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Flashcards in Saturday Quiz Deck (25):

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

1 not be liable

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


the UCC statute of frauds does not apply to...

Personal service contracts


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

More than $500


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

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


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

The Parol Evidence Rule does not apply


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

Divided equally among partners


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

Sharing losses would be the same as sharing profits


The partners' allocation of capital does not bear on how...2

1 Profits and losses will be shared,

2 unless specified in partnership agreement


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

1 They are not discharged until plan is completed

2 unless court orders otherwise


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

1 dedicate those assets to reorganization plan


Under chapter 11, the court may still use...

Cram down provision


Cram down provision 2

1 Court can Confirm reorganization plan over objection of creditors

2 if shown plan is equitable


Artisan's lien, is a...

Common law security device


Artisan's lien, is a common law security device whereby...

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


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

1 retain possession of property and

2 sell it in satisfaction of lien


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

Possessory lien


Artisan's lien:

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

The lien no longer exists


Mechanic's lien

Arises from making improvements to real property


Attachment is...

The creation and coming into existence of security interest


Attachment requires 2

1 security agreement between debtor and secured party

2 secured party must give value and have rights in collateral


If attachment has not been completed it is...

Not effective against debtor or third parties


Foreseeability of damages

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


Mitigation of damages is concept that imposes duty upon...

Innocent injured party to reduce damages resulting from breach


Mitigation of damages example

Tenant moves out early and landlord mitigates damages by
searching for new tenant


Respondeat superior is a legal theory whereby...

Employer is liable to third parties for acts of an employee

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