Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Jurisprudence > Exam 2 Guide > Flashcards

Exam 2 Guide Flashcards

1
Q

Which type of personal property is this:

Personal property that can be seen, touched, possessed

A

Tangible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What type of property is this:

Evidence of ownership of rights or values
Brands, Trademarks, knowledge, goodwill, patents

A

Intangible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the 3 ways one can obtain personal property?

A

Purchase
- buyer pays the seller and seller transfers property to buyer
- consideration, usually $

Will
- someone dies and leaves a written statement on how they want their property conveyed

Gift
- transfer made without consideration in return

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Identify the different types of bailments

A

Constructive bailment
Bailments for the sole benefit of the bailor
Bailments for the sole benefit of the bailee
Mutual-benefit bailment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is an example of constructive bailment?

A

When the neighbor’s package gets delivered to my house instead

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is an example of bailment for the sole benefit of the bailor?

A

My brother taking care of Aleksandr the guinea pig, for free, while I go to Italy for a month

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is an example of bailment for the sole benefit of the bailee?

A

When your friend lets you borrow a laptop for 3 months, nothing to be given in return as payment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is an example of mutual-benefit bailments?

A

Dog sitting for your friend and they bring you back 3 books from their vacation place

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Who are the people involved in bailments?

A

Bailee
Bailor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Who is the bailor?

A

The person who gives up possession of bailed property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Who is the bailee?

A

Person who accepts the possession of the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Define gift and determine how a gift takes place

A

Transfer made without consideration in return
Donor gives the gift
Donee receives the gift

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Explain what a carrier does

A

Transporter of goods, people, both
Creates a mutual-benefit bailment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Name the two categories of carriers.

A

Common Carriers
Private Carriers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are common carriers?

A

Transport goods or persons for all who apply for that service

Train, buses, airplanes, ships subways

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are private carriers?

A

Transport goods or people for a fee
May refuse services if unprofitable
Trucks, moving vans, ships, delivery services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Identify the liabilities of common carriers

A

Acts of God
Acts of a public authority
Inherent nature of the goods
Acts of the shipper
Acts of a public enemy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Define bill of lading

A

Receipt and contract between a consignor and a carrier
Consignee alone is designated to whom goods are to be delivered
Consignee’s rights may be transferred, but third party obtains no greater rights than consignee had

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Transfer of title to goods for a price

A

Sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Moveable personal property
Constitute largest class of contracts

A

Goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

All physical items except real estate

A

Moveable Personal Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Land and things permanently attached to land
Tangible but can’t be moved

A

Real Property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Consideration in a sales contract
Usually expressed in money

A

Price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Ownership of the subject matter
Transferred at once upon sale
Document stating ownership

A

Title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What are identified goods.

A

Goods picked to be delivered to the buyer

(remember revocation means you can change your mind and return the product at a reasonable time / rejection means you can end up not accepting it because it’s a duplicate or damaged)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

What are existing goods?

A

In existence (aka in stock)
Owned by seller

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What are future goods?

A

Goods that don’t exist at the time of the sales transaction
Will be developed, usually custom goods or pre-orders

28
Q

Assurance article conforms to a standard;
Statement of insured that relates to the risk and appears in insurance contract

A

Warranty

29
Q

Isn’t made by the manufacturer but is imposed by the law (warranty)

A

Implied Warranty

30
Q

Specifically spells out the terms of a warranty, orally or in writing
Seller’s opinion doesn’t constitute this warranty

A

Express Warranty

31
Q

Are all other (non full) warranties for consumer products

A

Limited warranties

32
Q

Warranty: Must remedy any defects in a product during a reasonable time
Aren’t restricted to certain parts, labor, time, periods, etc. etc.
“No questions asked”
Will try to fix but if unable to, will replace it or give a better item

A

Full warranty

33
Q

Be able to determine how negotiable instruments are transferred.

A

Writings that can be transferred from person to person as a substitute for money or an instrument of credit
Examples: gift cards, cashapp, zelle, etc., etc.

34
Q

Draft drawn on a bank and payable on demand

A

Check

35
Q

Written order by one person (drawer) directing another (drawee) to pay sum of money to 3rd party (payee)

A

Draft

36
Q

Unconditional written promise to pay a sum of money to another
Has payee and maker (one making the promise)

A

Promissory Note

37
Q

Identify the parties involved in each of the negotiable instruments.

A

Draft:
- Drawer: owner of account, giving order
- Bank: one receiving the order, becoming drawee
- Payee: one receiving the payment

Promissory Note:
- Payee
- Maker: one making the promise

38
Q

List the seven requirements of negotiability.

