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What was the major economic theory before the Ind. Rev.
Mercantilism
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In mercantilism, was interest in individual good or group as whole
group as whole
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Did laws pre ind. rev. protect group or individual
group
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Pre-ind rev. = ___ theory of contract
equitable
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What are the 2 different types of mercantilism
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Which type of mercantilism is about England trying to regulate trade and price in the colonies
external
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Which type of mercantilism is about colonies trying to regulate their own trade and prices
internal
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In internal mercantilism price must be ___
just
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Who determines if price is just in mercantilism
jury
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In mercantilism prices is fixed by __
statutes
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What are the 3 common law crimes for restraint of trade under mercantilism
- 1. forestalling
- 2. engrossing
- 3. regrating
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Who does forstalling effect
producers of goods
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What is limiting supply to make price go up (mercantilism)
forestalling
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Who is engrossing against
merchants
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under mercant. what is the charge for a monopoly
engrossing
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What is buying low and selling high charge (merc.)
regrating
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Were contracts necessary during mercantilism (why)
no- everything statute based
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What are the only 4 types of suits under mercan.
- 1. indebitus assumpsit
- 2. Quantum Meruit
- 3. Quantum Velebant
- 4. Special Assumpsit
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What is the most common suit under merc.
indebitus assumpsit
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Which type of suit (merc) is brough to make sure someone fullfilled their obligations
indebitus assumptis
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What suit is about court inventing contract for delivered services
quantum meruit
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what suit is about inventing a contract for deliver of goods
quantum velebant
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Who wrote Wealth of Nations, when
Adam Smith 1776
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What did Adam Smith's book "Wealth of Nations" say
mer. bad because restrict liberty and economy
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What are the 6 big changes from mer. to contracts
- 1. Expectation damages
- 2. consideration
- 3. caveat emptor
- 4. parol-evidence theory
- 5. statute of frauds
- 6. dimise of quantum meruit
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Which case was about expecation damages
Sands v. Taylor
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Change from Equitable theory to will theory.....issues moved from matter of fact to matter of law taking the decision away from ____
juries
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Which case is about not buying the full order of wheat
sands v. taylor
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Under old rule consideration must be ____ now it can be as small as a ____
adequate, peppercorn
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What 3 cases were about consideration
- 1. Seymour v. Delaney
- 2. White v. Flora and Cherry
- 3. Laidlaw v. Organ
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Which case was about trading city lot for farm
Seymour v. Delaney
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Which case was about a land grant from rev. war
White v. Flora and Cherry
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Which case was about buying tobacco before the war of 1812 ended
Laidlaw v. Organ
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The 3 consideration case helped to ___ ___ ____
encourage risk taking
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What means buyer beware
caveat emptor
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In mercan. system product must be ____, but after ind. rev. buyer buys at own ___ unless ____
sound, risk, fraud
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What are the 3 caveat emptor cases
- 1. seixas v. woods
- 2. McFarland v. Newman
- 3. Goulding v. Skinner
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Which case said buyer can't recover is seller sells it unknowningly
Seixas v. Woods
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Which case says if you are too stupid to put in contract, we won't help you
McFarland v. Newman
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Which case was about misleading advertising
Gouldings v. Skinner
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What new rule said if there is a written contract, court won't look at outside evidence to see intent of parties
Parol-evidence rule
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What is Parol - evidence rule
if a written contract- won't look at outside info to see intent of parties
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What is 1 evidence/parol case
Mumsford v. McPherson
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Which case is about buying a ship with copper fininshing that was not specified in contract
Mumsford v. McPherson
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What are the 3 things that must be in writting and why
- 1. buying/selling land
- 2. expensive goods
- 3. services taking longer than 1 year
- Statute of Frauds
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What is one case that shows the demise in Quantum Meruit (court creating contract for partial performance)
Lawtry v. Parks
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Which case was about a man only working 10 months of his 12 month contract
Lawtry v. Parks
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