Lecture 6 Flashcards Preview

COMM 304 - Business Law > Lecture 6 > Flashcards

Flashcards in Lecture 6 Deck (31)
Loading flashcards...
1

what makes up the statute of frauds?

-all contracts which are not to be or cannot be completed within one year of its date
- "Not to be" because all contracts don't have an end date
-**always look at the date**

2

when does a contract fall within the statute of frauds?

If it is OVER a year and it falls outside if the agreement has not completed under a year

3

all contracts which are not to be or cannot be completed within 1 year of its date

-must be in writing and falls inside the statute
-always from the date of acceptance of the contract

4

what are the 2 categories of property?

1) real property
2) personal property

5

what is real property?

land or interest of land, sometimes called immovable

6

what is personal property?

tangibles and intangibles, everything else which is sometimes called chattels, goods or things - movables.
Lease of property is personal

7

what is land?

not just the earth, but anythign attached to the land - house, buildings, tree, fence, barn, also rock, etc.

8

what is interest of land

anything that flows on, within, or under the land

9

what is an example of a rural description?

township, section, etc

10

what is a legal description?

every parcel of land has a lot or block to it the legal address

11

land title system

includes a certificate of title.
-The modern title system such as in Saskatchewan and other western canadian provinces. land is registered and can be looked up in the office of public record

12

what is fee simple?

in 1066 people were given "grants" of land (usage of land) they wre free people pronounced as "fief"
-Historical searches will always lead back to the queen
- no one owns land upright (absolute)

13

what is the registry system?

not a guaranteed title system. you have to search 40 years back to see if there is any claim on the land

14

What is torreans?

system of land registration

15

what is the expropriation procedure act?

gives the crown the right to take back its land
-going to court will only involve the amount of compensation you will receive, however you cannot stop the government from taking your land PROVIDED it is meant to be used for public purposes

16

what are the 2 classifications of co-ownership of land?

1) joint tenants
2) tenants in common

17

what is joint tenants (ownership) with right of survivorship?

two or more persons own an undivided parcel of land entirety of which will go to the last survivor

18

what is tenants in common?

two or more persons own an undivided parcel of land and eithe rperson can deal with their share as they see fit. if not, states are assumed to be 50/50

19

what is the doctrine of part performance?

where a verbal contract for the sale of land, the purchaser performs certain acts and those acts are consistent only with the performance of that contract and no other, then he can rely on the doctrine of part performance to enforce the verbal contract for the sale of land

20

how long is a verbal lease enforceable?

if it is under 3 years

21

all contracts in the promotion of marriage

must be in writing to be enforceable by law. e.g. a father ofers a prospective groom money to marry his daughter

22

what is an estate?

the assets of a deceased person

23

what is executor?

person named in the will

24

what is the administrator?

when there is no person stated in the will everything the person owns when they die

25

what are the jobs/roles of an adminstrator/executor?

to determinal all assets of an estate, gather all assets, pay debts, and then distribute estate in accordance with a will or the law.
-they do not have to pay debts out of their own pocket unless they agreed to do so. but the agreement has to be in writing

26

all contracts wherein one person agrees to be responsible for the debt or default of another person (contract of guarantee)

-must be in writing to be enforceable by law (falls inside the statute)
-there is a principal debtor and a secondary debtor
-a guarantee is voided if the terms of the contract are changed, unless unilaterally agreed upon by bank
the guarantee must not be liable for the borrower if he or she gets more money

27

what is a contract of indemnity?

where a person assumes all debt, it does not have to be in writing

28

All contracts for the sale of goods act (personal property) of the value of $50 or upwards shall not be enforceable by court action, unless...

the buyer shall accept (and receive) all of the goods sold and actually receive the same or in part payment (deposit) or unles some note or memorandum in writing of the contract is made and signed by the party to be charged or his agent in that behalf

29

what is life estate?

form of ownership where the land is split between families (cannot be sold)

30

what is expropiation?

implies the highest form of ownership (no one owns the land fully/outright/absolute)