A
  1. The instrument must be in writing and signed by the party executing it
  2. The instrument must contain either an order to pay or a promise to pay
  3. The order of the promise must be unconditional
  4. The instrument must provide for the payment of a fixed amount of money
  5. The instrument must be payable either on demand or at a fixed or definite time
  6. The instrument must be payable to the order of a payee or to bearer
  7. The payee (unless the instrument is payable to bearer) and the drawee must be designated with reasonable certainty
39
Q

What is an indorsement

A

The signature of the owner made on the back of an instrument

40
Q

Where do banks require the indorsement on a check to be?

A

On the back

41
Q

Indorsement:

  • Prevents the use of the instrument for anything except the stated use
  • For deposit only meaning can’t cash it out
A

Restrictive Indorsement

42
Q

Indorsement:

  • Can consist of a mere signature
  • Most popular and least secure
A

Blank Indorsement

43
Q

Indorsement:

  • Designates particular person to whom payment is to be made
  • Banks don’t like this one
  • Indorsee (aka payee) and indorser are both in the back
    example: Pay Jane Doe or order Karen Mae
A

Special Indorsement

44
Q

Indorsement:

  • Limits liability of indorser
  • Said to be the most secure but less popular
  • “without recourse” meaning if check bounces, it’s not endorser’s fault b/c they’re taking no liability, it’s payee’s fault if bounces
    example: Pay to Jane Doe without recourse Kurtis Conner
A

Qualified Indorsement

45
Q

Explain how negotiable instruments may be discharged.

A
  • The instrument may simply be paid
  • Cancellation (any act that indicates the intention to destroy the validity of the instrument)
  • Renunciation (a unilateral act of the holder, usually without consideration)
  • Holder gives up rights on the instrument
46
Q

Contract under which one party is authorized to contract for another

A

Agency

47
Q

Identify the parties involved in an agency

A

Principle - the person who appoints another to contract with a 3rd party
Agent - the person appointed to contract on behalf of another

48
Q

How is an agency created?

A

Appointment: oral or written statement of the principle to the agent
Ratification: Approval of unauthorized act (aka confirmation)
Estoppel: Agency arising when one person leads another to believe third party is agent
Necessity: arises out of family relationships and unforeseen emergencies

49
Q

Determine how agents are classified.

A

General (Agent authorized to carry out particular kind of business or call business at a place)
Special (Agent authorized to transact specific act or acts)
Brokers (Agent with job of bringing 2 contracting parties together)
Attorneys in Fact (General agent appointed by written authorization)

50
Q

What are the agents duties to the principle?

A

Loyalty and good faith
Obedience
(routine and discretionary)
Reasonable Skill and Diligence
Accounting
Information

51
Q

What are the Principle’s duties to the agent?

A

Compensation
Reimbursement
Indemnification

52
Q

What is indemnification?

A

Contractual payment made by an agent for principle is an expense of principle
Payment of duties included in contract

53
Q

Describe an agent’s and principal’s liabilities to third parties

A
  1. Agents who do their own contracting and don’t disclose names of principles become liable
  2. Agents may make themselves personally liable to 3rd parties by express agreement to be responsible
  3. People who assume to act for others but have no authority are personally liable
  4. Agents incur personal liability for fraud or other wrong doing
54
Q

State how an agency may be terminated.

A

Original agreement
Subsequent agreement
Revocation
Renunciation by the agent

55
Q

What is an original agreement termination (in agency)?

A

The whole thing is completed as originally stated

56
Q

What is a Subsequent agreement termination? (in agency)

A

Extension
After the trial basis, it becomes full time
Cancel contract but make new one for longer

57
Q

What is a revocation termination? (in agency)

A

Pay for the full time frame but shorten the actual time

58
Q

What is a renunciation by the agent termination? (in agency)

A

Agent quits

59
Q

Name the duties an employee owes to the employer.

A

Obey employer’s lawful orders concerning the employment
Exercise good faith toward the employer
Do work carefully or conscientiously

60
Q

A person or firm that performs services for another
On call / work your own schedule

A

Independent Contractor

61
Q

What is this:

Exists because of law, not just individuals who want it
May operate for profit or not for profit, but must be for legal purposes

A

Corporations

62
Q

What is this:

Business owned by 1 person
Simplest and most common form of organization

A

Sole proprietorship

63
Q

What is this:

Must be 2 or more people
Be voluntarily started
Operate both the business lawfully for a profit

A

Partnerships

64
Q

What are the types of partnerships?

A

General (actively and openly engage in the business and held to everyone as a partner)
Limited (liable up to the amount of their investment)
Silent (takes no active part in the management of a partnership but has capital invested in the business)

65
Q

What are the disadvantages for partnerships?

A

Unlimited personal liability
Relative instability of the business
Divided authority, which may lead to disharmony

66
Q

What are the disadvantages of sole proprietorship?

A

Unlimited liability - all profit, all losses
Limited management ability
Limited capital

67
Q

Give two reasons why the corporate form of business organization is important.

A

Jurisprudence (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions