deck J (463-513) Flashcards
3
STOCK SUBSCRIPTION AGREEMENT
- WRITTEN PROMISE TO BUY SHARES OF STOCK
- POST-INC IMMEDIATELY BINDING
- PRE-INC IRREVOCABLE FOR SIX MONTHS AND MUST BE ACCEPTED BY CORPORATION
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LIABILITY OF OUTGOING PARTNERS
- OUTGOING PARTNERS ARE LIABLE FOR PRE-DISASSOCIATION DEBT
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DISSOLUTION OF LIMITED PARTNERSHIP
- AT TIME SPECIFIED IN LP AGREEMENT
- UPON WRITTEN CONSENT OF ALL PARTNERS
- UPON DISASSOCIATION OF GENERAL PARTNER UNLESS OTHERWISE AGREED
- UPON JUDICIAL DECREE
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FIDUCIARY DUTIES OWED SPOUSES - DUTY OF GOOD FAITH AND FAIR DEALING - SPOUSES MUST
- OPERATE WITH HIGHEST DEGREE OF GOOD FAITH
- MAKE FAIR DEALINGS WITH OTHER SPOUSE
- NEVER TAKE UNFAIR ADVANTAGE OF OTHER SPOUSE
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DEBT - LIABILITY OF COMMUNITY FOR TORTFEASOR SPOUSE
- COMMUNITY IS NOT LIABLE FOR TORTS OF SPOUSE
- UNLESS TORT COMMITTED FOR BENEFIT OF COMMUNITY
- COMMUNITY FUNDS MAY BE USED ONCE SEPARATE FUNDS ARE EXHAUSTED
- REIMBURSEMENT ALLOWED WHERE ONE ESTATE PAYS FOR THE LIABILITY OF ANOTHER
1
REGISTERED DOMESTIC PARTNERSHIPS
- REGISTERED DOMESTIC PARTNERS ARE AFFORDED SAME RIGHTS AND PROTECTIONS AS MARRIED PARTNERS
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SPECIAL CLASSIFICATIONS - PERSONAL INJURY - LIABILITIES FOR TORTFEASOR SPOUSE
- TORT LIABILITIES ARE ALWAYS SP
- UNLESS TORT OCCURED WHILE ACTING FOR BENEFIT OF COMMUNITY
- THEN SP PAYS FIRST
- REMAINING LIAIBLITY MAY COME FROM CP
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CLASSIFICATIONS OF TESTAMENTARY GIFTS
- SPECIFIC GIFTS
- CLASS GIFTS
- GENERAL GIFTS
- DEMONSTRATIVE GIFTS
- RESIDUARY GIFTS
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SPENDTHRIFT TRUST
- TRUSTEE CAN’T VOLUNTARILY ALIENATE INTEREST
- SECURES BENEFICIARY AGAINST HIS OWN IMPROVIDENCE
- PROTECTING INTEREST FROM 3RD PARTY CREDITORS
- UNTIL INTEREST HAS BEEN PAID TO BENEFICIARY
- EXCEPT FOR CS, ALIMONY, GOVERNMENT CREDITORS AND LIFE NECESSARIES
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CY PRES DOCTRINE
- OBJECTIVE OF CHARITABLE TRUST BECOMES IMPOSSIBLE OR IMPRACITABLE TO FULFILL
- COURT SUBSTITUTES ANOTHER OBJECTIVE AS CLOSE AS POSSIBLE TO THE ORIGINAL
- IF CY PRES CAN’T WORK, COURTS PUT FUNDS IN RESULTING TRUST
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TRUST TERMINATION POWERS - TRUSTEE
- TRUSTEE DOES NOT HAVE POWER TO TERMINATE TRUST EXCEPT FOR WHERE TRUST PROVIDES
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REQUIREMENTS TO GIVE AWARD OF
COMPENSATORY DAMAGES
- CAUSATION OF INJURY
- FORSEEABLE BY REASONABLE PERSON
- INJURY UNAVOIDABLE BY PLAINTIFF
- DAMAGES CAN BE CALCULATED WITH CERTAINTY
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FORMATION GROUNDS FOR SEEKING RESCISSION
- MUTUAL MISTAKE
- MISREPRESENTATION
- LACK OF CAPACITY
- DURESS
- UNDUE INFLUENCE
- UNDUE CONSIDERATION
- UNILATERAL MISTAKE (IF OTHER PARTY SHOULD HAVE KNOWN)
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A PURCHASE MONEY MORTGAGE IS THE
- MORTGAGE FUNDING THE ORIGINAL PURCHASE OF PROPRERTY
- GETS FIRST PRIORITY TO PROCEEDS OF FORECLOSURE SALE
- BUT MAY NOT TAKE A DEFAULT FOR ANY BALANCE OWED
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PERIODIC TENANCY - CREATED BY
- EXPRESSLY - MONTH TO MONTH CONTRACT OR
- IMPLICATION
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TENANTS DUTY TO PAY RENT WHEN NO FAULT DESTRUCTION OF PREMISES OCCURS
- AT COMMON LAW - TENANT MAINTAINS DUTY TO PAY
- MODERNLY, MOST JX ALLOW TERMINATION
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APPURTENANT EASEMENT
- CREATED TO BENEFIT A PARTICULAR PIECE OF LAND (DOMINANT ESTATE)
- TIED TO A PARTICULAR PIECE OF LAND (SERVIENT ESTATE)
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REAL COVENANT - HORIZONTAL PRIVITY REQUIREMETN
- THE ORIGINAL COVENANTING PARTIES SHARED AN INTEREST IN THE LAND INDEPENDENT OF THE COVENANT.
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IMPLIED EQUITABLE SERVITUDE - DEFINITION
- RESTRICTIVE SERVITUDE
- IMPLIED BY COMMON SCHEME OR DEVELOPMENT.