Law powerpoint team 10 final
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This document summarizes key points about capacity to enter into contracts from a business law jeopardy game. It discusses that capacity refers to one's ability to understand an agreement; that minors can enter contracts for necessities like clothing; and that both parties must have capacity for a valid contract. It also notes that minors can disaffirm contracts during minority, but ratify them after reaching majority age.
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This document discusses several key concepts regarding contract capacity and validity, including:
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Recommended
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This document discusses several key concepts regarding contract capacity and validity, including:
1) Minors can disaffirm (void) contracts, with exceptions for necessities and misrepresentation of age. Intoxicated persons may lack capacity depending on impairment level.
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- Minors, mentally incapacitated, and intoxicated persons may lack contractual capacity and can disaffirm contracts made while under those conditions.
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This document summarizes key points from a business law textbook about contractual capacity and the ability to disaffirm contracts. It discusses who has contractual capacity, such as minors, intoxicated or mentally incapacitated individuals. Minors can disaffirm non-necessary contracts both during and after reaching the age of majority. There are exceptions where contracts cannot be disaffirmed, like court-approved contracts, marriages, and work contracts. The document also addresses the consequences of misrepresenting one's age when entering a contract.
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_____
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Book:- https://amzn.to/3rbSM2F..
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2. "Despair = Suffering - Meaning" - This equation suggests that despair arises when we are suffering but cannot find any meaning in our suffering. Finding purpose and meaning can help us move out of despair.
3. "Anxiety = Uncertainty x Powerlessness" - This equation suggests that anxiety arises when we feel uncertain about a situation and powerless to control it. Recognizing and addressing our feelings of powerlessness can help reduce anxiety.
4. "Disappointment = Expectations - Reality" - This equation suggests that disappointment arises when our expectations do not match up with reality. Adjusting our expectations or finding ways to change our reality can help reduce disappointment.
5. "Envy = Despair + Resignation" - This equation suggests that envy arises when we feel both despair and resignation about our own situation, while simultaneously coveting what others have. Practicing gratitude and finding ways to improve our own situation can help reduce envy.
6. "Authenticity = Self-Awareness x Courage" - This equation suggests that authenticity arises when we are both self-aware and courageous enough to express our true selves. Developing self-awareness and cultivating courage can help us live more authentically.
7. "Happiness = Wanting What You Have / Having What You Want" - This equation suggests that happiness arises when we either want what we already have or have what we want. Cultivating gratitude and finding ways to attain our desires can help increase happiness.
8. "Hope = Belief / Doubt" - This equation suggests that hope arises when our belief in a positive outcome outweighs our doubt. Focusing on positive outcomes and cultivating a hopeful mindset can help increase hope.
Thanks for reading
Keep following👉Martha Kay
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1) Contractual capacity refers to the legal ability to enter into a contract. Minors generally have the right to disaffirm contracts, but there are exceptions such as for necessaries.
2) For a contract to be valid, it cannot require illegal, tortious, or against public policy acts. Examples of illegal contracts include those related to usury, gambling, or discrimination.
3) Unconscionable contracts or clauses, as well as contracts in unreasonable restraint of trade can be considered void as against public policy. There are some exceptions such as covenants not to compete in sale of a business.
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(Week 10)
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1
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Ensure that you check the announcements on [email protected] ([email protected]) and your marks in My Marks.
You should now have your Mid-Semester Exam marks available in My Marks. If you want genuine feedback (not simply checking your grade as they have been scanned), you can see your exam papers this week during the times provided on [email protected] course site. A time will also be made available for the Deferred Mid-Semester Exams when we have received them back from scanning.
A notice about the time, date & place of the Deferred Mid-Semester Exam is now available on the course website.
IF you want to do well on the FINAL EXAM, in addition to making a genuine effort on the ASSIGNMENT continue practising your ILACs before you attend your seminars, add a few notes to your answers, download the seminar slides and try to attempt the answer again on your own. If you did not have a satisfactory answer, see your tutor in consultation and bring along your ILAC homework attempts. This is the most effective way to prepare for the Final Exam.
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Summary
The essential characteristics of a ‘company’ and why they are important.
The different types of business structures available, in particular companies, and when can they be used to meet the needs of business & society.
The main duties imposed upon the directors of a company.
The concepts of insolvency and insider trading.
The way companies can be wound-up.
