1. Business Law - Week 3 Class Agenda Other information: Good Samaritan Law | International Law Review Week 2 Case Study Break Discussion: Contracts continued Quiz Homework

2. Business Law - Week 3 Good Samaritan Law Sometimes called “imminent-peril doctrine” or “sudden emergency” Does not require action Protects the good samaritan Areas of Gray Los Angeles case

3. Business Law - Week 3 International Law (chapter 8) Export/Import tariffs and restrictions Dumping duties GATT WTO Foreign Corrupt Practices Act

4. Business Law - Week 3 Week 2 - key learnings Contract 4 Elements of a contract Judicial restraing vs judicial activism Promissory estoppel Quasi contract UCC Bilateral vs Unilateral contract Advertisements NOT contract offer Counteroffer | Mirror image rule

5. Business Law - Week 3 Week 3 Case studies Linn, Kimmi, Cecelia

6. Business Law - Week 3 Chapter 10 continued No contract if offer is not definite Exception = UCC (reasonable price, fair market value) Mirror image rule – any change constitutes a counter offer Exception = UCC (new terms, additional terms may be added but contradictory terms rule each other out

7. Business Law - Week 3 Clickwraps and Shrinkwraps (page 148/149) What do you think?

8. Business Law - Week 3 Chapter 11 - Consideration What is consideration?  Both sides have to do/offer something/bargaining  It must be definite  Cannot be illusory  Cannot be something already obligated to do  It cannot happen in the past

9. Business Law - Week 3 Chapter 11 - Consideration The “thing” bargained for could be:  Action or refrain from action Hamer vs Sidway Can benefit promisor OR be detriment to promisee

10. Business Law - Week 3 Requirements contract and Output contracts RC = agreement to buy all of a needed supply from a particular vendor - not quantified OC = agreement to sell all of certain stock to a particular business - not quantified Common Law; RC & OC not enforceable No definiteness - no consideration UCC: enforceable for sales of goods

11. Business Law - Week 3 Exceptions to contracts  Promissory Estoppels NEVER count on Additional Work Agreement to work above and beyond what is already promised Unforeseen Circumstances Modifications Must be agreed upon by both parties in writing UCC – allows agreement modifications to a contract sometimes without consideration, in writing or oral.

12. Business Law - Week 3 Liquidated and Unliquidated debt Liquidated debt vs Unliquidated debt  LD – no dispute about amount owned o Creditor agrees to take less money – not binding  UD – dispute whether money owed and /or how much Parties can agree to less than creditor claims and the agreement is binding -- Known as “Accord & Satisfaction”

13. Business Law - Week 3 Chapter 12 - Legality A contract must be based on “legal” actions Gambling Insurance Licensing Statutes Usury

14. Business Law - Week 3 Chapter 12 - Legality A contract must be based on “legal” actions Non-Compete Agreements Exculpatory Clauses Unconscionable contracts Adhesion contracts “take it or leave it”

15. Business Law - Week 3 Quiz: Individual & Group

16. Business Law - Week 3 Chapter 13: Capacity and consent Minors Mentally impaired Fraud & Misrepresentation Mistake Undue Influence

17. Business Law - Week 3 Chapter 14: Written Contracts Statute of frauds requires certain contracts in writing: Interest in land Anything that must take more than 1 year to fulfill To pay debt of another As executor of an estate -- if using own money to pay Sale of goods over $500 (UCC) In consideration of marriage

18. Business Law - Week 3 Chapter 14: Written Contracts Must be signed by defendant Must name each party Clearly explain all terms of contract

19. Business Law - Week 3 Chapter 14: Written Contracts Parol Evidence: anything said, done, written prior to or during the signing of a contract Parol evidence irrelevant unless contract is ambiguous

20. Business Law - Week 3 Homework Read chapter 2, 16-17 Quiz next week: (chapters 2, 16, 17) Topic next week: Introduction to Ethics