deck X (1136-1186) Flashcards
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STEPS FOR CURING THE CONFLICT OF INTEREST ARISING FROM A SELF-DEALING CONTRACT BETWEEN A CONFLICTED BOARD MEMBER AND THE CORPORATION
- MATERIAL DISCLOSURE MUST BE MADE BY CONFLICTED PARTY
- CONTRACT MUST BE FAIR
- THE CONTRACT CAN BE THEN AUTHORIZED BY DISINTERESTED BOARD MEMBERS
- OR CONTRACT CAN THEN APPROVED BY MAJORITY OF SHAREHOLDERS
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WHERE AN AGENT EXCEEDS ACTUAL AUTHORITY - THE PRINCIPAL WILL BE BOUND TO AGENT’S ACTS WHERE THE AGENT
- ACTS IN WAY AN AGENT IN SUCH A POSITION WOULD NORMALLY BE ALLOWED TO ACT
- WAS PREVIOUSLY ALLOWED TO SIMILARLY ACT IN EXCESS OF AUTHORITY
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PRINCIPAL’S LIABILITY FOR AGENT’S TORTS
- WHERE TORTS COMMITTED IN SCOPE OF PRINCIPAL-AGENT RELATIONSHIP
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FIDUCIARY DUTIES OWED BY SPOUSES TO EACH OTHER
- FULL DISCLOSURE OF MATERIAL FACTS
- GOOD FAITH AND FAIR DEALINGS
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REVERSE VAN CAMP FORMULA
- REASONABLE SALARY FOR MANAGER SPOUSE AFTER SEPARATION CALCULATED
- LIVING EXPENSES DEDUCTED
- RESULT IS SEPERATE PROPERTY
- REMAINDER OF BUSINESS VALUE GOES TO COMMUNITY
1
PRESUMPTION OF FRAUD OR UNDUE INFLUENCE BY BENEFICIARY OF DONATIVE TRANSFER REBUTTABLE WHERE
- CLEAR AND CONVINCING EVIDENCE
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DEPENDENT RELATIVE REVOCATION
- TESTATOR REVOKES WILL
- WITH MISTAKEN BELIEF THAT SUBSEQUENT WILL OR CODICIL IS VALID
- SUBSEQUENT WILL OR CODICIL IS INVALID
- COURT WILL FIND FIRST WILL VALID
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KILLERS OF TESTATORS
- CAN’T TAKE BY WILL
- CAN’T TAKE BY INTESTATE SUCCESSION
- TREATED AS PREDECEASING TESTATOR
- NO ANTI-LAPSE TRIGGERED
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FOR INTESTATE SUCESSION, ADOPTION SEVERS
- THE RELATIONSHIP BETWEEN PARENT-CHILD
- UNLESS NATURAL PARENT’S SPOUSE ADOPTED CHILD
- AND NATURAL PARENT COHABITATED WITH CHILD
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TRUSTEE - DELEGATION OF DUTIES
- AT COMMON LAW, NO DELEGATION ALLOWED
- MODERNLY, DELEGATION IS ALLOWED WHERE DUE CARE AND SKILL ARE USED TO SELECT AGENTS
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UNIFORM PRUDENT INVESTOR ACT - MANAGEMENT OF TRUST INVESTMENTS - PRODUCTIVITY OF INVESTMENT IS MEASURED BY
- PORTFOLIO PERFORMANCE AS A WHOLE
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CATEGORIES OF EXPRESS TRUSTS
- PRIVATE TRUSTS FOR THE BENEFIT OF ASCERTAINABLE BENEFICIARIES
- CHARITIABLE TRUSTS FOR THE BENEFIT OF SOCIETY AT LARGE
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WHEN IS PRELIMINARY INJUNCTION ISSUED
- PRIOR TO FINAL JUDGMENTS ON THE MERITS OF THE CASE
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EQUITABLE CONVERSION IN A LAND SALE CONTRACT OCCURS WHEN
- LAND SALE CONTRACT IS SIGNED
- BUYER IS DEEMED OWNER OF REAL PROPERTY
- RISK OF DAMAGE PASSES TO BUYER
- UNLESS CONTRACT STATES OTHERWISE
- OR STATE HAS A STATUTE TO A CONTRARY EFFECT
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REMEDIES FOR BREACH OF LAND SALE CONTRACT
- DAMAGES
- SPECIFIC PERFORMANCE (MORE COMMON)
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DEFICIENCY JUDGMENT FOR MORTGAGES ONLY ALLOWED WHERE
- PROPERTY SOLD FOR LESS THAN AMOUNT OWED
- JUDICIAL FORECLOSURE
- LOAN WAS NOT A PURCHASE MONEY MORTGAGE
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DEED DEFINITION - A DEED IS A DOCUMENT THAT
- TRANSFERS TITLE OF REAL PROPERTY
- FROM ONE PARTY TO ANOTHER.
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LANDLORD/TENANT QUESTION - EXPRESS REAL COVENANT LANGUAGE
- NOTICE
- INTENT
- TOUCH AND CONCERN THE LAND
- PRIVITY
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EXPRESS EASEMENT CREATION
- IN WRITING
- MANIFESTING GRANTOR’S PRESENT INTENT
- IDENTIFICATION OF PARTIES AND AFFECTED LAND
- SIGNED BY GRANTOR