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3
3
Business Structures
BUSINESS
STRUCTURES
Sole
Trader
Partnership
Joint
Venture
Incorporated
Associations
Trust
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Proprietary
Company
Public
Company
Large
Small
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- Necessary items like food and shelter must still be paid for reasonably even if the contract is disaffirmed.
- Contracts can be disaffirmed within a reasonable time after gaining capacity, unless ratified by confirming the contract or acting in a way that shows intent to be bound.
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𝟏𝟎 𝐥𝐞𝐬𝐬𝐨𝐧𝐬 𝐥𝐞𝐚𝐫𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐛𝐨𝐨𝐤
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1.The Power of Belief:
_______
The book emphasizes that your beliefs shape your actions and outcomes. Having a strong belief in your abilities and your goals can drive you towards success.
2.Positive Self-Talk:
_____
The authors stress the importance of using positive affirmations and self-talk to overcome self-doubt and build self-confidence.
3. Visualization:
____
The book encourages readers to visualize their goals and desired outcomes. Visualizing success can help in creating a clear mental image of what you want to achieve.
4. Setting Clear Goals:
___
Setting specific, measurable, achievable, relevant, and time-bound (SMART) goals is essential for focused progress and achievement.
5. Perseverance:
______
The book highlights the need to stay persistent in the face of challenges and setbacks. Believing in your goals and maintaining determination can help you push through difficulties.
6. Taking Action:
_____
Belief alone isn't enough; taking consistent action towards your goals is crucial. The book emphasizes the importance of continuous effort.
7. Surrounding Yourself with Positivity:
_____
Surrounding yourself with supportive and positive influences can help reinforce your beliefs and motivate you to achieve your goals.
8. Mindset Shift:
__
The book advocates for shifting from a fixed mindset to a growth mindset, where you believe that your abilities and intelligence can be developed through dedication and hard work.
9. Overcoming Fear:
______
The authors discuss strategies for overcoming fear and doubt, which often hinder progress. Cultivating courage and facing challenges head-on is essential.
10. Learning and Adaptation:
____
Embracing a mindset of learning from failures and adapting your approach can lead to continuous improvement and eventual success.
Thanks for reading.
@tongsa guy
Book:- https://amzn.to/3rbSM2F..
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Lecture Note
8 lessons from the book "Emotional Equations"
by Chip Conley:
1. "Joy = Love - Fear" - This equation suggests that joy is the result of feeling loved without fear. When we feel loved and secure, we are able to experience joy.
2. "Despair = Suffering - Meaning" - This equation suggests that despair arises when we are suffering but cannot find any meaning in our suffering. Finding purpose and meaning can help us move out of despair.
3. "Anxiety = Uncertainty x Powerlessness" - This equation suggests that anxiety arises when we feel uncertain about a situation and powerless to control it. Recognizing and addressing our feelings of powerlessness can help reduce anxiety.
4. "Disappointment = Expectations - Reality" - This equation suggests that disappointment arises when our expectations do not match up with reality. Adjusting our expectations or finding ways to change our reality can help reduce disappointment.
5. "Envy = Despair + Resignation" - This equation suggests that envy arises when we feel both despair and resignation about our own situation, while simultaneously coveting what others have. Practicing gratitude and finding ways to improve our own situation can help reduce envy.
6. "Authenticity = Self-Awareness x Courage" - This equation suggests that authenticity arises when we are both self-aware and courageous enough to express our true selves. Developing self-awareness and cultivating courage can help us live more authentically.
7. "Happiness = Wanting What You Have / Having What You Want" - This equation suggests that happiness arises when we either want what we already have or have what we want. Cultivating gratitude and finding ways to attain our desires can help increase happiness.
8. "Hope = Belief / Doubt" - This equation suggests that hope arises when our belief in a positive outcome outweighs our doubt. Focusing on positive outcomes and cultivating a hopeful mindset can help increase hope.
Thanks for reading
Keep following👉Martha Kay
Contracts capacity business law
1) Contractual capacity refers to the legal ability to enter into a contract. Minors generally have the right to disaffirm contracts, but there are exceptions such as for necessaries.
2) For a contract to be valid, it cannot require illegal, tortious, or against public policy acts. Examples of illegal contracts include those related to usury, gambling, or discrimination.
