Learn: Business Law Torts, Contracts, Real Estate & Intellectual Property

Defamation

Harming someone's reputation; libel is written defamation and slander is spoken defamation.

Intentional Infliction of Emotional Distress

Extreme and outrageous conduct causing severe emotional distress.

False Imprisonment

Keeping someone against their will; does not have to be physical.

Invasion of Privacy

Intrusion or misuse of someone's private information.

Fraud

Intentional misrepresentation of an important material fact causing detriment.

Conversion

Civil theft; converting someone else's property to your own.

Trespass to Chattel

Temporary interference with someone's property without intent to keep it.

Negligence

Duty, breach, causation, damages.

Comparative Negligence

Plaintiff's damages reduced because they were also negligent.

Assumption of the Risk

Plaintiff knowingly undertakes a risky activity.

Intentional Tort

A tort committed on purpose, such as assault, battery, or fraud.

Unintentional Tort

Negligence.

Good Samaritan Laws

Protect people who try to help injured individuals from being sued.

Strict Liability

Liability without fault; applies to dangerous activities and dangerous animals.

Damages Available in a Tort Case

Medical expenses, future medical expenses, loss of enjoyment of life, loss of work, pain and suffering.

Civil Assault

Threat of violence.

Civil Battery

Unlawful application of force without consent.

Executory Contract

A contract performed over time, such as a lease.

Executed Contract

A fully completed contract; both sides have performed.

Elements of a Contract

Offer, acceptance, mutual assent, consideration, competent parties, legality.

Void Contract

Cannot be enforced; includes duress, fraud, under the influence.

Voidable Contract

One party may cancel; includes minors and mental incompetence.

Enforceable Contract

Meets all contract requirements.

How to Terminate an Offer

Revocation, rejection, counteroffer, lapse of time, death.

Listing Agent

Real estate agent representing a seller.

Foreclosure

Lender takes property due to unpaid mortgage.

Promissory Note

Borrower's written promise to repay a loan.

Mortgage

Lien on real property securing a loan.

Deed of Trust

Third party holds title until loan is repaid.

Bilateral Contract

Promise for a promise.

Unilateral Contract

Promise for an action.

Formal Contract

Contract requiring a specific legal form.

Informal Contract

Any contract not requiring a special form.

Duress

Signing under duress makes a contract void.

Undue Influence

Unfair persuasion making a contract voidable.

Fraud in a Contract

Fraud makes a contract void.

Mutual Mistake

Both parties misunderstand; either party may walk away.

Unilateral Mistake

One party mistaken; contract usually stands.

Exculpatory Clause

Illegal waiver of liability; against public policy.

Express Contract

Spoken or written agreement.

Implied Contract

Agreement formed through actions or body language.

UCC

Governs sale of goods.

State Common Law

Governs services, real estate, employment.

Promisor

Person making the promise.

Promisee

Person receiving the promise.

Offeror

Person making the offer.

Offeree

Person receiving the offer.

Unconscionable Contract

Extremely unfair contract; unenforceable.

Statute of Frauds

Contracts over $500, over one year, or debts over $5000 must be written.

Parole Evidence Rule

Anything not included in the written contract will not be considered.

Specific Performance

Court orders the actual performance of the contract.

Remedies for Breach of Contract

Compensatory damages and specific performance.

Trade Dress

Overall appearance of a product or business: color patterns, logo, setup, merchandise organization.

Copyright Infringement

Unauthorized use of copyrighted work; owner receives profits made off their property.

Piracy

Illegal copying or distribution of copyrighted material.

Trademark

Words, symbols, or phrases identifying a product; good for 10 years and renewable.

© Symbol

Indicates copyrighted material.

™ Symbol

Indicates a filed trademark application.

® Symbol

Indicates a fully registered trademark.

Patent and Trademark Office

Federal office that registers patents and trademarks.

Patent

Protects inventions; good for 20 years; includes utility, design, and plant patents.

Logo

Trademarked design identifying a business; good for 10 years and renewable.

Copyright

Protects creative works; lasts life of author + 70 years.

Fair Use Doctrine

Allows limited use of copyrighted material if not for profit.

Trade Secrets

Recipes, client lists; last as long as they remain secret.

Real Property

Land and buildings.

Personal Property

Everything else, including intellectual property.

Service Mark

Identifies and distinguishes the source of a service provided by a single business or individual.

Collective Mark

Owned by an organization or association; used by members to indicate group membership or that their goods/services meet group standards.