An employee who exceeds his authority under his employment agreement may still bind his principle if the employee has the apparent authority to do so to the third party.
To avoid liability for patent infringement, a software developer who uses another’s software in creating new software need not obtain a license to do so.
To be legally enforceable a contract is formed by two or more parties who promise to perform or to refrain from performing some act now or in the future and is enforceable in a court of law.
A unilateral contract is formed when the one receiving the offer responds in the same manner as the offer to accept.
Under the doctrine of unjust enrichment, people can normally be forced to pay for benefits that are thrust upon them, but never used.
A sole proprietor may incorporate their business.
Any promise made with respect to a past event is enforceable because the event is certain and it has already occurred.
TF In general a court of law will not question the adequacy of consideration if the consideration is legally sufficient.
All contracts must be in writing.
A general contractor who knows that a subcontractor’s bid is a mistake can still enforce the bid.
An advertisement is a binding offer that may be accepted by a customer of a vendor.
If the subject matter of a contract turns out to be more valuable that one of the parties believed to would be, the party can rescind the contract.
If two parties decide to operate a business as a partnership, they must always share the profits and losses equally.
A corporate officer who has a financial interest in a competing company has not breached their fiduciary duties to their corporation.
The parol evidence rule permits the introduction at trial of evidence of the parties’ prior negotiation even if they differ from the terms of the party’s written agreement.
When the terms of a written agreement are clear, and there is fraud or deceit, the parol evidence rule bars oral evidence that contradicts those terms.
An assignee of a right to receive money acquires any rights to the money held by the assignor.
Banks may assign their loan contracts to other firms.
The rights under a contract for personal services, if the services are unique, normally can be assigned.
With some exceptions, a party may delegate freely his or her duties under a contract.
A condition that must occur before a party’s performance can be required is called a condition precedent.
In the event of a material breach of contract, the non-breaching party is excused from further performance of his or her contractual duties and has a cause of action to sue
An agreement to agree on a contract is not binding.
Puffery, or sales talk, is fraud.
bilateral contract is the same as a quasi-contract.
A unilateral contract means that the offeree need not do anything in order to be bound by an offer.
An assault may be committed when a person acts in a way so as to create an apprehension of receiving offensive conduct.
The statute of frauds requires an agreement to be in writing when it involves a lease for property for a six month period.
Partners in a limited partnership have the same potential liability as partners in a general partnership.
Shareholders are charged with running the day to day business of a corporation.
In Florida a minor who obtains medical treatment is not legally obligated to pay for the said lodging.
If you are taking a business law course and want to copy material from your text book to sell to your classmate who lost their book right before the final exam, you do not need not obtain the author’s permission first.
When a party delegates their duties to a third party, they are thereafter released from liability.
Trade secrets include anything that makes an individual company unique and would have value to the competitor.
In a quasi contract it is not always necessary to specify the price or time of delivery if there are other means to determine the price and time of delivery.
The use of force or intimidation is necessary for an act of theft to be considered a theft.
The unauthorized use of computer data or services is robbery.
A person who accesses a computer online, without the permission of the owner to obtain protected data is subject to criminal prosecution.