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business law > business law test 3 > Flashcards

business law test 3 Flashcards

1
Q

is a contract of sale public order?

A

no

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2
Q

what is sale?

A

the contract by which a person (natural,legal,state), the seller, transfers ownership of property to another person, the buyer, for a price in money which he must pay article 1708.

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3
Q

what is a contract of exchange?

A

parties transfer different things to each other (not money)

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4
Q

sale has to be completed by what even if it has no what?

A

sale has to be completed with consent even if there’s no delivery

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5
Q

what is a title?

A

the rights that are being sold and transferred. the right of ownership

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6
Q

when is it possible that something less than ownership is being sold?

A

sale of usufruct or sale of a personal right

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7
Q

how is a title transferred?

A

by consent unless parties have stipulated otherwise

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8
Q

what is a contract of installment?

A

purchaser doesn’t become the owner of the thing until full payment of the price

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9
Q

if goods are damaged immdeitaly after the conytacy is signed, who does the loss fall on?

A

the purchaser

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10
Q

how can someone protect themselves when signing a contract?

A

they can arrange for insurance coverage

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11
Q

pior to signing the contract, what should you sign?

A

the preliminary contract or promise of sale

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12
Q

what is delivery?

A

The transfer of possession of real property or Personal Property from one person to another.

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13
Q

what are the obligations of the buyer?

A

have to take delivery of the property sold and to pay the price of the delivery. he must also pay any expenses related to the act of the sale
the buyer owes interest on the sale price from the time of delivery of the property

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14
Q

what are the obligations of the seller?

A
  1. deliver the property
  2. to warrant (guarantee) the ownership
  3. to warrant the quality of the property
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15
Q

what is an obligation?

A

whether the seller and buyer have discussed it or not, the seller must do this

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16
Q

what is delivering the property (obligation of the seller)

A

e seller allows the buyer to take possession of the property and removes all obstacles or hindrances to allow the buyer to take possession.

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17
Q

when is the obligation to deliver the property fulfil?

A

when the seller puts the buyer in actually possession of the property or consents to his taking possession

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18
Q

what is warranty of title?

A

a guarantee by a seller to a buyer that the seller has the right to transfer ownership and no one else has rights to the property. In addition, a warranty of title may be used to guarantee that no other party has copyright, patent or trademark rights in the property being transferred.

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19
Q

what is warranty of quality?

A

has to be free of latent (hidden) defects which render the property to be unfit for use

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20
Q

what is an apparant defect?

A

defect that can be perceived by a prudent or diiligent buyer without the need to resort to an expert

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21
Q

what is a conventional guarantee?

A

set out in a contract between parties. it will either add to the obligations of legal warranty or exclude them all together.

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22
Q

what is a legally hidden defect?

A

seller provides incorrect/ incomplete info, omits important info. sellers have to act in good faith

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23
Q

sale between a merchant and consumer is covered by which act?

A

consumer protection act

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24
Q

if a vender sells the same thing to more than one person, who is the owner? (sale of movable)

A

the buyer, in a good faith, who is first given the pression is the owner. if no one is given possession, the 1st buyer becomes owner.

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25
Q

what is a lease?

A

a contract by which a person, the lessor, undertakes to provide another person, the less, in return for rent, with the enjoyment of movable and immovable property for a certain time. continuing relationship over time

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26
Q

is the term of a lease fixed or indeterminate?

A

both (could have a specific date or no date)

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27
Q

is the lease of a moveable property presumed?

A

no. have to prove you have a lease

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28
Q

is the lease of an immovable property presumed?

A

yes

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29
Q

who is the lessee?

A

not the owner of the property, they enjoy the property

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30
Q

who is the lessor

A

person who delivers the leased property to the lessee in a good state of repair

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31
Q

what are the two immovable objects of a lease?

A

residential and commercial

32
Q

what is residential?

A

disputes brought to Reggie du lodgement. highly regulated –> very controlled

33
Q

what is commercial?

A

not regulated. the parties are free to negotiate and decide the terms.

34
Q

what is a non competition clause?

A

prevents the employee from working for a similar company during their employment and for a specific period of Time after employment is terminated.

35
Q

what is the contact of employment?

A

a person who is the employee undertakes for a limited time and for remuneration to do work, under the direction of another person ( the employer)

36
Q

when you are absent from work for 2 days without reduction of wages, who is this for?

A

death of a spouse, child, child of spouse, father, mother, brother sister

37
Q

when you are absent for work for one day without pay, who is this for?

A

death of a son in law, grandparents, daughter in law

38
Q

what is wrongful hiring?

A

an employer seeks to allure an employee to leave his/her existing job for one he’s not really qualified for to fullfill. leave your company and come to mine and you go to the employee. a new employer has an obligation to properly assess its needs anhire the right person for the position. also could happen when an employer fails to give adequate training to new employee and the employee cant learn how to do the job.

