Business Law Test 3

Disaffirmance

getting out of a contract as a minor, except for contracts that deal with marriage, military, and necessities

Speedy Trial

guaranteed under the 6th amendment

Click-on Agreements

indicates acceptance of an offer online

Consideration

legally sufficient value given in return (bargained-for-exchange) for a promise that separate contracts from gifts

Ratification

minors can accept/ give legal force to an obligation that previously was not enforceable when they become 18, or receive an entire refund

Legally sufficient value

must be something in the eyes of the law for consideration

Bargained-for-exchange

must provide the basis for the bargain struck with the contracting parties for consideration

Counteroffer

offer made by the buyer which kills the previous contract

Undue influence

one party greatly influences another party by dominating the party's free will

Offeree

person to whom the offer is going to

Offeror

person who makes an offer

Contract offers

promise/commitment to perform an act that needs to be serious, with reasonably certain terms, and communicated to the offeree

Burden of Proof in a Criminal Case

proof is beyond a reasonable doubt where the verdict is unanimous

Larceny

property crime of stealing someone else's personal belongings without instigating fear to permanently deprive the owner of possession

Miranda Rights

read when someone is arrested to inform them of their 5th amendment rights of due process of law, double jeopardy, and self-incrimination

Probable Cause

reasonable grounds for believing that a search or seizure should be warranted/conducted

Promissory Estoppel

serves as a remedy where a person who has reasonably/substantially relied on the promise of another can obtain some measure of remedy

Computer Hacking

someone who uses an electronic device to break into another with the use of botnets

Embezzlement

stealing money from a company

Auctions

the bidder is the offeror and the auctioneer is the offeree, and the offer is accepted when the auctioneer striker the hammer

Duress

threats to force a party into a contract

Petty Offense

traffic/building violation that results in no jail time

Robbery

violent crime of stealing because it instigates fear

Statute of Frauds

writing requirement for certain contracts such as land, over one-year, collateral promises, promises made before marriage, and contracts for the sale of goods over $500

Crimes

wrongs against society proclaimed in a statute and, if committed, punishable by society through fines and/or imprisonment

Acceptance of contract terms

2nd requirement of agreement in which it is a voluntary act by the offeree

Misdemeanor

< 1 year of prison and/or fines

Felony

>1 year of prison

Computer Fraud and Abuse Act

a person who accesses a computer online, without authority, to obtain classified, restricted, or protected data is subject to criminal prosecution

Shrink-wrap agreements

agreement terms are located within the packaged box of goods once it is opened by the buyer and can't be returned

Preliminary agreements

agreement that is signed before the execution of a formal contract

Implied contract

already known what is to be promised/performed, unstated

Illusory promises

an uncertain promise that lacks consideration for a contract

Malware

any program that is harmful to a computer or its user

Intoxication and enforceability of contracts

can be voidable or valid depending if the intoxicated person had or lacked mental capacity and remembered the contract/offer

Mistake of fact

can excuse criminal responsibility if it negates the mental state necessary to commit a crime, simply unaware

Usury laws

charging an illegal rate of interest making it a voided contract as it fails the legality requirement

Emancipated

contract for a minor that frees them from parental control

Phishing

distinct form of identity theft to fish for financial data/passwords