Flashcards in REG 26 Deck (17):
What does a person have a right to notification of as far as creditors action.
If creditor prepares an investigative report. This is why you sign a consent form when you apply for a loan.
Do you have a right to see your report and adjust it?
See it yes, adjust it no, but you can request items be changed.
Fair Credit Reporting Act
In addition to bill/credit stuff, what else do credit agencies keep track of?
Employment history, judgements, arrest records.
What is a bilateral contract versus a unilateral contract.
Unilateral - one party makes promise for another party's act, reward for your missing dog (the person can't promise to find your dog), insurance contract if something happens they will pay
Bilateral - a promise for a promise, promise to pay for promise to deliver title
Contract law - when are rejections/revocations effective. How about acceptances?
Received by person or agent.
Acceptances are effective upon dispatch.
Does a promise have to have consideration to be enforceable.
What does the consideration have to be?
And of course there's the f*!*! exception.
Legally sufficient, bargained for
No consideration: you back out of a donation to a charitable org after they incurred expenses
Can consideration be unreasonable, dispropritionate, inadequate or unfair?
Yes if its properly bargained for, mutual and not unconscionable.
What is a quasi contract?
Although no contract was formed, court may allow recovery because of unjust enrichment by the other
A minor makes a contract, can the person they made it with void it?
No only the minor can void it.
Contracts must be signed by whom
The party against whom enforcement is sought.
Employee Stock Options TIP
What is the only taxable ESO at time of distribution?
Other ESO's are capital gains later if sold
Sure about this
How many parties does a draft have?
What is a promissory note, how many parties?
Two party instrument in which one party promises to pay another a fixed amount of money.
What are the legal differences between a negotiable instrument and a contract right and how they are transferred?
Negotiable Instrument - Presumed (prima facie) to have been issued for consideration
Contract have to prove consideration (to be enforceable)
Which requires possession to be transferred - contract right or negotiable instrument.
Contract right can be transferred orally and without transfer of possession.
Negotiable instrument - requires possession to transfer right (and endorsement if it is order paper, not if it is bearer paper).
Does a negotiable instrument always have to be in writing to be enforceable? Think about statute of frauds and put it this way. How about contract rights.
Negotiable instrument always has to be in writing to be enforceable (i.e., statute of frauds doesn't matter). Whereas some contracts have to be in writing.