Deck 28 Flashcards

1
Q

Anticipatory repudiation

A

When either buyer or seller indicates in advance of performance that he will not perform (other party can sue now, sue later, or cancel contract)

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2
Q

Replevin

A

The right of the buyer to recover goods wrongfully in the hands of the seller

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3
Q

For a patent to issue, the applicant must show that the invention is:

A

Useful, novel, and not obvious

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4
Q

Copyright =

A

Author’s life + 70 years

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5
Q

Patent =

A

20 years

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6
Q

Remedies for copyrights and patents:

A

Patents: civil only; copyrights: civil and criminal

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7
Q

Under common law, to make a case out of negligence, the plaintiff must show: (4 things)

A

Breach of duty, causation, damages, and duty of care

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8
Q

7 year property rules

A

Furniture, half-year convention

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9
Q

5 year property rules

A

Computers, use half- year convention unless more than 40% of the assets were purchased in the 4th quarter (use mid-quarter

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10
Q

39 year property

A

Nonresidential real property; mid-month convention

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11
Q

27 year property

A

Residential real property, mid-month convention

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12
Q

To be negotiable, the instrument must meet all of the following:

A

1) Be in writing; 2) be signed by the maker or drawer; 3) contain an unconditional promise or order; 4) Fixed amount of money; 5) payable on demand or at a definite time; 6) payable to order or bearer; 7) no additional undertaking/instruction

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13
Q

What would prevent a promissory note from being negotiable?

A

A note that allows the maker to pay by performing services

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14
Q

Two real defenses available against a holder in due course:

A

1) material alteration and 2) discharge in bankruptcy

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15
Q

Negotiable instruments subject to the commercial paper article include:

A

Drafts and notes

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16
Q

An endorsement is restrictive if it includes the words:

A

“For collection” or “for deposit only”

17
Q

Failure to date an instrument will not destroy:

A

Negotiability

18
Q

What party has secondary liability on an instrument?

A

A drawer of a draft

19
Q

What defenses can be raised against a holder in due course?

A

Real defenses

20
Q

Two characteristics of a check:

A

Drawn on a bank and payable on demand