Business Law

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Last updated 3:49 AM on 8/5/26

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23 Terms

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Formation Defenses: Void vs. Voidable

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Statute of Frauds

UCC:

G in MYLEGS
Exceptions:
- Specially manufactured goods
- Written confirmation of contract sent by merchant to another merchant that is not objected within 10 days
- Admitted in court
- Performed to the extent that performance has been accepted

<p><strong>UCC:</strong></p><ul><li><p>G in MYLEGS</p></li><li><p>Exceptions:</p><ul><li><p><strong>S</strong>pecially manufactured goods</p></li><li><p><strong>W</strong>ritten confirmation of contract sent by merchant to another merchant that is not objected within 10 days</p></li><li><p><strong>A</strong>dmitted in court</p></li><li><p><strong>P</strong>erformed to the extent that performance has been accepted</p></li></ul></li></ul><p></p>

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Common Law vs. UCC Sales Article

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Express Warranty

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Risk of Loss & Title

Title can pass at time & place parties agree, but first goods must be identified in contract
No agreement → passes when delivery requirements met (if any)
- Time of delivery can vary depending on FOB shipping or destination
If buyer rejects goods (whether right or wrong) → title reverts to seller
- If nonconforming goods sent, risk of loss remains with seller

<ul><li><p><span style="background-color: transparent;">Title can pass at time & place parties agree, but first goods must be identified in contract </span></p></li><li><p><span style="background-color: transparent;">No agreement → passes when delivery requirements met (if any)</span></p><ul><li><p><span style="background-color: transparent;">Time of delivery can vary depending on FOB shipping or destination</span></p></li></ul></li><li><p><span style="background-color: transparent;">If buyer rejects goods (whether right or wrong) → title reverts to seller</span></p><ul><li><p><span style="background-color: transparent;">If nonconforming goods sent, risk of loss remains with seller</span></p></li></ul></li></ul><p></p>

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Warranties

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Liquidated Damages

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Key Fiduciary Duties of an Agent

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Actual vs. Apparent Authority

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BIDLID

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Undisclosed Principals

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Liability of Principal for Agent’s Torts

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Sureties & Cosureties

Cosureties: have the right to contribution

Sureties: Rights Against Principal Debtor

Before: Exoneration (suit to compel payment)
After:
- Subrogation (Enforcement of Creditor’s Right Against Principal)
- Reimbursement (Suit Against Principal After Payment)

<p><strong><em>Cosureties</em></strong><em>: </em>have the right to contribution</p><p><strong><em>Sureties:</em></strong><em> Rights Against Principal Debtor</em></p><ul><li><p><u>Before:</u> Exoneration (suit to compel payment)</p></li><li><p><u>After:</u></p><ul><li><p>Subrogation (Enforcement of Creditor’s Right Against Principal)</p></li><li><p>Reimbursement (Suit Against Principal After Payment)</p></li></ul></li></ul><p></p>

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Defenses of Surety

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Judicial Liens or Garnishment

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Secured Interest TBS

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Entity Attributes

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Bankruptcy Cases

Chapter 7 —> cannot be RIBS (Railroads, Insurance companies/ small business investment companies, Banks, Savings Institutions)

Chapter 11 —> cannot be BIBS (B: Brokers)

Trustee required for Chapter 7 & 13, MAY be appointed for 11
7 & 11
- need not be insolvent to file
- Spouses may file jointly to avoid duplicate fees
- INVOLUNTARY: farmers & charities are inelegible
  - Who must join petition:
    - Fewer than 12 creditors: one or more owed $21,050
    - 12 or more creditors: 3 owed $21,050
- Property of Bankruptcy Estate (DIII)
  - Divorce related property received by debtor
  - Income generated from estate property received within 180 days after the filing of the petition for relief
    - Rent
    - Dividends
    - Interest Income
  - Inheritance
  - Insurance
- Leases of property may:
  - be assumed and retained by trustee
  - assumed and assigned to another
  - rejected by the trustee

<p>Chapter 7 —> cannot be RIBS (Railroads, Insurance companies/ small business investment companies, Banks, Savings Institutions)</p><p>Chapter 11 —> cannot be BIBS (B: Brokers)</p><p></p><ul><li><p>Trustee required for Chapter 7 & 13, MAY be appointed for 11</p></li><li><p>7 & 11</p><ul><li><p>need not be insolvent to file</p></li><li><p>Spouses may file jointly to avoid duplicate fees</p></li><li><p>INVOLUNTARY: farmers & charities are inelegible</p><ul><li><p><u>Who must join petition:</u></p><ul><li><p>Fewer than 12 creditors: one or more owed $21,050</p></li><li><p>12 or more creditors: 3 owed $21,050</p></li></ul></li></ul></li><li><p><strong>Property of Bankruptcy Estate (DIII)</strong></p><ul><li><p><strong>D</strong>ivorce related property received by debtor</p></li><li><p><strong>I</strong>ncome generated from estate property received within 180 days after the filing of the petition for relief</p><ul><li><p>Rent</p></li><li><p>Dividends</p></li><li><p>Interest Income</p></li></ul></li><li><p><strong>I</strong>nheritance</p></li><li><p><strong>I</strong>nsurance </p></li></ul></li><li><p>Leases of property may:</p><ul><li><p>be assumed and retained by trustee</p></li><li><p>assumed and assigned to another</p></li><li><p>rejected by the trustee</p></li></ul></li></ul></li></ul><p></p>

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Means Test

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Exceptions to Discharge

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Distribution of Debtor’s Estate

Secured Claimants —> Priority Claimants (SAG WEG CTI) —> General Creditors who filed claims on time

<p><em>Secured Claimants —> Priority Claimants </em><strong><em>(SAG WEG CTI)</em></strong><em> —> General Creditors who filed claims on time</em></p>

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FICA

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FUTA