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Jurisprudence > Exam 2 Guide > Flashcards

Exam 2 Guide Flashcards

(67 cards)

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1
Q

Which type of personal property is this:

Personal property that can be seen, touched, possessed

A

Tangible

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2
Q

What type of property is this:

Evidence of ownership of rights or values
Brands, Trademarks, knowledge, goodwill, patents

A

Intangible

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3
Q

What are the 3 ways one can obtain personal property?

A

Purchase
- buyer pays the seller and seller transfers property to buyer
- consideration, usually $

Will
- someone dies and leaves a written statement on how they want their property conveyed

Gift
- transfer made without consideration in return

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4
Q

Identify the different types of bailments

A

Constructive bailment
Bailments for the sole benefit of the bailor
Bailments for the sole benefit of the bailee
Mutual-benefit bailment

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5
Q

What is an example of constructive bailment?

A

When the neighbor’s package gets delivered to my house instead

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6
Q

What is an example of bailment for the sole benefit of the bailor?

A

My brother taking care of Aleksandr the guinea pig, for free, while I go to Italy for a month

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7
Q

What is an example of bailment for the sole benefit of the bailee?

A

When your friend lets you borrow a laptop for 3 months, nothing to be given in return as payment

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8
Q

What is an example of mutual-benefit bailments?

A

Dog sitting for your friend and they bring you back 3 books from their vacation place

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9
Q

Who are the people involved in bailments?

A

Bailee
Bailor

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10
Q

Who is the bailor?

A

The person who gives up possession of bailed property

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11
Q

Who is the bailee?

A

Person who accepts the possession of the property

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12
Q

Define gift and determine how a gift takes place

A

Transfer made without consideration in return
Donor gives the gift
Donee receives the gift

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13
Q

Explain what a carrier does

A

Transporter of goods, people, both
Creates a mutual-benefit bailment

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14
Q

Name the two categories of carriers.

A

Common Carriers
Private Carriers

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15
Q

What are common carriers?

A

Transport goods or persons for all who apply for that service

Train, buses, airplanes, ships subways

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16
Q

What are private carriers?

A

Transport goods or people for a fee
May refuse services if unprofitable
Trucks, moving vans, ships, delivery services

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17
Q

Identify the liabilities of common carriers

A

Acts of God
Acts of a public authority
Inherent nature of the goods
Acts of the shipper
Acts of a public enemy

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18
Q

Define bill of lading

A

Receipt and contract between a consignor and a carrier
Consignee alone is designated to whom goods are to be delivered
Consignee’s rights may be transferred, but third party obtains no greater rights than consignee had

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19
Q

Transfer of title to goods for a price

A

Sale

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20
Q

Moveable personal property
Constitute largest class of contracts

A

Goods

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21
Q

All physical items except real estate

A

Moveable Personal Property

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22
Q

Land and things permanently attached to land
Tangible but can’t be moved

A

Real Property

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23
Q

Consideration in a sales contract
Usually expressed in money

A

Price

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24
Q

Ownership of the subject matter
Transferred at once upon sale
Document stating ownership

