Flashcards in Deck 28 Deck (20)
When either buyer or seller indicates in advance of performance that he will not perform (other party can sue now, sue later, or cancel contract)
The right of the buyer to recover goods wrongfully in the hands of the seller
For a patent to issue, the applicant must show that the invention is:
Useful, novel, and not obvious
Author's life + 70 years
Remedies for copyrights and patents:
Patents: civil only; copyrights: civil and criminal
Under common law, to make a case out of negligence, the plaintiff must show: (4 things)
Breach of duty, causation, damages, and duty of care
7 year property rules
Furniture, half-year convention
5 year property rules
Computers, use half- year convention unless more than 40% of the assets were purchased in the 4th quarter (use mid-quarter
39 year property
Nonresidential real property; mid-month convention
27 year property
Residential real property, mid-month convention
To be negotiable, the instrument must meet all of the following:
1) Be in writing; 2) be signed by the maker or drawer; 3) contain an unconditional promise or order; 4) Fixed amount of money; 5) payable on demand or at a definite time; 6) payable to order or bearer; 7) no additional undertaking/instruction
What would prevent a promissory note from being negotiable?
A note that allows the maker to pay by performing services
Two real defenses available against a holder in due course:
1) material alteration and 2) discharge in bankruptcy
Negotiable instruments subject to the commercial paper article include:
Drafts and notes
An endorsement is restrictive if it includes the words:
"For collection" or "for deposit only"
Failure to date an instrument will not destroy:
What party has secondary liability on an instrument?
A drawer of a draft
What defenses can be raised against a holder in due course?