Saturday Quiz Flashcards Preview

Yaeger REG > Saturday Quiz > Flashcards

Flashcards in Saturday Quiz Deck (25)
Loading flashcards...
1
Q

If an employee shoots a third party with an unlicensed and illegal weapon during the scope of employment, the employer will…2

A

1 not be liable

2 illegal act would not be considered acting within scope of employment

2
Q

the UCC statute of frauds does not apply to…

A

Personal service contracts

3
Q

the UCC statute of frauds does not apply to personal service contracts, even those for…

A

More than $500

4
Q

An oral contract, that is not in writing can be enforced if…

A

1 there is no indication that it can’t be performed within one year

5
Q

When there is no written contract between parties, what does not apply?

A

The Parol Evidence Rule does not apply

6
Q

If a partnership agreement is silent on subject of how profits will be shared they are…

A

Divided equally among partners

7
Q

If a partnership agreements defines how profits will be shared but not losses, then…

A

Sharing losses would be the same as sharing profits

8
Q

The partners’ allocation of capital does not bear on how…2

A

1 Profits and losses will be shared,

2 unless specified in partnership agreement

9
Q

The new change in Chapter 11 for individuals is that…2

A

1 They are not discharged until plan is completed

2 unless court orders otherwise

10
Q

Under chapter 11, if individuals receive assets after they have filed bankruptcy, they must…

A

1 dedicate those assets to reorganization plan

11
Q

Under chapter 11, the court may still use…

A

Cram down provision

12
Q

Cram down provision 2

A

1 Court can Confirm reorganization plan over objection of creditors

2 if shown plan is equitable

13
Q

Artisan’s lien, is a…

A

Common law security device

14
Q

Artisan’s lien, is a common law security device whereby…

A

A creditor can recover for work don on personal property of debtor

15
Q

Under the artisans lien, if the debtor fails to pay for work performed, the creditor can…2

A

1 retain possession of property and

2 sell it in satisfaction of lien

16
Q

Artisan’s lien, is considered what kind of lien?

A

Possessory lien

17
Q

Artisan’s lien:

If the lien holder voluntarily returns possession of the property to debtor…

A

The lien no longer exists

18
Q

Mechanic’s lien

A

Arises from making improvements to real property

19
Q

Attachment is…

A

The creation and coming into existence of security interest

20
Q

Attachment requires 2

A

1 security agreement between debtor and secured party

2 secured party must give value and have rights in collateral

21
Q

If attachment has not been completed it is…

A

Not effective against debtor or third parties

22
Q

Foreseeability of damages

A

Compensation for damages is given only in those situation where
Breaching party could reasonably foreseen result of breach

23
Q

Mitigation of damages is concept that imposes duty upon…

A

Innocent injured party to reduce damages resulting from breach

24
Q

Mitigation of damages example

A

Tenant moves out early and landlord mitigates damages by

searching for new tenant

25
Q

Respondeat superior is a legal theory whereby…

A

Employer is liable to third parties for acts of an employee

Decks in Yaeger REG Class (77):