deck V (1034-1084) Flashcards
3
AGENCY RELATIONSHIP DEFINITION
- A BUSINESS RELATIONSHIP
- WHERE ONE PARTY, AN AGENT, AGREES TO ACT FOR
- AND IS AUTHORIZED TO ACT BY ANOTHER PARTY, THE PRINCIPAL.
2
FROLIC V. DETOUR
- FROLIC INVOLVES AGENT DEVIATING FROM INTENDED CONDUCT SO SUBSTANTIALLY THAT SHE IS ACTING FOR HER OWN PURPOSES. AGENT IS LIABLE FOR HER ACTS.
- DETOUR IS A SMALL DEVIATION FROM INTENDED CONDUCT. PRINCIPAL IS LIABLE FOR AGENT’S ACTS.
3
INDICATORS OF INTENT TO OPERATE
AS CO-OWNERS OF BUSINESS FOR PROFIT
- COMMON OWNERSHIP OF ASSETS
- DESIGNATING RELATIONSHIP AS PARTNERSHIP
- EXTENSIVE JOINT EFFORTS
4
REVLON RULE
- DIRECTORS CONFRONTED WITH TAKEOVER THREATS
- HAVE A DUTY TO MAXIMIZE SHAREHOLDER RETURN
- ONCE IT BECOMES OBVIOUS
- CORPORATE TAKEOVER IS INEVITABLE
4
SPECIAL CLASSIFICATIONS - EDUCATION - REIMBURSEMENT REDUCED WHERE
- COMMUNITY ALREADY BENEFITTED FROM EDUCATIONS
- BENEFIT PRESUMED AFTER 10 YEARS
- COMMUNITY ALSO CONTRIBUTED TOWARD EDUCATION OF OTHER SPOUSE
- NEED FOR SPOUSAL SUPPORT OF EDUCATED SPOUSE REDUCED
2
CAN TRACING OVERCOME JOINT TITLE?
- TRACING CAN’T OVERCOME CP PRESUMPTION FOR TITLE TAKEN JOINTLY
- TRACING CAN OVERCOME CP PRESUMPTION ON A BANK ACCOUNT BECAUSE PROBATE CODE HONORS TRACING
5
VALID WILL - WITNESS REQUIREMENTS
- TWO PEOPLE
- KNOW DOCUMENT IS A WILL
- BOTH PRESENT AT SIGNING OR ACKNOWLEDGEMENT
- UNNECESSARY TO SIGN AT SAME TIME
- UNNECESSARY TO SIGN IN EACH OTHER’S PRESENCE
4
EXCEPTIONS TO PRECATORY EXPRESSIONS NOT CREATING A TRUST
1) WHERE THEY GIVE PRECISE AND DEFINITE EXPRESSIONS
2) WHERE THEY ARE ADDRESSED TO A FIDUCIARY
3) AN UNNATURAL DISPOSITION OF PROPERTY WOULD OTHERWISE RESULT
4) EXTRINSIC EVIDENCE THAT SETTLOR PREVIOUSLY SUPPORTED THE INTENDED BENEFICIARY
8
TRUSTEE DEFINITION (SIAM)
- HOLDS LEGAL TITLE TO SPECIFIC PROPERTY
- UNDER A FIDUCIARY DUTY TO
- SAFEGUARD
- ADMINISTER
- INVEST
- MANAGE
- TRUST ASSETS AND INCOME
- FOR THE BENEFIT OF DESIGNATED BENEFICIARIES
3
WILLS - CLASS GIFTS OCCUR WHEN TESTATOR BEQUEATHS PROPERTY TO
- A GROUP OF PEOPLE NOT INDIVIDUALLY NAMED
- BUT IDENTITY OF GROUP EASILY ASCERTAINABLE
- SATISFYING IDENTIFICATION OF BENEFICIARY REQUIREMENT
1
REPLEVIN
- RECOVERY, BEFORE TRIAL, OF A SPECIFIC CHATTEL WRONGLY TAKEN
3
PART PERFORMANCE EXCEPTIONS TO
SOF LAND CONTRACT REQUIREMENTS - BUYER
- MAKES FULL OR PARTIAL PAYMENT
- GAINS POSSESSION OF LAND
- AND/OR SUBSTANTIAL IMPROVEMENTS TO PROPERTY
1
ASSIGNMENT OF LEASE DEFINITION
- ASSIGNMENT OF LEASE IS A TRANSFER OF THE ENTIRE INTEREST REMAINING ON THE LEASE TERM.
2
LIABILITY OF OLD TENANT FOR ASSIGNED LEASE
- OLD TENANT IS STILL LIABLE TO LANDLORD FOR PAYMENT OF RENT BECAUSE OF PRIVITY OF CONTRACT.
- UNLESS LANDLORD SIGNS A NOVATION.
2
EASEMENT BY NECESSITY - SERVIENT PARCEL’S RIGHTS FOR EASEMENT LOCATION
- SERVIENT ESTATE HOLDER HAS RIGHT TO LOCATE EASEMENT FOR THE REASONABLE CONVENIENCE OF PARTIES.
1
IMPLIED EQUITABLE SERVITUDE - NOTICE REQUIREMENTS
- GRANTEE MUST HAVE NOTICE “GENERALLY”
2
LICENSE
- RIGHT TO USE LICENSOR’S LAND FOR A SPECIFIC PURPOSE
- LICENSOR MAY REVOKE AT WILL
2
ORAL EASEMENTS CREATE
- A LICENSE
- RISK OF CREATING AN EASEMENT BY ESTOPPEL WHEN LICENSEE RELIES ON REPRESENTATION.
1
STRICT LIABILITY FOR EXCAVATION
- STRICT LIABILITY ARISES WHERE PLAINTIFF CAN SHOW HER LAND WOULD HAVE COLLAPSED IN ITS NATURAL STATE DUE TO THE EXCAVATION.