3 Types of Corporations: S(pass through and corp. pays no taxes), C(, P
• Limited Liability
1. Theory of Law: Tort (Civil/Criminal)
Civil - monetary
Criminal - state enforcement of statute
Merchant vs. Non-Merchant
Jurisdiction: State
Diversity of Citizenship
Court System (Federal or State)
Tort
1. Intentional
• Assault
• Battery
• Slander
• False Imprisonment
• Defamation
2. Negligence
• Duty
• Breach of Duty
• Proximate Causation
• Damages
3. Strict Liability
Contract - a civil action between two parties (a promise for a promise)
1. Common Law (real estate and services)
2. Statutory
3. Adhesion (one-sided contract, one person has more leverage)
Conditions
1. Concurrent
2. Precedent
3. Subsequent
Elements
1. Offer (a serious intent to engage in a contract)
2. Acceptance (have to accept the offer in the mirror image it was offered “mirror image rule”)
3. Consideration (bargain of exchange “both parties must receive something”)
4. Competency
5. Legal Purpose
• Limited Liability
1. Theory of Law: Tort (Civil/Criminal)
Civil - monetary
Criminal - state enforcement of statute
Merchant vs. Non-Merchant
Jurisdiction: State
Diversity of Citizenship
Court System (Federal or State)
Tort
1. Intentional
• Assault
• Battery
• Slander
• False Imprisonment
• Defamation
2. Negligence
• Duty
• Breach of Duty
• Proximate Causation
• Damages
3. Strict Liability
Contract - a civil action between two parties (a promise for a promise)
1. Common Law (real estate and services)
2. Statutory
3. Adhesion (one-sided contract, one person has more leverage)
Conditions
1. Concurrent
2. Precedent
3. Subsequent
Elements
1. Offer (a serious intent to engage in a contract)
2. Acceptance (have to accept the offer in the mirror image it was offered “mirror image rule”)
3. Consideration (bargain of exchange “both parties must receive something”)
4. Competency
5. Legal Purpose
