deck N (667-717) Flashcards
2
REQUIREMENTS FOR SHAREHOLDER VALIDATION OF FUNDAMENTAL CORPORATE CHANGES
- MAJORITY VOTE
- OF ALL OUTSTANDING SHARES TO VALIDATE
6
MEANS OF TERMINATING ACTUAL IMPLIED AUTHORITY (BLO-CHU)
- BREACH OF AGENT’S FIDUCIARY DUTIES
- LAPSE OF STATED PERIOD OR REASONABLE TIME
- OPERATION OF LAW (DEATH, BK)
- CHANGED CIRCUMSTANCES
- HAPPENING OF A SPECIFIC EVENT
- UNILATERAL TERMINATION BY EITHER PARTY
2
REQUIREMENTS FOR FORMING A GENERAL PARTNERSHIP
- NO FORMALITIES
- ONLY INTENT TO OPERATE A FOR PROFIT BUSINESS AS CO-OWNERS
2
PREMARITAL AGREEMENT RECEIPT REQUIREMENTS - RECIPIENT MUST DECLARE
- RECEIPT OF DISCLOSURE IN WRITING
- NAME OF PARTY DELIVERING DISCLOSURE IN WRITING
4
FIDUCIARY DUTIES OWED BY SPOUSES - FULL DISCLOSURE OF MATERIAL FACTS - SPOUSES MUST DISCLOSE
- COMMUNITY ASSETS
- COMMUNITY DEBTS
- PROVIDE EQUAL ACCESS TO THIS INFORMATION
2
COMMUNITY PROPERTY CONTRIBUTIONS TOWARD A SPOUSE’S SEPARATE PROPERTY - BUSINESS -
WHEN TO USE PEREIRA
- MOST VALUABLE FACTOR OF APPRECIATION WAS SPOUSE’S LABOR
- FAVORS COMMUNITY
3
COMMUNITY PROPERTY CONTRIBUTIONS TOWARD A SPOUSE’S SEPARATE PROPERTY - BUSINESS -
WHEN TO USE VAN CAMP
- WHEN CHARACTER OF BUSINESS THE CAUSE FOR ITS GROWTH
- SPOUSE WAS WELL COMPENSATED DURING THE MARRIAGE
- COMMUNITY ALREADY BENEFITED FROM BUSINESS
4
ANTILAPSE
- BENEFICIARY PREDECEASES TESTATOR
- BENEFICIARY’S LINEAL DEPENDENTS TAKE HER PLACE
- WHERE BENEFICIARY RELATED TO TESTATOR OR TESTATOR’S SURVIVING, FORMER OR DECEASED SPOUSE
- UNLESS TESTATOR EXPRESSED CONTRARY INTENTION IN WILL
3
TESTAMENTARY TRUST
- CREATED BY WILL
- WILL CONTAINS MATERIAL PROVISIONS OF TRUST
- TRUST ARISES WHEN TESTATOR DIES
3
MODIFICATION OR REVOCATION OF TRUST
- MAJORITY RULE - ONLY WHERE SETTLOR EXPRESSLY RESERVES POWER IN TRUST
- MINORITY RULE AND CA - TRUSTS ARE ALWAYS REVOCABLE UNLESS EXPRESSLY STATED OTHERWISE IN TRUST
- COURTS CAN MODIFY TRUSTS TO MEET SETTLOR’S INTENT
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REMEDY OPTIONS FOR BREACH OF TRUST
- DAMAGES
- CONSTRUCTIVE TRUST
- TRACING AND EQUITABLE LIEN
- RATIFY TRANSACTION AND WAIVE BREACH
- SUE FOR RESULTING LOSS
- REMOVE TRUSTEE
2
PURE ECONOMIC LOSS IN TORT RECOVERY
- NOT USUALLLY RECOVERABLE ABSENT A SHOWING OF PROPERTY LOSS OR PERSONAL INJURY
- UNLESS TORT OF INTENTIONAL INTERFERENCE WITH BUSINESS RELATIONS
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TYPES OF CONTRACT DAMAGES
- EXPECTATION DAMAGES
- CONSEQUENTIAL DAMAGES
- INCIDENTAL DAMAGES
- RELIANCE DAMAGES
- LIQUIDATED DAMAGES
- NOMINAL DAMAGES
- PUNITIVE DAMAGES
5
POTENTIAL LIMITATIONS ON CONTRACT DAMAGES
- CAUSATION
- FORESEEABILITY
- CERTAINTY
- UNAVOIDABLE
- LIQUIDATED DAMAGES CLAUSE
4
FEE SIMPLE DETERMINABLE - OTFC
- OWNERSHIP - POTENIALLY INFINITE, SUBJECT TO OCCURENCE OF POSSIBLE EVENT
- TRANSFERABILITY - ALIENABLE, DEVISABLE, DESCENDIBLE, SUBJECT TO CONDITION
- FUTURE INTEREST GRANTOR OWNS - POSSIBILITY OF REVERTER
- CREATED BY - WORDS OF DURATION
4
REMAINDER ELEMENTS
- FUTURE INTEREST HELD BY A THIRD PARTY
- BECOMES POSSESSORY AT EXPIRATION OF A PRIOR POSESSORY ESTATE
- CANNOT DIVEST PRESENT INTEREST HOLDER OF POSSESSORY RIGHTS.
- NEVER FOLLOWS A DEFEASIBLE FEE.
4
A SHIFTING EXECUTORY INTEREST IS A
- FUTURE INTEREST IN PROPERTY HELD BY A THIRD PARTY
- THAT WILL DIVEST A ;POSSESSORY GRANTEE OF FEE SIMPLE SUBJECT TO EXECUTORY LIMITATION OF HIS INTEREST IN THE PROPERTY
- UPON OCCURENCE OF THE EXECUTORY LIMITATION
- SHIFTING THE POSSESSORY PRESENT INTEREST IN THE PROPERTY TO THE THIRD PARTY
1
AMELIORATIVE WASTE REMEDY FOR TENANT
- TENANT MUST RESTORE PREMISES TO THEIR ORIGINAL CONDITION
3
EASEMENT CREATION BY IMPLICATION
- PREEXISTING REASONABLE USE OF A SINGLE TRACT
- SINGLE TRACT IS DIVIDED
- EASEMENT REASONABLY NECESSARY TO DOMINANT TRACT’S USE AND ENJOYMENT OF PROPERTY