A

Title

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25
What are identified goods.
Goods picked to be delivered to the buyer (remember revocation means you can change your mind and return the product at a reasonable time / rejection means you can end up not accepting it because it's a duplicate or damaged)
26
What are existing goods?
In existence (aka in stock) Owned by seller
27
What are future goods?
Goods that don't exist at the time of the sales transaction Will be developed, usually custom goods or pre-orders
28
Assurance article conforms to a standard; Statement of insured that relates to the risk and appears in insurance contract
Warranty
29
Isn't made by the manufacturer but is imposed by the law (warranty)
Implied Warranty
30
Specifically spells out the terms of a warranty, orally or in writing Seller's opinion doesn't constitute this warranty
Express Warranty
31
Are all other (non full) warranties for consumer products
Limited warranties
32
Warranty: Must remedy any defects in a product during a reasonable time Aren't restricted to certain parts, labor, time, periods, etc. etc. "No questions asked" Will try to fix but if unable to, will replace it or give a better item
Full warranty
33
Be able to determine how negotiable instruments are transferred.
Writings that can be transferred from person to person as a substitute for money or an instrument of credit Examples: gift cards, cashapp, zelle, etc., etc.
34
Draft drawn on a bank and payable on demand
Check
35
Written order by one person (drawer) directing another (drawee) to pay sum of money to 3rd party (payee)
Draft
36
Unconditional written promise to pay a sum of money to another Has payee and maker (one making the promise)
Promissory Note
37
Identify the parties involved in each of the negotiable instruments.
Draft: - Drawer: owner of account, giving order - Bank: one receiving the order, becoming drawee - Payee: one receiving the payment Promissory Note: - Payee - Maker: one making the promise
38
List the seven requirements of negotiability.
1. The instrument must be in writing and signed by the party executing it 2. The instrument must contain either an order to pay or a promise to pay 3. The order of the promise must be unconditional 4. The instrument must provide for the payment of a fixed amount of money 5. The instrument must be payable either on demand or at a fixed or definite time 6. The instrument must be payable to the order of a payee or to bearer 7. The payee (unless the instrument is payable to bearer) and the drawee must be designated with reasonable certainty
39
What is an indorsement
The signature of the owner made on the back of an instrument
40
Where do banks require the indorsement on a check to be?
On the back
41
Indorsement: - Prevents the use of the instrument for anything except the stated use - For deposit only meaning can't cash it out
Restrictive Indorsement
42
Indorsement: - Can consist of a mere signature - Most popular and least secure
Blank Indorsement
43
Indorsement: - Designates particular person to whom payment is to be made - Banks don't like this one - Indorsee (aka payee) and indorser are both in the back example: Pay Jane Doe or order Karen Mae
Special Indorsement
44
Indorsement: - Limits liability of indorser - Said to be the most secure but less popular - "without recourse" meaning if check bounces, it's not endorser's fault b/c they're taking no liability, it's payee's fault if bounces example: Pay to Jane Doe without recourse Kurtis Conner
Qualified Indorsement
45
Explain how negotiable instruments may be discharged.
- The instrument may simply be paid - Cancellation (any act that indicates the intention to destroy the validity of the instrument) - Renunciation (a unilateral act of the holder, usually without consideration) - Holder gives up rights on the instrument
46
Contract under which one party is authorized to contract for another
Agency
47
Identify the parties involved in an agency
Principle - the person who appoints another to contract with a 3rd party Agent - the person appointed to contract on behalf of another
48
How is an agency created?
Appointment: oral or written statement of the principle to the agent Ratification: Approval of unauthorized act (aka confirmation) Estoppel: Agency arising when one person leads another to believe third party is agent Necessity: arises out of family relationships and unforeseen emergencies
49
Determine how agents are classified.
General (Agent authorized to carry out particular kind of business or call business at a place) Special (Agent authorized to transact specific act or acts) Brokers (Agent with job of bringing 2 contracting parties together) Attorneys in Fact (General agent appointed by written authorization)
50
What are the agents duties to the principle?
Loyalty and good faith Obedience (routine and discretionary) Reasonable Skill and Diligence Accounting Information
51
What are the Principle's duties to the agent?
Compensation Reimbursement Indemnification
52
What is indemnification?
Contractual payment made by an agent for principle is an expense of principle Payment of duties included in contract
53
Describe an agent’s and principal’s liabilities to third parties
1. Agents who do their own contracting and don't disclose names of principles become liable 2. Agents may make themselves personally liable to 3rd parties by express agreement to be responsible 3. People who assume to act for others but have no authority are personally liable 4. Agents incur personal liability for fraud or other wrong doing
54
State how an agency may be terminated.
Original agreement Subsequent agreement Revocation Renunciation by the agent
55
What is an original agreement termination (in agency)?
The whole thing is completed as originally stated
56
What is a Subsequent agreement termination? (in agency)
Extension After the trial basis, it becomes full time Cancel contract but make new one for longer
57
What is a revocation termination? (in agency)
Pay for the full time frame but shorten the actual time
58
What is a renunciation by the agent termination? (in agency)
Agent quits
59
Name the duties an employee owes to the employer.
Obey employer's lawful orders concerning the employment Exercise good faith toward the employer Do work carefully or conscientiously
60
A person or firm that performs services for another On call / work your own schedule
Independent Contractor
61
What is this: Exists because of law, not just individuals who want it May operate for profit or not for profit, but must be for legal purposes
Corporations
62
What is this: Business owned by 1 person Simplest and most common form of organization
Sole proprietorship
63
What is this: Must be 2 or more people Be voluntarily started Operate both the business lawfully for a profit
Partnerships
64
What are the types of partnerships?
General (actively and openly engage in the business and held to everyone as a partner) Limited (liable up to the amount of their investment) Silent (takes no active part in the management of a partnership but has capital invested in the business)
65
What are the disadvantages for partnerships?
Unlimited personal liability Relative instability of the business Divided authority, which may lead to disharmony
66
What are the disadvantages of sole proprietorship?
Unlimited liability - all profit, all losses Limited management ability Limited capital
67
Give two reasons why the corporate form of business organization is important.

Jurisprudence (10 decks)

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