3) Unconscionable contracts or clauses, as well as contracts in unreasonable restraint of trade can be considered void as against public policy. There are some exceptions such as covenants not to compete in sale of a business.
indian contract act
The document summarizes key aspects of contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The essential elements of a valid contract are offer and acceptance, lawful consideration, capacity of parties to contract, lawful object, and free consent. A contract can be discharged through performance, mutual consent, lapse of time, operation of law, impossibility of performance or breach. In case of breach, the aggrieved party may seek remedies like rescission, damages, specific performance, quantum meruit or injunction.
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Running head LEGAL UNDERPINNINGS .docx
Running head: LEGAL UNDERPINNINGS 1
LEGAL UNDERPINNINGS 2
Legal Underpinnings of Business Law
Law suits can cause an organization a great deal of money, time, and stress. The costs associated with defending an organization can be very high in spite of innocence or guilt, or in the ability to win the case posed against them. This paper will compare and contrast my personal liability exposure in a breach of contract lawsuit in a variety of different organizational structures, as well as, how best to limit this liability exposure within each particular business organizational form.
Tinker’s Home Security Service (sole proprietorship)
Tinker &Tailor’s Home Security Service (general partnership)
Tinker & Tailor’s Home Security Service (LP)
Tinker & Tailor’s Home Security Service, Inc. (corporation)
Tinker & Tailor’s Home Security Service, LLC (LLC)
Personally Liable for breach of contract and all of my assets, personal and business are subject to the lawsuit
Split liability with partner for breach of contract and all assets of my partner and self, business and personal are subject to the lawsuit
If I were the “limited partner, than I would have limited liability only to the value of my investment, and the general partners alone are subject to claims, or the lawsuit against the partnership.
Limited liability to me personally. Liability is in shares of stock and personal assets are not included
Limited liability to me, personal
assets would not be subject to the lawsuit
Although there are pros and cons to all of the above scenarios, the LLC is the preferred form to limit liability for most businesses. To limit liability in each of the proposed business forms: a sole owner, partnership or group of partners should form a Limited Liability Company (LLC), as then only the business assets are at stake, and not the personal assets of owners, (Finch, 2012). A company can also purchase liability insurance to further protect the company from the mistakes of its employees and/or owners.
Low interest rates and properties selling far below the assessed value of just a few years ago have sparked interest in buying and investing in a property management company. Before analyzing which business type is best for a particular business, one should contact a trusted accountant or attorney for advice, (Seaquist, G., & Coulter, K., 2012). LLC’s owners are called members and are regulated at the state level; these organizations are gaining in popularity and would be of interest in this type of organization.
“LLC interests may wisely be transferred to family and revocable trusts, trusts alone do not offer the asset protection of an LLC. A LLC can limit the owners' exposure to lawsuits by vacation home users and creditors (limited liability). A LLC can impose transfer restrict ...
1Legal Issues for Managers 2007GIRLecture 9(Week 10)M.docx
1
Legal Issues for Managers: 2007GIR
Lecture 9
(Week 10)
Module 3 (Part 2):
The Law of Business Associations
Law of Agency &
Law of Partnership
1
Administration
Ensure that you check the announcements on [email protected] ([email protected]) and your marks in My Marks.
You should now have your Mid-Semester Exam marks available in My Marks. If you want genuine feedback (not simply checking your grade as they have been scanned), you can see your exam papers this week during the times provided on [email protected] course site. A time will also be made available for the Deferred Mid-Semester Exams when we have received them back from scanning.
A notice about the time, date & place of the Deferred Mid-Semester Exam is now available on the course website.
IF you want to do well on the FINAL EXAM, in addition to making a genuine effort on the ASSIGNMENT continue practising your ILACs before you attend your seminars, add a few notes to your answers, download the seminar slides and try to attempt the answer again on your own. If you did not have a satisfactory answer, see your tutor in consultation and bring along your ILAC homework attempts. This is the most effective way to prepare for the Final Exam.
2
2
Recap of Last Week
The Law of Companies/Corporations
Summary
The essential characteristics of a ‘company’ and why they are important.
The different types of business structures available, in particular companies, and when can they be used to meet the needs of business & society.
The main duties imposed upon the directors of a company.
The concepts of insolvency and insider trading.
The way companies can be wound-up.
Quick Question:
The Corporations Act 2001 (Cth) prohibits trading in shares with the advantage of information that is not publicly available. This offence is also known as …………………………… and is prohibited by section ..........
