Business Law I James Jung (363183) Tort (A Wrongful act causing harm to the person or property of another) Intentional

al Tort o Battery/ Assault/ Trespass o Nuisance () Public (High way)- interference with the lawful use of public amenities Private (House noise) o False imprisonment/ false arrest- unlawfully restraining another person o Malicious prosecution- causing a person to be prosecuted for a crime without an honest belief that the crime was committed. o Defamation (libel, slander)- making an untrue statement that causes injury to the reputation of another person Defense Absolute privilege: complete immunity from liability for defamation (ex. Court, parliamentary debate) Qualified privilege: statement was made in good faith (ex. Survey for employer or bank manager. o Fraudulent misrepresentation: intentional tort imposing liability for an incorrect statement made knowingly with the intention of causing injury to another Five requirements for proving negligent misrepresentation There must be a duty of care based on a special relationship The representation in question must be untrue, inaccurate, or misleading The representor must have acted negligently Representee must have relied The reliance must damage the representee Unintentional Tort (Negligence) o Negligence (the careless causing of injury to the person or property of another) Duty of Care: a relationship so close that one must take reasonable steps to avoid causing harm to the other (foreseeable?) Standard of Care: the level of care that a person must take in the circumstances Causation: injury resulting from the breach of the standard of care Defense to negligence Remoteness (unrelated or far removed from the conduct) Contributory Negligence (a partial defense to a negligence action when the plaintiffs conduct also contributed to the injury) Mitigate (duty to act reasonably and quickly to minimize the extent of damage suffered) Voluntary Assumption of risk (the plantiff was aware of the risk and continued with the activity) o Negligent misrepresentation (Standard of Care): unintentional tort imposing liability when an incorrect statement is made without due care for its accuracy, and injury caused. o Ommision (Standard of Care) o Product Liability- Tort imposing liability on manufacturers for harm caused by defective products o Occupier Liability- a tort imposing liability on occupants of land for harm suffered by visitors to the property o Vicarious Liability- The liability of an employer to compensate for torts committed by an employee during the course of his or her employment o Duty to warn o Third party liability: liability to some other person who stands outside a contractual relationship

Business Law I

James Jung (363183)

Fiduciary Duty (A duty imposed on a person who stands in a special relation of trust to another Fiduciary Duty Arises o Unilateral exercise of discretion o Ability to abuse the discretion o Conflict of Interest: A situation where a duty is owed to a client whose interests conflict with the interests of the professional, another client, or another person to whom a duty is owed. Any conflict of interest: requires client to grant informed consent, or requires professional to withdraw does not require negligence The Breach of Contract (a set of promises that the law will enforce) o Four basic requirements to form a legally enforceable contract Offer Acceptance Consideration Intention o Option: a contract to keep an offer open for a specified time in return for a sum of money Gratuitous promise: a promise made without bargaining for or accepting anything in return- not enforceable o Does not binding a contract o No legal remedy for broken promise But there is a remedy and binding contract, it is under o Seal (a covenant (serious promise) recorded in a document containing a wax seal, showing that the covenantor (one who make a covenant) adopted the document as his act and deed) Equitable estoppel (The courts exercise of its equitable jurisdiction to estop a promisor from claiming that she was not bound by her gratuitous promise where reliance on that promise caused injury to the promise. The courts may exercise equity to stop the promisor from claiming I am not bound because the promise was gratuitous.) the parties have a pre-existing legal relationship the promisee relies in good faith on the promisors gratuitous promise to relieve their contractual obligation, and the promisee suffers hardship as a consequence of their reliance, Transfer of Ownership