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Business Law

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by

Ieva Azanda

on 22 January 2015

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Transcript of Business Law

Business Law
Lecture No. 1
Course Requirements and Topics

Legal Basics

Principles of contracts and damages

Topics
Legal Basics
Principles of Contracts and Tort
B2B contracts
B2C contracts
Property law
Intellectual Property Law (IPR)
Regulatory Law
Employment Law
M&As
Insolvency/Restructuring
Competition and Advertisement Law
Dispute Resolution Methods

Legal Basics
Law as a set of rules
Recognized by the relevant community/society
Binding or recommended
Allowing for sanctions and punishment
Adopted, obeyed, applied and interpreted
Civil Law
Requirements
Attendance and actual participation

Completion of assignments counted towards the final grade
Assignments
3 quizzes out of which 2 counted towards the grade (60 %)

Final exam (40 %)
Domestic Law
Legal system of a particular country
National law
Supranational law
International law that has become a part of the legal system
International law
International public law
International private law
Supranational law / EU law
EU law
EU Treaties as the primary law
Secondary EU law
Regulations
Directives
Decisions
Recommendations
Opinions
Judgments of the CJEU
Institutions
Law-makers
Parliaments / Presidents or both in interaction
Federal entities
International organizations
Supranational body
Executive organs
Government
Body of international / supranational organization
Authorities for Legal Protection and Enforcement
Police
Prosecution Office
Corruption Prevention Authorities
Constitution Protection Bureau
Law Enforcement and Interpretation
Controllers
State control
European Court of Auditors

Law
Hierarchy and Interpretation
Gramatic
Systemic
Historical
Teleological
Compliance of legal norms
Solution in case of collisions
Areas of Law
Civil
Administrative
Criminal
Tax
Regulatory
Environmental
EU law
Energy
M&A
Administrative violations
Insolvency
Constitutional
Competition
Family
Inheritance
Obligations
Obligations / Contracts
Courts of all instances
Quasi-judiciary institutions
Constitutional/Supreme court
CJEU and international courts and tribunals
Persons belonging to the court system
Bailiffs
Notaries
Attorneys-at-law
Commercial law
Company law
Civil law
Commercial Law
CISG
UNIDROIT Conventions
Incoterms
Lando Principles
Main Issues
Sources
Relevant in General
Relevant to Specific Types of Contracts
Equal parties
Material and moral rights
Main principles, interpretation, choice of law
Choice of Law
Property
Place of location
Obligations
Freedom to agree
Place of fulfillment of obligation
Place of conclusion of the agreement
Place where the ground of obligation arises
Engagement
Matrimony and divorce
Material rights of spouses
Based on law
Based on agreement
Paternity
Adoption
Children/parents
Relatives and affinity
Custody over infants/adults/missing persons

Inherited property as separate legal person
Law-based inheritance
Testament based inheritance
Heirs
Inalienable parts
Leaving out of testament
Form of testament
Exclusion from testament
Substitution
Appointment of further heirs
Charity
Legates
Conditions/restrictions of last will
Mutual testaments
Inheritance agreement
Interpretation, enforcement, challenging
Classification of objects
Possession
Ownership
Rights of the owner
Encumbrances
Servitudes
Real burdens
Pledges
Buy-out rights
Expression of will
Defects of will
Form of transaction/contract
Classification of provisions
Transaction/contract elements
Conclusion of contract
Interpretation
Consequences of contract
Withdrawal from contract
Termination of contract
Securing contractual obligations
Types of liability
Assignment and novation

Liability for damages
Liability for violations
Exceptions
Conditions
Types of damages
Calculation, valuation, proof
Moral sufferings
Proposals for Regulation
Obligations / Contracts
Formation
Meeting of the minds (expression of will)

No delusion
inexcusable / excusable / material / non-material

No fraud

No duress or undue influence
Form
Written
upon choice of parties or required by law
Private
Notarized
Oral
Concludent actions
Silence - ?
Signing of document - ?
Elements
Contents
Essential
Natural
Accidental
Conditions
Precedent (postponing)
Subsequent (canceling)
Obligation remains in force if canceling condition does not occur
Terms
more in the interest of party having to fulfill the obligation (debtor)
Contract concluded once parties agree on essential provisions
Interpretation
Meaning of the words
Intention of the parties
Aim that transaction remains in force
In favour of the debtor

Consequences
Obligation to fulfill

Remedies in case of non-fulfillment

Unilateral withdrawal
if the right arises from the nature of the contract
if established by law
if clearly agreed
Assignment and Novation
Assignment
Transfer of the claim to a third party by the creditor
Novation
Cancelation and entry into new transaction
Same parties different content
Different parties
Termination
Fulfillment of the obligation
Set-off
Agreed or unilateral
Both claims of the same kind and due
Creditor and debtor becoming one person
Cancelation agreement
Novation
Settlement
Court decision
Lapse period
Security and Liability
Warranty
Third party assuming contractual party's obligations
Existing and future
Contractual and out of contract
Full or partial
Auxiliary
Written
"as the debtor itself"
Interest
Contractual penalty
Agreed between the parties
For failure to deliver/do
For delay in delivery/doing - 10 % limitation

Proportionality and adequacy reviewed by the courts
Fulfillment and penalty
If expressly agreed
If penalty for delay
Remuneration for
use of money
delay of return
Based on
contract
law
Fixed = 6% per annum
Variable = 8% + ECB 6 months refinancing rate
Earnest Money
Actual transfer of money or other valuables
Evidence of finally concluded agreement
Security for further fulfillment of obligations
Returned if obligations fulfilled
Non-fulfillment
returned in double
loss of right to reclaim
Joint and Several Liability
Each of several parties fully responsible for fulfillment of the obligations
Agreement
Testament
Law
Liability for Damages
Principles
Principle of compensation
Exercise of rights
Duty to mitigate
Conditions
Exceptions
Existence of damages
Illegal action / failure to act
Fault
Causal relationship
Intentional violation = Gross negligence
Mild negligence
Damages
Existing and Forthcoming
Reduction of property
Non-received profit
Direct

Indirect

Accidental (
force majeure
)
Valuation/Calculation
Contractual: reasonably predictable amount

Tort: all damages to be compensation

Non-received profit
not based on probabilities
no doubt of it
proven to a reasonable extent that non-received profit directly or indirectly caused by particular action
Moral sufferings
Moral injury
physical or mental sufferings

if caused by criminal offence = presumed

in other cases = must be proven

Compensation determined by court
Property
Full transcript