In Class Info Flashcards
What are the three tiers of the NYS courts (excluding limited jurisdiction courts)
The Supreme Court of New York (Trial)
The Appellate Division (First Level of Appeal)
Court of Appeals (Second And final level of appeal before United States Supreme Court)
What is the difference between a judgment and a settlement?
Judgment is a public document but a settlement is a private document.
Why go to arbitration?
The legal system is overwhelmed and takes a long time to get things done. Arbitration is quick.
Can you appeal an arbitrators decision?
No, you cannot. Also the arbitrator’s decision is called a reward. The only time you can appeal an arbitrator’s decision is if the arbitrator had a hidden interest.
Could an arbitration be obligated through an arbitration clause?
The Supreme Court decided it is ok to include an arbitration clause but one must be made explicitly aware of this clause.
How do we determine reasonable amount of time for when an acceptance must be made?
A good one is market conditions for the subject of the offer.
What are the two stages of contract in buying and selling?
Contract stage and a closing stage. There is a time gap between the two. Contract stage buyer and seller agree on the price and conditions of the sale of the property, some conditions are not fleshed out.
How do we know if something is revocable?
There is no irrevocable language.
What is consideration?
A payment to get irrevocability.
What is the GOL
General obligations law and it applies to every single New Yorker
What makes one a merchant?
If one puts oneself into a position where they are a reliable seller of goods.
Under what conditions does an irrevocable offers require consideration?
Oral irrevocable offers always require consideration
What is it called when you die without a will? With a will?
Intestate. Testate.
If a parent dies, do children automatically get inheritance?
No.
