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Business Law > Business Law part two (second half of the semester) > Flashcards

Business Law part two (second half of the semester) Flashcards

1
Q

A written instrument in a special form, sealed, delivered, and used to pass the legal title of real property from one person to another?

A

A Deed

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2
Q

When you own less then full property value (I.E. If the city has a railroad that runs through your property), and is also considered the inverse property owers right.

A

An Easement

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3
Q

A record of real estate deeds or other land titles that is maintained by a local government official. The register of deeds will be used in conjunction with a grantor-grantee index that lists the owner of record and any transfers of property.

A

Registry of Deeds

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4
Q

the process of retrieving documents evidencing events in the history of a piece of real property, to determine relevant interests in and regulations concerning that property.

A

ATitle Search

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5
Q

What are you looking for when doing a title search?

A

1) A clear title

2) Encumberances

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6
Q

Public laws that govern the landowners interest in adoption?

A

Zoning

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7
Q

Something that is owned or done previous to zoning is considered?

A

Grandfathered

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8
Q

What is the term for the person who has the benefit of an easement?

A

Dominant

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9
Q

What is the term for the perosn who has the burdon of an easement?

A

Servient

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10
Q

Real Estate with an easement on it is considered?

A

Subprime Real Estate

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11
Q

This is the term used for ownership of the whole bundle of rights

A

Fee Simple Absolute

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12
Q

The person who grants property is called the?

A

Grantor

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13
Q

The person who gets the property is called what?

A

The Grantee

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14
Q

On Exam: “ If a granter gives away real estate the that person now has what?”

A

A Life Estate

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15
Q

When a person is given A Life Estate, how long is does it belong to them?

A

Until they die

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16
Q

When a Life Estate goes back to the Grantor (due to a death), what is it called?

A

A Reversionary

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17
Q

On Exam: If someone forget’s to put what type of tenany is applicable in their deed what type does it intail by default?

A

Tenants in Common

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18
Q

On Exam: If someone bought a house during WWI in cash, and it stayed in the family for 80 years, then what has never been performed?

A

A Title Search

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19
Q

What is the private way to enforce use of property?

A

Conditions and Covenants

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20
Q

What four things should you worry about when starting a business?

A

1) Name
2) Copyright
3) Ownership
4) Liability
5) Legal Forms (Proprietorship, Corportation, Partnership etc…)

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21
Q

What is the simplest form of business?

A

Sole Proprietorship

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22
Q

What is the 2nd Simpliest form of business?

A

A Partnership

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23
Q

What are the forms of doing business?

A

1) Sole Proprietorship
2) Partnership
3) Joint Venture
4) Corportation
5) Subchapter S Corporation
6) Limited Liability Corporation

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24
Q

On Exam: True or False? “ A Partnership needs to be in writing?

A

False

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25
Q

This should be included in a business contract in case of the death of an owner, and allows the other owner(s) to buy the other’s share?

A

A Buyout Agreement

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26
Q

What are 3 main factors of an organization?

A

1) Control
2) Taxes
3) Liability

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27
Q

On Exam: “What is the two types of partenrships and what is the difference betweent the two?

A

1) Limited Partnership - No Control
2) General Partnership - Can Control

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28
Q

What is the main reasons to incorporate?

A

1) A Corporation is it’s own entity
2) You are only liablie for your share

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29
Q

What is it called when you have two or more people for a single or limited purpose?

A

A Joint Venture

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30
Q

On Exam: “Does there need to be more than one person in an organization?

A

No

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31
Q

What is the best way to avoid paying for a lawsuit?

A

Insurance

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32
Q

On Exam: What is it called when someone cannot claim a corporate liability for an action?

A

“Piercing the Corporate Veil”

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33
Q

On Exam: What is the difference between a Subchapter S Corporation and a Standard Corporation?

A

1) SubChapter S Corporations only get taxed once
2) SubChapter S Corporations Can only have up to 35 employees

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34
Q

What is the downside of a Standard Corporation?

A

You Have to pay double taxes

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35
Q

True or False: Corporations are seperate entities?

A

True

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36
Q

Who owns a corporation?

A

Shareholders, and the Controling Shareholder

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37
Q

Who owns an L.L.C.?

A

Members

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38
Q

What are the basic governing documents of a corporation?

A

The Articles Of Incorporation

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39
Q

On Exam: What are the rules for operating a corperation or other organization?

A

Bylaws

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40
Q

On Exam: What is the basic governing document of a corporation?

A

The Articles of Incorporation

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41
Q

What is found by conducting a “Name Check”?

A

1) Who are the Shareholders
2) Who is the
a) President
b) Treasurer
c) Clerk

42
Q

When the President, Treasurer and Clerk give permission to sign coporate documents, they are granting?

A

Corporate Authority

43
Q

What is the basic meaning of a contract?

A
44
Q

What are the elements of a contract?

A

Must be:

1) an Agreement
2) Bargained for Consideration
3) Two parties of legal age ( and not inpaired by drugs or insanity)
4) For a legal purpose (Can’t be illegal)

45
Q

What is “Bargain for Consideration”?

A

Someone has to give something up of value or do something

46
Q

What are the two types of contracts?

A

1) Bilateral
2) Unilateral

47
Q

What is a Bilateral Contract?

A

A Promise for a promise (“I will”)

48
Q

What is a Unilateral Contract?

A

A Promise for an Act (“if you come I will”)

49
Q

What is the only way to accept a unilateral Contract?

A

To do the act specified

50
Q

For “Bargain for Considration” what must the consideration have?

