deck G (305-360) Flashcards
2
PRE-INCORPORATION PROMOTER DUTIES
- DUTY OF GOOD FAITH
- DUTY OF NO SECRET DEALINGS FOR PERSONAL PROFIT
3
REQUIREMENTS FOR CORPORATE ACTION AT DIRECTION OF BOARD OF DIRECTORS
- AT A PROPERLY NOTICED MEETING
- WITH MAJORITY OF BOARD OF DIRECTORS
- THE MAJORITY VOTES TO TAKE ACTION
2
CORPORATE DIRECTORS AND OFFICERS DUTY OF CARE - DIRECTORS AND OFFICERS MUST
- ACT AS A REASONABLY PRUDENT PERSON WOULD ACT
- UNDER SIMILAR CIRCUMSTANCES
2
EFFECT OF CREATING A SELF-DEALING CONTRACT
- CONSIDERED CONFLICT OF INTEREST
- CONTRACT IS PRESUMED VOIDABLE
2
SHAREHOLDER LAWSUIT - DIRECT SUIT - SHAREHOLDER BRINGS SUIT FOR
- FOR BREACH OF FIDUCIARY DUTY
- DIRECTLY OWED TO THE SHAREHOLDER
2
FIDUCIARY DUTIES - PARTNERSHIP - DUTY TO ACCOUNT- TO REMEDY BREACH, PARTNERS MAY
- BRING ACTIONS FOR LOSSES CAUSED BY OTHER PARTNER’S BREACH
- REMEDY IS DISGORGEMENT OF ILL-GOTTEN PROFITS BACK TO THE PARTNERSHIP
6
LIMITED PARTNERS IN A LIMITED PARTNERSHIP HAVE THESE RIGHTS
- ACCOUNTING
- TRANSFER SHARES (UNLESS OTHERWISE AGREED)
- MANAGE AS REASONABLE TO PROTECT INVESTMENT
- CONSENT TO WAIVE OTHER PARTNER’S OBLIGATIONS
- DISTRIBUTION BASED ON CONTRIBUTION
- TRANSFER DISTRIBUTION RIGHTS
1
CORPORATE BONDS
- DEBT OBLIGATION OF CORPORATION
4
WHEN A SECURITY IS REQUIRED TO BE REGISTERED WITH THE SEC
- IF IT IS PUBLICLY TRADED
- IF IT SOLD BY AN ISSUING COMPANY
- A SECURITIES DEALER
- OR A SECURITIES UNDERWRITER
2
JUDICIAL EFFECTS OF FINDING NO VIOLATION OF THE BUSINESS JUDGMENT RULE
- COURT WILL NOT FIND BUSINESS ACTORS PERSONALLY LIABLE
- COURT WILL NOT INTERVENE IN BUSINESS MANAGEMENT DECISIONS
3
QUASI-MARITAL PROPERTY IS PROPERTY AQUIRED DURING
- A VOID OR VOIDABLE MARRIAGE
- BELONGING TO A PUTATIVE SPOUSE
- WOULD HAVE BEEN CP OR QCP IF MARRIAGE WAS VALID
3
SPECIAL CLASSIFICATIONS - PENSION PLANS - RESERVATION OF JURISDICTION APPROACH - FORMULA FOR FINDING CP PERCENTAGE
- DIVIDE TOTAL NUMBER OF YEARS MARRIED WHILE EARNING PENSION
- (END POINT IS COMMENCEMENT OF SEPARATION)
- BY TOTAL YEARS SPOUSE EARNED PENSION
7
SEPARATE PROPERTY - CLASSIFICATIONS
- PROPERTY OWNED BY SPOUSE BEFORE MARRIAGE
- GIFT
- BEQUEST
- DEVISE
- DESCENT
- RENTS, ISSUES AND PROFITS OBTAINED FROM SP
- PROPERTY ACQUIRED AFTER PERMANENT SEPARATION
2
ADEMPTION OCCURS WHEN
- PROPERTY HAS CHANGED FORM
- FROM THE TIME IT WAS IDENTIFIED IN THE WILL
3
SECRET TRUST
- SETTLOR LEAVES PROPERTY TO LEGATEE IN WILL
- W/OUT MANIFESTATION OF INTENT IN WILL TO CREATE TRUST
- BUT RELIES ON UNDERSTANDING W/LEGATEE TO HOLD PROPERTY IN TRUST FOR THIRD PARTY BENEFICIARIES.
4
SEMI-SECRET TRUST- ELEMENTS AND SPLIT JURISDICTIONAL TREATMENT
- TESTATOR DEVISES PROPERTY TO BE HELD IN TRUST.
- BUT DOES NOT IDENTIFY THE BENEFICIARY OF THE PROPERTY.
- MAJORITY OF JURISIDCTIONS INVALIDATE AND CREATE RESULTING TRUST
- MINORITY OF JURSIDICTIONS ALLOW EXTRINSIC EVIDENCE TO PROVE BENEFICIARY’S IDENTITY.
3
TO ADMINISTER TRUST - TRUSTEE HAS ALL POWERS
- EXPRESSLY ENNUMERATED IN TRUST
- EXPRESSLY ENUMERATED AT LAW
- IMPLED BY TRUST AS NECESSARY AND APPRORIATE TO CARRY OUT TERMS OF TRUST
2
GENERAL DAMAGES
- FLOW TO ANY PLAINTIFF AS A NATURAL RESULT OF TORT
- NONECOMONIC
2
COMPENSATORY DAMAGES FOR TORT
- MONETARY COMPENSATION
- AWARDED TO RETURN PLAINTIFF TO THE POSITION HE WAS IN BEFORE THE TORT OCCURRED.