deck U (983-1033) Flashcards
4
REQUIRED NUMBER, RESIGNING AND REMOVAL OF CORPORATE DIRECTORS
- MUST BE AT LEAST ONE
- MAY RESIGN W/NOTICE
- MAY BE REMOVED BY SHAREHOLDER VOTE
- MODERNLY, REMOVAL CAN HAPPEN W OR W/OUT CAUSE
6
TYPES OF FUNDAMENTAL STRUCTURE CHANGES TO CORPORATION REQUIRING SHAREHOLDER APPROVAL
- AMENDMENT TO AOI
- MERGER
- CONSOLIDATION
- CONVERSION
- DISPOSITION (SALE OF ALL OR NEARLY ALL OF CORP ASSETS)
- DISSOLUTION
3
RIGHTS OF GENERAL PARTNERS IN LP’S
- DISTRIBUTIONS BASED ON CONTRIBUTIONS
- CONSENT TO WAIVE OTHER PARTNER’S CONTRIBUTIONS
- RIGHT TO MANAGE
3
LLC - LIMITED LIABILITY COMPANY
- A BUSINESS ENTITY
- WITH THE LIMITED LIABILITY OF A CORPORATION
- AND THE TAX ADVANTAGES OF A PARTNERSHIP
5
UNDER THE PARAMOUNT CORPORATIONS RULE, A DIRECTOR MAY RESIST
- TENDER OFFERS
- PROXY FIGHTS
- AND OTHER TAKEOVER THREATS
- WHERE THEY THREATEN CORPORATE STRATEGY
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
3
TRANSMUTATION OF A COMMUNITY ASSETS PRE 1985 COULD OCCUR BY THESE METHODS OF COMMUNICATING INTENT
- ORAL
- WRITTEN
- INFERRED BY SPOUSE’S CONDUCT
2
BUSINESS VALUE APPRECIATION AFTER SEPARATION - WHEN TO USE REVERSE PEREIRA
- COMMUNITY PROVIDED INITIAL INVESTMENT FOR BUSINESS
- APPRECIATION OF BUSINESS DUE TO SPOUSE’S LABOR
3
DEBT - STEPS FOR SHIELDING NON-DEBTOR SPOUSE’S EARNINGS
- EARNINGS DEPOSITED INTO DEPOSIT ACCOUNT
- FROM WHICH DEBTOR SPOUSE CANNOT WITHDRAW FUNDS
- AND COMMUNITY (OR DEBTOR SPOUSE’S) FUNDS ARE NEVER COMMINGLED
4
REIMBURSEMENT RIGHTS FOR SPOUSE A’S CONTRIBUTIONS OF SEPARATE PROPERTY TO SPOUSE B’S SEPARATE PROPERTY
- WHERE TRACEABLE
- WITHOUT INTEREST
- UNLESS WRITTEN WAIVER OF REIMBURSEMENT
- OR WRITTEN TRANSMUTATION
3
“OF SOUND MIND” - TESTATOR NOT COMPETENT WHERE
- SUFFERS FROM MENTAL DISORDER
- CAUSING HALLUCINATIONS OR DELUSIONS
- MOTIVATING DEVISES THAT TESTATOR WOULD NOT HAVE MADE WITHOUT THE HALLUCINATIONS OR DELUSIONS
2
WHEN TO USE EQUITABLE LIEN
- WHEN VALUE OF WRONGFULLY TAKEN PROPERTY GOES DOWN
- WHEN FUNDS ARE COMMINGLED
3
CONSEQUENTIAL DAMAGES
- LOSSES RESULTING FROM THE BREACH
- THAT ANY REASONABLE PERSON COULD HAVE FORESEEN
- AT THE TIME OF ENTRY INTO THE CONTRACT
2
SPECIFIC PERFORMANCE
- A PERMANENT INJUNCTION
- WHEREIN COURT ORDERS PERFORMANCE OF A CONTRACT PROMISE
3
RULE AGAINST PERPETUTIES APPLIES TO (IN PROPERTY LAW)
- CONTINGENT REMAINDERS
- EXECUTORY INTERESTS
- OPTIONS IN GROSS
1
MODERN TREATMENT OF CONTINGENT REMAINDERS IF REMAINDER IS STILL CONTINGENT UPON TERMINATION OF PRECEDING ESTATE
- REMAINDER IS CONVERTED TO A SPRINGING EXECUTORY INTEREST
4
PERIODIC TENANCY IS CREATED BY IMPLICATION WHERE LEASE
- IS HELD OVER (HOLDOVER TENANCY)
- HAS NO STATED END DATE
- HAS AN ORAL TERM OF YEARS VIOLATING STATUTE OF FRAUDS
- DOES NOT EXIST BUT PAYMENT OF REGULAR RENT
4
CONSTRUCTIVE EVICTION REQUIREMENTS
- PREMISES VIRTUALLY UNINHABITABLE BECAUSE OF SUBSTANTIAL INTERFERENCE WITH PROPERTY USE AND ENJOYMENT
- TENANT MUST NOTIFY LANDLORD
- LANDLORD MUST FAIL TO RESPOND
- TENANT MUST MOVE OUT W/IN REASONABLE TIME
2
EASEMENTS - MAINTENANCE AND REPAIR DUTIES
- SERVIENT ESTATE - NO DUTIES TO REPAIR OR MAINTAIN
- DOMINANT ESTATE - IMPLIED RIGHT TO MAINTAIN AND REPAIR