39
Q

what is the mandate?

A

power of attorney

40
Q

who is the mandator?

A

principal

41
Q

who is the mandatary?

A

agent

42
Q

what Is the object (purpose) of the mandate?

A

the performance of acts intended to ensure the personal protection of the mandator, the administration of his patrimony and the moral well being

43
Q

a corporation can only act through what?

A

mandates

44
Q

what are the two types of mandates?

A

given in connection to business transactions and living will

45
Q

what is given in connection to business transactions?

A

this could be appointing a lawyer or having your attounrye sign checks on your behalf

46
Q

what is a living will?

A

if the mandators is incapicated or disabled then people can make decisions for the mandator

47
Q

what’s the purpose of a living will?

A

administrate property of an incapable person and make decisions regarding his health/ well being.

48
Q

in the living will, who does the mandatary act like?

A

the curator/ tutor to the person and his property.

49
Q

what does a perfect mandate imply?

A
  1. the author of the agent is derived from consent of the principal;
  2. the agent is not personally repsinible and can neither be sue or be sued in respect of a contract he makes in behalf of his principal
  3. the principal and 1/3 p are bound to each other and alone can sue or be sued.
50
Q

what is the general rule?

A

the mandatary acts within the scope pf his authority or when he acts outside the scope of his authority but its confirmed by the mandator

51
Q

what are the two corollary principles?

A
  1. looking at the facts from the mandators perspective
  2. looking at the facts from the third party perspective
52
Q

what is looking at the facts from the mandators perspective

A

if the agent is acting without authority, and for himself not for the mandator. the agent is personally responsible for his dealings with the third party and damages caused to the third party and mandator is not responsible

53
Q

what is looking at the facts from the thirds party perspective?

A

if the third party did not know and had no reason to know the agent was acting outside the scope of his authority, the mandator is responsible to the third party. agent gets apparent authority and can act on behalf of the principal. agent is still the culprit though

54
Q

what is scope of authority?

A

Scope of authority means within the duties and responsibilities of the individual, including any areas which the individual believes to be within his or her duties and responsibilities provided there is a reasonable basis for such belief.

55
Q

what is obligations between mandator and mandatary?

A

mandatary has to fulfill the mandate he has acc[eted and must act with prudence and diligence. has to fulfill himself unless he is authorized by the mandator to appoint another person. mandatary has to inform the mandator.

56
Q

what is obligations of the parties towards third parties?

A

a mandatary who binds himself within limits of his mandate is not personally liable to the third person with whom he contracts. the mandatary is liable to the third person if he acts in his own name

57
Q

what are the two things to a person?

A

solvent and insolvent

58
Q

what is solvent?

A

assets> liabilities + able to pay debts when due

59
Q

what Is insolvent?

A

liabilities/ obligations> assets/ rights + can’t pay debts when due

60
Q

what is bankruptcy?

A

legal process where assets are distributed among creditors of insolvent person and all debts are discharged except support, student loans fines

61
Q

what is a security/ secured right?

A

secondary right given by a debtor to a creditor to guarantee the debtors obligation

62
Q

what’s the purpose of bankruptcy?

A

give an honest debtor a second chance.

63
Q

can an insolvent person be forced into bankruptcy and by who?

A

yes by his creditors.

64
Q

when is bankruptcy automatically discharged?

A

after 9 months

65
Q

what is security?

A

general principle is that all creditors are equal and that the property of a debtor is divided ratably among the creditors unless there’s a legal cause of preference

66
Q

what is ratably?

A

x cents on the dollar. each creditor gets the same percentage of claim

67
Q

what are the two legal causes to preference?

A

prior claims and hypotecs

68
Q

what is a prior claim?

A

established by law because of the nature of the claim

69
Q

what is a hypotec?

A

real right on a movable and immovable property, which guarantees the performance of the obligation.

70
Q

when can hypothecated property be transferred?

A

only subject to the hypothec

71
Q

what are the two types of hypothecs?

A

legal and conventional

72
Q

what is a legal hypothecs?

A

established by the law such as a claim of a person who took part in the consutrctuon or the renovation of an immovable or the judgment registered against an immovable

73
Q

whats a conventional hypotehc?

A

can be on movable or immovable. if its on immovable property, has ti be granted by a notarial deed, two kinds (movable with delivery and without). an agreement between two parties under a contract

74
Q

what are the two types of movable hypothecs?

A

with delivery and without delivery

75
Q

what is a movable hypothec with delivery?

A

called a pledge, granted by actual delivery of the property and no writing is necessary

76
Q

what is a movable hypothec without delivery?

A

debtor retains posession of the property mortgaged, must be in writing

business law (4 decks)

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