February 2024 Flashcards
Domestic Relations
Arrearages
Arreaages will be assessed for Court Ordered rewards, or for contractual obligations, or as parties have agreed and reduced in writing, when the payor has not paid accordingly
Domestic relations.
Spousal Support
The factors in the VA Code Section 20-107.1. One of these factors is significant hardship and may be changed upon a showing of a material change in circumstances.
Domestic Relations
Child Support
Chidl support may be modified based on the best interest of the child and upon a showing of material change in circumstance.s. Such as the need for braces and education costs.
Domestic Relations
Contempt of Court
Contempt of Court is appropriate to enforce a direct court order. It allows for fines and incarceration as the court deems appropriate when a wilful disregard has been shown for the authority of the court. It is generally a punitive measure. the court considers the perpectives of both sides.
Real Property
The Doctrine of Mutual Mistake
A court may give relief where there has been an innocent omission or insertion of a material stripulation, contrary to the intent of both parties.
In advertent oversight.
Under this doctrine, a previous contract is extingushed by an instrument of higher dignity - the deed. This only applies to the subject matter specifically covered by the deed. A closing statement does not extinguish a purchase contract.
Real Property
For a Valid Deed
It must meet certain formalities.
Be delivered by the grantor
be accepted by the grantee
Delivery can be by various methods, including manual delivery.
Failure to record does not invalidate a deed. Once delivery occurs title passes to the grantee
Real Property
A lawfully adopted zoning ordinance isn’t a “________” on the land
encumbrance, Tenancy, or lien on the land.
Real Property
English Covenants of Title or words of similar import in a deed.
This simply means that the deed is conveyed in fee simple.
- The Covenant of right to encumbrances of tenancies
- The covenant of quiet possession
- The covenant of free from encumbrances
- The covenant of further assurances
- the covenant of no act to encumber
Real Property
Covenant of Quiet Possession
free from any encumbrances
a promise that the grantee will hold the land free from any interruption, claim, or demand by anybody.
and that the grantor will indemify and save grantees harmless against any and every charge or encumbrance.
Real Property
Judgment Liens
as long as the judgment is unenforced, no actual damages are incurred by the buyer unless he discharges the lien or suffers damages as a result of the judgment creditor’s enforcement of the lien.
liability only if suffers from actual damages.
UCC - Commerical Paper - Negotiable Instruments - Secured Transactions
A principal is (________) on an instrument signed by an agent or agents. If the agent is ().
If the agent is authorized, the principal is liable whether the agent signed his name, the principal’s name or a combination.
Liable
Authorized.
Commerical Paper
What is an Accomodation Party
It is a type of surety or one who guarantees the debt of another.
In order to be an accomodation Party?
A perosn cannot have received a direct benefit from the instrument.
Commerical Paper
A co-signer is “________” to be an Accomodation Party
ASSUMED
commerical paper and secured transaction
A acommodation party is “________” on the instrument in whatever capacity he has signed.
Liable
commerical paper and secured transactions
What is an Accomodation Party
An accomodation party is a type of surety, or one sho guarantees the debt of another. In order to be an accomodation party, a person cannot have recieved a direct benefit from the instrument. Further a co-signer is assumed to be an accomodation party.
An accomodation party is liable on the instrument in whatever capacity he has signed. Expressed language is need to limit capacity
commerical paper and secured transaction
A surety is entitled to what?
A surety, who makes payment on a loan on the behlaf of a principal is entitled to all the rights and remedies of a creditor.
commerical paper and Secured Transactions
What is an Alteration
This is an unauthorized change that purports to modify the obligation of the party. An alteration can modify a complete instrument or an incomplete instrument.
A Fraudulent Alteration
It discharges the duty of the obligor
A nonfraudulent Alteration
The obligor would remain liable, but only on the original terms of the obligation.
Commerical Paper
the hierarchy of terms is viewed as handwritten, typewritten, printed, and words prevails over numbers?
In general, words prevail over numbers.
Commerical Paper
what is an Alteration
An unauthorized change that purports to modify the obligations of the party.
It can modify a complete or uncomplete instrument.
What can an Alteration do?
it can modify a complete or uncomplete instrument.
commerical paper
Fraudulent Alteration
A fraudulent alteration would discharge the liabilty of the obligor
commerical paper
Nonfraudulent alteration
the obligor would still be liable for the original amount.
Commerical Paper
What does Ratification by Conduct Do?
In situations like forgeries on instruments, it makes it impossible for the maker to deny the forgery.
commerical paper
A duty for reasonable care to report a forged signature within () years of the creation of the instrument
One Year
commerical paper
When does a security interest become enforceable?
When the interest attaches to the collateral.
Commerical Paper
When does Attachment occur?
when there has been value from the creditor, the debtor pledges rights to the collateral, the necessary terms are indicated in a security agreement and such agrement satisfies the statute of frauds.
commerical party
who is a surety
Someone who makes payment on a loan on the behalf of a principal
commerical paper
What is the Surety entitled to
They are entitled to all the rights and remedies afforded to creditors.
commerical paper
When is an Accomodation Party is liable for an insrument?
- If the person entitled to enforce the instrument has reduced his claim to judgment against the other party and execution is returned unsatisfied.
- The other party has become insolvent
- The other party cannot be served with process
- it appears useless to proceed against the other party