Business Law FINAL Part 2

Comparative negligence

A doctrine that reduces a plaintiff's recovery by the percentage of fault attributed to them.

Contributory negligence

A legal defense that bars the plaintiff from recovering any damages if they are even slightly at fault.

Libel

Written defamation that harms a person's reputation.

Puffery

Sales talk or exaggerated claims that are not legally binding promises or facts.

Slander

Spoken defamation that harms a person's reputation.

Offeree

The person to whom an offer is made.

Offeror

The person who makes an offer.

Product liability

Legal responsibility of a manufacturer or seller for producing or selling a faulty product.

Quasi contract

A legal fiction created by courts to prevent unjust enrichment when no actual contract exists.

Unilateral contract

A contract where one party makes a promise in exchange for the other party's performance.

Strict liability

Liability without fault, typically applied in cases involving abnormally dangerous activities or defective products.

Statute of limitations

A law setting the maximum time period to initiate legal proceedings.

Tortfeasor

A person who commits a tort (civil wrong).

Contract law intent determination

Determined by an objective theory of contracts, not subjective intent.

Types of damages in tort cases

Compensatory, punitive, and nominal damages.

Elements of a valid contract

Offer, acceptance, consideration, legal capacity, and legal purpose.

Standard of care for professionals

The skill and care that a reasonably competent professional in the same field would use.

Promisor vs. promisee

Promisor makes the promise; promisee is the person to whom the promise is made.

Executed vs. executory contract

Executed is fully performed; executory is not yet fully performed.

Express vs. implied contracts

Express contracts are clearly stated; implied contracts are formed by conduct.

Defamation

False statements that damage a person's reputation.

Fraud vs. negligence vs. puffery

Fraud is intentional deceit; negligence is carelessness; puffery is harmless exaggeration.

Trespassing

Entering or remaining on land without permission.

Categories of product defects

Design defects, manufacturing defects, and marketing defects (inadequate warnings).

Assault

An intentional act that creates a reasonable fear of imminent harmful or offensive contact.

Appropriation

Use of another's name, likeness, or identity without permission for commercial purposes.

Elements of a negligence claim

Duty, breach, causation (actual and proximate), and damages.

Good Samaritan statute

Protects people who aid others in emergencies from liability for ordinary negligence.