deck M (616-666) Flashcards
2
BOARD OF DIRECTORS
- USUALLY, INITIAL BOARD LISTED IN ARTICLES
- VACANCIES ARE FILLED BY SHAREHOLDER VOTE
3
WHAT MAKES A GENERAL PARTNERSHIP?
- ASSOCIATION OF TWO OR MORE PERSONS
- OPERATING AS CO-OWNERS OF BUSINESS FOR PROFIT
- WHETHER OR NOT INTENT TO FORM PARTNERSHIP
7
PREMARITAL AGREEMENTS DEEMED INVOLUNTARY UNLESS
- HAD CAPACITY
- NO DURESS
- NO FRAUD
- NO UNDUE INFLUENCE
- PRESENTED WITH AGREEMENT AT LEAST SEVEN DAYS BEFORE SIGNING
- ADVISED TO SEEK INDEPENDENT COUNSEL
- WAIVED INDEPENDENT COUNSEL IN SEPARATE WRITING
3
COMMUNITY PROPERTY - CONTRIBUTIONS USED TO IMPROVE SPOUSE’S OWN SEPARATE PROPERTY
- COMMUNITY IS REIMBURSED FOR INCREASED VALUE OF SEPARATE PROPERTY
- OR REIMBURSED FOR AMOUNT CONTRIBUTED
- WHICHEVER IS GREATER
4
COMMUNITY PROPERTY
- ALL PROPERTY
- ACQUIRED BY MARRIED PERSON
- WHILE DOMICILED IN CA
- THAT ISN’T CLASSIFIED AS SP
3
COMMINGLED FUNDS, TRANSMUTATION
AND TRACING
- WHERE SPOUSE ADVOCATING SEPERATE PROPERTY
- CAN TRACE SP PORTION OF FUNDS IN CP BANK ACCOUNT
- NO TRANSMUTING OF SP FUNDS TO CP
2
DEPENDENT RELATIVE REVOCATION REVIVES
- MOST RECENT WILL
- UNLESS CLEAR INTENT FROM TESTATOR TO REVIVE AN EARLIER WILL
2
WILLS -EXONERATION OF ENCUMBRANCE ON GIFT-ELEMENTS
- WILL REQUIRES ENCUMBRANCE ON GIFT BE PAID
- SO GIFT CAN BE DEVISED FREE AND CLEAR
6
REQUIREMENTS FOR A VALID TRUST
- SETTLOR
- PRESENT INTENT TO CREATE TRUST
- IDENTIFIABLE EXISTING PROPERTY (RES)
- LEGAL PURPOSE NOT AGAINST PUBLIC POLICY
- IDENTIFIABLE BENEFICIARIES
- TRUSTEE NEED NOT BE NAMED
3
TRUSTEE - DUTY OF LOYALTY
- NO SELF-DEALING
- NO CONFLICTS OF INTEREST
- TREAT ALL BENEFICIARIES EQUALLY
3
CONSEQUENCE OF THIRD PARTY KNOWINGINGLY RECEIVING TRUST PROPERTY
- CREATES CONSTRUCTIVE TRUST
- WHERE THIRD PARTY ACTS AS TRUSTEE
- MAKING HIM PERSONALLY LIABLE FOR ANY DAMAGE TO TRUST PROPERTY
2
VALID WILL - INTERESTED WITNESSES - CONSEQUENCE WHEN PRESUMPTION OF FRAUD, UNDUE INFLUENCE ETC. NOT REBUTTED
- ONLY INTERESTED WITNESS’ PORTION OF WILL INVALIDATED
- INTERESTED WITNESSES TAKE INTESTATE SHARE
3
VALID WILL REQUIREMENTS
- PRESENT TESTAMENTARY INTENT
- CAPACITY
- COMPLIANCE WITH REQUISITE FORMALITIES
4
EQUITY - REASONS FOR REMEDY INADEQUATE AT LAW
- INSOLVENT DEFENDANT
- REPLEVIN CAN’T WORK BECAUSE PROPERTY SOLD
- PROPERTY IS UNIQUE
- MONEY DAMAGES TOO SPECULATIVE
1
PERMISSIVE WASTE
- PROPERTY IS POORLY OR NOT MAINTAINED
1
LAND SALE CONTRACT
- CONTRACT CONVEYING AN INTEREST IN REAL PROPERTY
7
LANDLORD/TENANT QUESTIONS - ORDER OF TENANT STRING
- FIRST TENANTS LEASEHOLD
- LANDLORD’S INTEREST
- TENANT’S DUTIES - EXPRESS AND IMPLIED (RUNNING WITH LAND)
- ASSIGNMENT OR SUBLEASE
- SECOND TENANT IF APPLICABLE
- PRIVITY OF CONTRACT VS. PRIVITY OF ESTATE
- IMPLIED COVENANTS
1
IMPLIED EQUITABLE SERVITUDE - INQUIRY NOTICE
- THE NEIGHBORHOOD CLEARLY CONFORMS TO UNIFORM RESTRICTIONS AND SPECIFICATIONS.
1
RIPARIAN RIGHTS - COMMON LAW RULE
- OWNER MAY USE AS MUCH WATER AS HE CAN BUT TO BENEFICIAL USE.