3
3
Business Structures
BUSINESS
STRUCTURES
Sole
Trader
Partnership
Joint
Venture
Incorporated
Associations
Trust
Company
Proprietary
Company
Public
Company
Large
Small
4
Seek the advice of a good accountant & lawyer when considering what form of business structure you may want to set-up. The main consideration should be liability – Not taxation. Thus, this message applies to today’s lecture and next weeks! Strategic planning is the key to business success.
44% of businesses fail in the first 3 years
Failing to plan, is planning to fail!
See separate mind-map on the types of companies in those lecture slides when available
http://www.business.gov.au/business- ...
COMMERCIAL LAW U-2.pptx
This document provides an overview of consideration and capacity to contract under commercial law. It defines consideration as something given in exchange for a promise. The essentials of valid consideration are discussed. Capacity to contract refers to the competence to enter a legally binding agreement and certain persons like minors, those of unsound mind, and those disqualified by law lack capacity. Specific groups lacking capacity such as minors, those of unsound mind, and those disqualified by law are then outlined.
Recoveryof-Dues.pdf
Know Recovery of dues remedies under Laws of India and what are the Pre-Litigation Techniques and more on Recovery to avoid any Outstanding being treated as Bad-Debts
Business law-sanjay dandriyal
Business law deals with the formation and management of businesses, commercial transactions, and protects the rights of shareholders, directors, employees, and consumers. It includes issues related to real estate, taxation, and the environment. Business law encompasses many aspects such as contracts, insurance, corporate regulations, employment, manufacturing, and consumer goods. It is important for business owners and managers to understand business law to operate legally and avoid issues stemming from ignorance of the law. Minors generally do not have the legal capacity to enter into contracts as they are not considered competent to make binding agreements.
Capacity to contract
Capacity to contract refers to the legal ability of a person to enter into a valid and binding contractual agreement. Minors, people of unsound mind, aliens, enemies, foreign sovereigns, insolvents, and convicts generally lack full capacity to contract. Specifically, any agreement made by a minor is considered void, as minors are below the age of 18 and lack contractual competence. A person must possess soundness of mind and rational judgment to understand and evaluate the implications of a contract.
lawyer information
we recognize that the law can appear daunting and intricate. Our primary objective is to bridge the divide between legal professionals and the general public by demystifying complex legal concepts and presenting them in easily understandable language. Whether you're a law student, a practicing attorney, or an individual in search of legal guidance, our blog is tailored to cater to your specific needs.
Bus 502 hania sultana_id_201600017
This document is a student's final assignment submission for a business law and ethics course. It includes responses to three questions about capacity to contract, fraud through concealment, and undue influence. The student provides detailed explanations and examples to support their answers. They discuss the key elements of capacity to contract including age of majority, sound mind, and legal disqualification. For the second question, they explain the difference between active and passive concealment and when silence can constitute fraud. In the third response, they define undue influence and how a person in a position of trust can manipulate a testator's will for their own benefit.
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1Legal Issues for Managers 2007GIRLecture 9(Week 10)M.docx
1Legal Issues for Managers 2007GIRLecture 9(Week 10)M.docx
Law powerpoint team 10 final
- 4. This legal term refers to a person’s ability to understand the nature and effect of an agreement.
- 5. Answer: What is capacity?
- 8. A minor can enter into a contract for necessaries. This is an example of a necessary.
- 9. Answer: What is clothing?
- 12. This requires that both parties possess the capacity to enter into an agreement.
- 13. Answer: What is a contract?
- 16. This is the term for cancellation or rejection of a contract made during one’s minority.
- 17. Answer: What is to disaffirm?
- 20. After a minor reaches majority age, he/she may accept the contract, also known as this.
- 21. Answer: What is ratify?
- 24. A minor would normally be void from entering into a contract except when the contract pertains to these.
- 25. Answer: What are necessaries?
- 28. This mental impairment is sufficient to prevent one from understanding the nature of a contract or the consequences of his/her actions.
- 29. Answer: What is insanity?
- 32. This type of person cannot control his/her appetite for alcohol and therefore lacks capacity.
- 33. Answer: What is a habitual drunkard?
- 34. If an individual enters into a contract while drunk, he/she must do this with the goods received.
- 35. Answer: What is return them to the other party?
- 37. Final Thoughts