1.
What is LAW:
A rule established by authority
A rule established by society
A rule established by Custom
The body or system of such rules
The Control or authority imposed by such system of rules
Way laws are rules made in the proper way for the right reasons
2. Why are laws needed:
• Protection of the individual
• Protection of society
• Protection of property
• Promotion of worthwhile social objectives (S.S. system) (Edu. System
and scholarships) (old people privileges)
3. Roman: (Written Laws).
4. Common: (Unwritten Laws).
5. Legal Systems:
• The Romano – Germanic Civil Law System.
• Anglo – American Common Law System.
• Islamic Law System.
6. Types of Laws:
Private law involves interactions between private citizens.
public law involves interrelations between the state and the
general population.
7. Public Law:
Criminal law
Constitutional law
Administrative law
Procedural law
Tax law
8. Private Law:
Civil law
Law of contract
Law of agency
Law of property
Family law
9. International Business Law:
The body of rules and norms regulates activists carried on outside the
local legal boundaries of nations, in particular, it regulates three
international relationships:
- Between STATES and STATES.
- Between STATES and PERSONS.
- Between PERSONS and PERSONS.
10.Private International Law:
NONCOMMERCIEL:
(Tort, Nationality, Marriage, Divorce and Inheritances).
COMMERCIAL:
(Contract, Sales, Transportation, Money banking, Financing, Antitrust,
Taxation, Practices and securities Regulations).
Contract:
Any voluntary legally binding agreement between two or more parties to
do or not do something.
11.The Elements of Valid contract:
Agreement
Competent Parties
Legal Purpose
Consideration
Agreement:
Agreement between the parties arrived at through “offer” and
“acceptance”.
Reached through a process called offer and acceptance.
Competent Parties:
Parties have the legal and “mental ability” to enter into binding contracts.
Legal Purpose:
Subject matter of contract must not be against the law.
Consideration:
Something of value exchanged by each party.
12.The Offer:
Making an offer (a promise) from the parties.
Must: (the requirements)
- Seriously
- Definite
- Communicated
Seriously:
The offeror must clearly and seriously intend to make an offer to the
offeree
Definite:
An offer that is indefinite- terms such as: (price, subject matter, quantity).
The court will not enforce contract is not clear in the wording.
Communicated:
• The offeree must know that an offer has been made and must know the
terms of the offer.
• If NOT, there can be NO legal acceptance by the OFFEREE.
13.How an offer ends:
• Lapse of time:
1. Means: An offer may not open forever, it may state that it is to
terminate on a particular date or after a certain fixed period,
after which it is no longer capable of acceptance.
2. Example: To file a money suit, the period of limitation is 3 years,
if the creditor fails to suit a file within this time the debtor is
discharged.
• Rejection.
• Counteroffer.
• Death: The death of the recipient of the offer ends the offer. The death
of the bidder ends the offer, unless the offer accepts the offer in
ignorance of the death. The Tenderer cannot accept the Tender upon
receipt of the Service Provider's death.
• Illegality.
14.How Contracts End:
Discharge by Performance
Discharge by Agreement of the parties
Discharge by Operation of LAW
1.Discharge by Performance:
A Contract is usually discharge by performance; that is, the PARTIES
have fulfilled the terms of the agreement as PROMISED
Legal Tender:
- Form of money accepted as lawful payment of debts
Degrees of Performance:
- Full: when both parties do all what they agreed on to do under a
contract.
- Substantial: good faith of but the minors details of a contract.
2.Discharge by Agreement of the parties:
Rescission:
- Rescind to cancel a contract and return parties to the position that that
exited prior to the making of the contract.
Novation:
- Substitution of new party for one of the original parties to a contract.
Accord and satisfaction:
- Accord: agreement to accept performance different from that original
contract.
- Satisfaction: performance of the terms of a new agreement an accord.
*The new agreement called substitute contract*.
3.Discharge by Operation of LAW:
Change the law:
After the contract agreement, it was a LAW is passed after legally
constituted contract is made that will make the performance illegal.
Breach of Contract:
When one party fails to perform the obligations required by a contract.
Remedy: course of action an injured party may take to get satisfaction
for breach of contract.
