deck F (257-304) Flashcards
4
PREEMPTIVE RIGHTS OF SHAREHOLDER REGARDING PERCENTAGE OF OWNERSHIP IN CORPORATION
- AT COMMON LAW, EXISTING SHAREHOLDER MAINTAINS HER PERCENTAGE OF OWNERSHIP
- WHEN MORE STOCK WAS ISSUED
- MODERNLY DOES NOT EXIST
- UNLESS ARTICLES STATE OTHERWISE
5
AGENCY - TO PRINICIPAL, AGENT HAS A DUTY OF
- CARE - BUSINESS JUDGMENT RULE
- LOYALTY
- OBEDIENCE
- TO COMMUNICATE
- ANY OTHER EXPRESS CONTRACT DUTIES
5
PRINCIPAL’S AVAILABLE REMEDIES FOR BREACH BY AGENT
- TERMINATE RELATIONSHIP
- WITHHOLD COMPENSATION
- SEEK CONTRACT REMEDIES
- SEEK TORT DAMAGES
- SEEK INDEMNITY FOR LIABILITY FOR ACTIONS BEYOND SCOPE OF AGENCY
3
TYPES OF AUTHORITY CAUSING PRINCIPAL’S LIAIBLITY FOR AGENT’S CONTRACTS
- ACTUAL EXPRESS AUTHORITY
- ACTUAL IMPLIED AUTHORITY
- APPARENT AUTHORITY
2
ADMISSIBILITY OF STATEMENTS IN A WILL AS EVIDENCE OF TRANSMUTATION OF ASSET
- INADMISSIBLE
- BEFORE DEATH OF DEVISOR
1
SPECIAL CLASSIFICATIONS - EDUCATION - CLASSIFICATION OF ASSET
- NOT A COMMUNITY ASSET UNLESS WRITTEN AGREEMENT TO CONTRARY
5
COMMUNITY PROPERTY CONTRIBUTIONS TOWARD A SPOUSE’S SEPARATE PROPERTY - BUSINESS -
VAN CAMP FORMULA
- START SALARY FOR SPOUSE (REASONABLE MARKET RATE)
- MULTIPLY THIS BY YEARS BUSINESS OPERATED DURING MARRIAGE
- DEDUCT COMMUNITY EXPENSES PAID WITH BUSINESS FUNDS
- RESULT IS COMMUNITY PROPERTY
- REMAINDER IS MANAGING SPOUSE’S SEPARATE PROPERTY
2
DISTRIBUTION OF ASSETS AT DEATH - RULES ON DEVISE OF COMMUNITY AND SEPARATE PROPERTY ASSETS
- DECEDENT CAN DEVISE ALL SP
- DECEDENT CAN DEVISE 1/2 CP AND 1/2 QCP
2
DISTRIBUTION OF ASSETS AT DEATH - SPOUSE DIES INTESTATE
- SURVIVING SPOUSE ENTITLED TO DECEDENT’S SHARE OF CP AND QCP
- SURVIVING SPOUSE ENTITLED TO 1/3 OF DECEDENT’S SP (DEPENDING ON SURVIVING PARENTS OR ISSUE)
1
TIES GO AROUND
NECKS
4
EXCEPTIONS TO PRESUMPTION OF FRAUD OR UNDUE INFLUENCE BY BENEFICIARY OF DONATIVE TRANSFER
- BLOOD RELATIVE OF TRANSFEROR
- COHABITANT OF TRANSFEROR
- PROPERTY TRANSFERRED WORTH UNDER 5K
- TRANSFER WAS REVIEWED BY INDEPENDENT COUNSEL W/OUT BENEFICIARY PRESENT
7
WILLS - NO CONTEST CLAUSES ENFORCED UNLESS BENEFICIARY CONTESTS FORFEITURE OF RIGHT TO TAKE WITH PROBABLE CAUSE ON GROUNDS OF
- FORGERY
- REVOCATION
- UNDUE INFLUENCE
- FRAUD
- DURESS
- IMPROPER EXECUTION
- INTERESTED WITNESS
10
INTESTATE SUCCESION ORDER IF NO SS, OR AFTER SS TAKES SHARE
- ISSUE
- PARENTS, IF NO ISSUE
- SIBLINGS
- GRANDPARENTS
- AUNTS AND UNCLES
- STEPCHILDREN
- NEXT OF KIND
- PARENTS OF PREDECEASED SPOUSE
- SIBLINGS OF PREDECEASED SPOUSE
- ESCHEAT TO STATE
2
CHILDREN
- ARE NOISY
3
RESULTING TRUST ELEMENTS
- IMPLIED-IN-FACT TRUST
- BASED ON PRESUMED INTENT OF PARTIES
- TRANSFERS PROPERTY BACK TO SETTLOR OR ESTATE OR INTESTATE TAKERS
1
EJECTMENT
- USED TO RECOVER SPECIFIC REAL PROPERTY FROM WHICH THE PLAINTIFF WAS WRONGLY EXCLUDED
2
EQUITABLE LIEN
- CREATES SECURITY INTEREST IN PROPERTY HELD BY DEFENDANT
- TURNS PROPERTY INTO COLLATERAL FOR MONEY DEFENDANT OWES
2
AVAILABILITY OF QUASI-CONTRACT REMEDY TO DEFENDANT
- AT COMMON LAW, QUASI-CONTRACT NOT AVAILABLE TO DEFENDANT
- MODERNLY, AND IN CA, QUASI-CONTRACT IS AVAILABLE REMEDY TO DEFENDANT