other remedy (money, etc.) will adequately compensate the other party. If a legal remedy will put the injured party in the position they would have enjoyed had the contract been fully performed, then the court will use that option instead. If party fails to fulfill contract and money damages don't work, then just fulfill original promise. E.g. If I order custom shoes, but the vendor doesnt make them and a refund of money will no TERM 31 Impossibility DEFINITION 31 o Basis of contract is destroyed; therefore, the obligation cannot be performed. Not I cannot do it, but rather The thing cannot be done (must be impossible for everyone) o E.g. The factory burns down, and they can't produce shoes anymore. Another company makes shoes for $500. The first company must cover the difference between $50 and $500 that I had to pay to get new shoes. TERM 32 Promissory Estoppel DEFINITION 32 o If someone makes a promise that the other reasonably relies on to his/her detriment, the first person cannot back out on the promise. An actual contract does not exist, but it would be unfair to not treat it as a contract. o E.g. Sign up for the race & pay entrance fee. Relying on the shoe company's promise that they'll send shoes. TERM 33 Jurisdictional Limits for Customary International Criminal Law DEFINITION 33 o Contiguous Zone - 12 nautical miles o Economic Zone - 200 nautical miles Coastal nations have exclusive rights to fish & marine life in this zone. o Continental Shelf - Follows the seaward margin of the shelf; coast of the shelf (land to land). Every nation w/ a Continental Shelf has exclusive rights to resources on the shelf, w/in 200 mi. of mainland. o If a crime happens out on the sea, in order to prosecute that crime, it has to be within jurisdiction of the state. o D TERM 34 Inchoate Crime DEFINITION 34 o Crime of Attempt (attempted murder, rape, etc. Doesnt actually happen. Just Begun.) o Performing an act that constitutes a substantial step towards the commission of a crime. TERM 35 Conspiracy DEFINITION 35 2+ people who agree to commit a crime.