A

Value

51
Q

This type of contract has no legal effect, and confers no rights or duties?

A

A Void Contract

52
Q

That which is valid until one party, who has the power of avoidance. exercises such power?

A

A Voidable Contract

53
Q

Is a contract signed by a minor is “Voidable” by the minor?

A

Yes, if the contract is not for necessities (Rent, Food, Healthcare)

54
Q

True or False: If a car is bought by a minor the dealer can void the contract but the minor can’t?

A

False, The dealer can’t, but the minor can (because it is not a necessity)

55
Q

What are the two sources of contract law?

A

1) Judge Made
2) Uniform Commercial Code

56
Q

On Exam: What does Uniform Commerical Codes Cover?

A

The Sale of goods over $500

57
Q

This is not a true contract, and does not have the consent of both parties?

A

A Quasi Contract

58
Q

What does Quantum Meruit mean it latin?

A

“As Much as He Deserves”

59
Q

This is the remedy used to avoid the unjust enrichment of one party at the expense of another, usually in association with quiasi-contract?

A

Quantum Meruit

60
Q

Whatare the legal remedies for breach of contract?

A

1) Nominal
2) Compensatory
3) Consequential
4) Punitive

61
Q

On exam: “Punitive damages are often awarded for breach of contract?”

A

False

62
Q

Do people usually sue of nominal damages?

A

No

63
Q

If A promises B that he can do a job on sat for $700 and doesn’t show up. But B gets C to do it for $800, how much does A owe B?

A

$100 Compensatory Damages

64
Q

This type of damages must be unique and foreseeable, and are only available if the other party knew of the special circumstances?

A

Consequential Damages

65
Q

A fixed sum agreed on between the parties of a contract to be paid as ascertained damaged by the party who breaches the contract (if the sum is excessive, the courts will declare it to be a penalty and unenforcable?

A
66
Q

What are the steps of buying/selling a house?

A

1) Purchase and Sale agreement
2) Need to put down a deposit
3) Must decide beforehand “agreed upon damages”

67
Q

What are the two types of remedies?

A

1) Legal
2) Equitable

68
Q

What type of remedy is usually used in contract cases?

A

Legal (money)

69
Q

What are the three types of equitable remedies?

A

1) Specific Performance
2) Rescission
3) Restitution

70
Q

This type of equitable remedy is used when the object in the contract is unique, usually employed in real estate and selected persaonal property sales contract settings-loss is not calculated in terms of money damages?

A

Specific Performance

71
Q

This type of equitable remedy is used if the contract was made based on mistake or fraud, a court in equity may grant this?

A

Rescission

72
Q

This equitable remedy is used after rescission, and parties must return any benefit?

A

Restitution

73
Q

Equitable remedy where Parties are put back into the legal position they were in BEFORE the contract was created?

A
74
Q
A
75
Q

What is the basic definition of an “agreement”?

A

Mutual Assent

76
Q

On exam: T/F For an agreement to be made, the current theory of contracts is the subjective theory of the minds?

A

False, it is the Objective theory

77
Q

For a mutual assent to be attained there must be a?

A

An Objective meeting of the minds

78
Q

What must be made and accepted to confirm a contract?

A

An offer?

79
Q

Who makes the offer?

A

The offeror

80
Q

Who recieves the offer?

A

The offeree

81
Q

an offer is made for a contract what must be made before the contract is confirmed?

A

an Objective Acceptance

82
Q

This is a “deciding factor” in a contract?

A

A Material Term

83
Q

This is when the courts fill in missing infromation (except for quantitiy)?

A

Gap Filling

84
Q

On Exam: If someone says “I’ll buy your widgets for $.25 a piece, and I’d like to have them by friday” what is missing?

A

The Quantity

85
Q

If there is no meeting of the minds then the contract is ________

A

Void

86
Q

For gap filling, why won’t the courts fill in quantity?

A

Because the court has no reasonable baises to fill in the the quantity

87
Q

Who is the only person who can accept an offer?

A

The Offeree

88
Q

How do you make a contract inrevokable for a period of time?

A

Make an Option Contract

89
Q

What is included in an option contract?

A

A bargain for consideration not included in the initial price

90
Q

What don’t courts consider with a Bargain for Consideration?

A

Monetary Value

91
Q

In an option contract, if you offer something, and the offeree agrees not to take other offers, it is called a?

A

Bargain for Consideration (Legally binding)

92
Q

What are the 2 elements of Bargain for Consideration?

A

1) Legal Benefit
2) Legal Detriment

93
Q

If you don’t like the results of a will you can?

A

Contest

94
Q

Under what grounds can you contest a will?

A

1) Capacity
2) Duress

95
Q

On Exam: When a contract is based on factors beyond control it’s

a) Enforceable
b) Not-Enforceable
c) Void
d) Voidable

A

a)Enforceable

96
Q

On Exam: When a a person making the promise is in control, the contract is:

a) Voidable
b) Enforceable
c) Void
d) Not-Enforceable

A

d) Not Enforceable

97
Q

Why is a contract that is in within the control of the person making the promise not-enfoceable?

A

Because there is no Bargain for Consideration (legal detriment)

98
Q

On Exam: 2 things that seem Illusory (but are not) are?

A

1) Requirements and Outputs
2) Act in “good faith”

99
Q

On Exam: If someone made a contract that said “All the clams I need I’ll buy from you” it would be considered a?

A

Requirements Contract (enforeable)

100
Q

On Exam: If someone made a contract that said “I’ll sell you all the clams I get” it’s called a?

A

Outputs Contract (enforceable)

101
Q
A

Business Law (3 decks)

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