REG Law- Property & Sales Law Flashcards
(20 cards)
RegL-Prop
What does Real Property include?
Land, Buildings fixed to the land, and Property under/above the land.
RegL-Prop
What are the characteristics of a deed?
Must be in writing Signed Description of Property Delivered Recorded
RegL-Prop
What are the characteristics of a Mortgage?
Must be in writing
Signed
Description of property
Delivered
RegL-Prop
What are the characteristics of a lease?
No writing required if < 1 year
Warranty of habitability is implied
Death does not terminate a lease
Sale of property does not terminate a lease
RegL-Prop
What is personal property?
Tangible property; such as cars; equipment; etc.
Intangible property such as patents; trademarks; copyrights; etc.
RegL-Prop
What are the three requirements for a gift?
Intent for it to be a gift
Delivery of the gift
Acceptance of the gift
RegL-Prop
What are the rights of found property?
Lost property - Finder’s rights to property are less than Owner’s
Abandoned property - Finder’s rights to property are greater than Owner’s
RegL-Prop
What is tenancy in common?
Undivided interest in a portion of the property
Upon death; property goes to decedent’s heirs
RegL-Prop
What is joint tenancy?
Undivided interest in entire property
Upon death; property goes to other joint tenants
RegL-Sales
What sales are covered under the Uniform Commercial Code (UCC)?
Only sales of goods are covered under the UCC.
RegL-Sales
What elements are needed for a sale covered under the Uniform Commercial Code (UCC)?
Offer - You offer to sell something at a price
Acceptance - the other party accepts
Consideration - Something of value has been exchanged for the goods
Note: The UCC only covers sales of goods.
RegL-Sales
What are the elements of a Firm Offer?
You offer to sell something at a price and keep that offer open for a set period of time
3 months max
Only merchants can make firm offers
Must be in writing and signed
RegL-Sales
Under what situations are sales of goods covered by the Statute of Frauds? What are the exceptions?
If value of goods sold is > $500; sales contract must be in writing
Exceptions: Merchants can enter into oral contracts for > $500 items.
Oral contracts are binding for special or uniquely-made items (i.e. custom cabinets or custom furniture that could not be sold if buyer reneged)
RegL-Sales
When does title and risk of loss transfer on a sale of goods?
If terms are:
FOB shipping point: Title transfers at point of shipment (i.e. when loaded on truck)
FOB destination: Title and risk transfers once item is delivered
RegL-Sales
What is a Warranty of Title?
The seller has the right to sell the good and no one else can stake claim to that good
RegL-Sales
What is Warranty of Merchantability?
This good will do its intended purpose
Can be disclaimed
RegL-Sales
What is Warranty of Fitness?
This good is the right choice for you based on the seller’s expert opinion
Can be disclaimed
RegL-Sales
What is strict liability with respect to buyer protection?
Manufacturers of goods cannot disclaim that their products will be safe
Can be liable if negligent
RegL-Sales
What are non-conforming goods with respect to buyer protection?
Buyer can reject some or all of the shipment if the seller didn’t perform as agreed and ship what was expected
Must give notice
Must give seller a chance to remedy the situation
RegL-Sales
What is the statute of limitations with respect to buyer protection?
Buyer must sue to recover damages within 4 years.
