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Legal Environment > Test 2 > Flashcards

Test 2 Flashcards

(74 cards)

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1
Q

Property

A

is a relationship you have to something. You can use something, and exclude others from using it. Legal fence. Includes self ownership.

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2
Q

Real Property

A

ownership on planet. e.g. real estate. defined by deed.From English ownership.

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3
Q

Personal Property

A

includes tangible and intangible.

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4
Q

Tangible Property

A

your stuff

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5
Q

Intangibile Property

A

everything else, patent on idea.

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6
Q

Fee Simple

A

ownership interest

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7
Q

Tenancy in Common

A

each own half of everything. generic ownership style

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8
Q

Survivorship Tenancy

A

last man standing owns it

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9
Q

Fixture

A

was once tangible, personal property, but is now attached and is a part of real property

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10
Q

Constructive

A

legal lie, there to accomplish specific purpose. e.g keys to the locks on door of house

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11
Q

Tenant Fixture/Trade Fixture

A

attached by non owners, and aren’t a part of property

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12
Q

Gift

A

ownership of prperty obtained

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13
Q

Donor

A

giver of gift, owner of something

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14
Q

Donee

A

receiver of gift, new owner

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15
Q

Gift Causa Mortis

A

imminent death. doesn’t matter what will says e.g. rolex on deathbed

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16
Q

Intevivos Gift

A

celebration of life. e.g. birthdays, christmas. Intent, and delivery

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17
Q

Lost Property

A

Not in a place where owner could come back and find it, thus can acquire a new owner through possession and doesn’t belong to the person owning the premise

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18
Q

Mislaid Property

A

Belongs to the person owning the premise where the property is found, assuming it’s in a place the owner would come looking for it

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19
Q

Finder

A

Prevails if the good were lost

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20
Q

Owner of Locus in Quo

A

Prevails if the goods were mislaid

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21
Q

Bailment

A

Owner puts object protected by personal property into intentional possession of another person with the understanding that it will be returned

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22
Q

Bailor

A

Owner

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23
Q

Bailee

A

Possessor

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24
Q

Easement

A

Places a particular use of land behind legal fence, often a right to cross over land

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25
Eminent Domain
Govt can take land and will buy it at certain price
26
Lien
Property interest given to someone
27
Security Interest
Property interest created by agreement
28
Mortgage
When you put your house up to secure a loan
29
Infringement
Breaking terms of agreement
30
Trade Name
Doesn't afford the protection of trademark
31
Trade Secret
secret that is valued, economic value from not beign known, maintain secrecy, info you treat as property
32
Copyright
allows owner to control reproduction, for owners lifetime +70 years. e.g. software, music, samples, photographs
33
Patent
distinct process, 14-20 year monopoly. When patent is up the technology becomes public domain. e.g. drug co, anti lock brakes by mercedes
34
Contract
agreement courts will enforce. offer & acceptance
35
Unilateral Contract
one promise. promise on exchange.
36
Bilateral Contract
both parties make promises
37
Executory Contract
live, both parties perform
38
Executed Contract
post closing, contract is done
39
Express Contract
words between parties
40
Implied in Fact Contract
no words
41
Objective Standard
what would a reasonable person think he intended
42
Implied in Law Contract/ Quasi Contract
social policy
43
Valid Contract
enforceable
44
Void Contract
no legal effect
45
Voidable Contract
one party can walk e.g. minor buying a car
46
Offer
an expression of intent to become contractually bound on specific terms, communicated to offeree. Offer creates power to the person you are making it to. Must have definite terms so performance can be judged.
47
Revocation
power to revoke offer, kill it.
48
Lapse
Offer dies
49
Firm Offer
merchant makes a signed, written offer to hold a price. Under the UCC, no consideration required
50
Option
giving consideration to buy their power to revoke
51
Consideration
legal value, under common law especially
52
Rejection
Kills an offer
53
Counteroffer
Made by the initial offeree
54
Offeror
Makes the offer
55
Offeree
Offer being made to
56
Acceptance
Creates contract
57
Cooling Off Period
Certain things only
58
Mailbox Rule
default rule, what you get unless you say something else. moment you deposit it in authorized means of communication the contract goes into existence at that moment
59
Mirror Image Rule
Common Law: terms in acceptance must be identical to terms in offer. UCC: acceptance even if there are different terms
60
Legal Value
consideration
61
Bargained for Detriment
doing or not doing something that you had no legal obligation to do. Not necessarily economic
62
Liquidated Debt
owe a specific amount of money, no dispute
63
Unliquidated Debt
owe money, but not sure how much
64
Promissory Estoppel
relied on promise to your detriment
65
Ratify
Affirm
66
Void
Disaffirm
67
Factually Incompetent
adults, need guardian to take over.
68
Adjudicated Incompetent
void, no legal effect
69
Durable Power of Attorney
not affected by incompetence of principal
70
Severable Contract
Several contracts, breach of one is not a breach of others
71
Unconscionability
grossly unfair
72
Adhesion Contract
here are the terms, take it or leave it. Unconscionability
73
Deed
document, to change hands. signing it is a symbol of the property rights. DELIVERY is what transfers property
74
Successful economy needs....
property rights, -protect -gain -distinguish -exclude

Legal Environment (2 decks)

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