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Business Law 2 > Final Exam > Flashcards

Final Exam Flashcards

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1
Q

Bankruptcy purpose

A

Return debtor back to the position where he earns more than he owes

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2
Q

Chapter 3 case administration

How to file for bankruptcy

A

Debtor ask court for permission to file for bankruptcy

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3
Q

Chapter 3

Voluntary petition

A

Available to any debtor (on your own will)

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4
Q

Chapter 3

Involuntary petition

A

Filled only under chapter 7 or 11, if debtor is not paying bills

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5
Q

Chapter 3

Dismissal

A

Court may dismiss case for

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6
Q

Chapter 5

Creditor

A

Entity that has claim against debtor

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7
Q

Chapter 5
Creditor
Claim

A

A right to payment

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8
Q

Chapter 5
Creditor
Secured claim

A

Claim with lien on property, debtor defaults, creditor takes property to sell and get money back.ex. Mortgage

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9
Q

Chapter 5
Creditor
Unsecured claim

A

Claim with no lien on property, debtor defaults creditor loses everything. Ex. Credit cards

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10
Q

Chapter 5

Property of claims

A

Right of some claims to be paid before claims of lesser rank

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11
Q

Chapter 5

Debtor duties

A

debtor file specified information, cooperate and surrender all property
Make sure you include everything that you owe.

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12
Q

Chapter 5

Debtor exemptions

A

Certain assets are left out of the bankruptcy process for low or sentimental value ex. Wedding band or 50 dollar watch

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13
Q

Chapter 5

Discharge

A

Relief from liability unless those not dischargeable, ex. Taxes, student loans or child support

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14
Q

Chapter 5

The estate

A

Legal interest in nonexempt property. Estate sues for your property

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15
Q

Chapter 5

Voidable preferences

A

Invalidates transfer made before date of bankruptcy from the debtor to favored creditors

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16
Q

Chapter 5

Fraudulent transfers

A

Avoid transfers made on ore within a year of date of bankruptcy.
Transfer your money so you save it instead of paying back

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17
Q

Chapter 7- liquidation

Purpose

A

Sell qualified asset and distribute to creditors

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18
Q

Chapter 7- liquidation

Proceedings

A

Trustee takes possession of property and conducts the sale of qualified assets

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19
Q

Chapter 7- liquidation

Payment to creditor

A

Creditors who became creditors after bankruptcy file
Secured creditors
General creditors
Stockholders

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20
Q

Who is chapter 7 for?

A

Companies and individuals

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21
Q

Non asset liquidation?

A

An individual has no qualified assets to sell and walks away without paying his debt

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22
Q

How long does a liquidation take?

A

6 months

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23
Q

What happened to a company when they file for chapter 7?

A

Goes out of existence

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24
Q

Chapter 11

Purpose

A

Preserve or distressed entity

Keep a company in trouble

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25
Q

Chapter 11

Proceedings

A

Debtor remains in possession of property

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26
Q

Chapter 11

Plan

A

Must present to his creditors a plan that requires their approval, must show the increased come and decrease expenditure

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27
Q

Chapter 11

What is Chapter 11 bankruptcy for

A

For companies only

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28
Q

How long does chapter 11 take

A

It takes 3 to 5 years

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29
Q

Chapter 13 adjustment of individuals

Purpose

A

To permit individual to file a repayment plan

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30
Q

Disadvantage of bankruptcy

A

Stays for 10 years
Cannot apply for bankruptcy for another 7 years
Lowers credit score
Loans are difficult to obtain or have high interest rate.

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31
Q

Alternatives to bankruptcy

Composition

A

Agreement b/w debtor and two or more of creditors that each will take portion of his claim as full payment

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32
Q

Trade secrets

A

Valuable secret information

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33
Q

Trade secrets

Protection

A

May obtain damages, or injunctive relief when secret is wrongfully used by employee or competitors

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34
Q

Trade symbols

A

Mark that must be distinctive, not immoral deceptive or scandalous

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35
Q

Trade symbols

Infringement

A

Person without having authorization uses a indistinguishable mark that causes confusion mistake of deception

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36
Q

Trade symbols

Remedies

A

Injunctive relief, profits, damages my destruction or infringing articles, cost and attorney fees

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37
Q

Types of trade symbols

Trademark

A

Distinctive symbol or work to identify manufacture

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38
Q

Trade names

A

Name used to identify business vocation or occupation

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39
Q

Trade names

Protection

A

Infringement is prohibited

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40
Q

Trade names

Remedies

A

Damages and injunctions

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41
Q

Copy right

A

Anything that you write, for authors life plus 70 years

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42
Q

Copyrights

Procedure

A

Registration provides additional remedies

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43
Q

Copy right

Rights

A
  1. Reproduce copyrighted work
  2. Prepare derivative works (movie)
  3. Distribute copies
  4. Perform work publicly
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44
Q

Copyright

Ownership

A

Author is owner and may be transferred in whole or part

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45
Q

Copyright

Infringement

A

When someone exercises copyright without authorization

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46
Q

Patents

A

Right to an invention for twenty years for utility
And Plant patents - fourteen years
Renew patents every 20 years

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47
Q

Patents

Patent ability

A
  1. Novel
  2. Useful
  3. Not obvious
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48
Q

Patents procedure

A

Patents issued by US patent and Trademark office

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49
Q

Patent

Infringement

A

Anyone without permission makes , uses or sells an patent invention

50
Q

Patent

Remedies

A
  1. Injunctive
  2. Damages
  3. Treble damages
  4. Attorneys
  5. Cost
51
Q

Freehold estates

Fee estates

A

Right to possession for indefinite time

52
Q

Freehold estates

Few simple

A

Absolute ownership of property

53
Q

Freehold estates

Qualified fee

A

Ownership taken away upon happening of an event

54
Q

Freehold estates

Life estate

A

Ownership for the life of a designated person

55
Q

What do they call the person who gets the proper of a life estate ?

A

A remainder

56
Q

Freehold estates
Future interest
Reversion

A

When A transfer life estate to B. In the future land goes back to A.

57
Q

Freehold estates
Future interest
Remainders

A

Obtain land after persons interest is no longer in effect

58
Q

Leasehold estates

Lease

A
  1. Contract for use and possession

2. Grant of estate in land

59
Q

Leasehold estates

Landlord

A

Owner of land who retains a reversion interest

60
Q

Leasehold estates

Tenant

A

Possessor of the leasehold interest in the land

61
Q

Duration of lease

Definite term

A

Automatically expires at end of term

62
Q

Duration of lease

Periodic tenancy

A

Specific term that continue and in indefinite secession

63
Q

Duration of lease

Tenancy at will

A

Lease terminable at any time

64
Q

Duration of lease

Tenancy of sufferance

A

Possession of property without a lease

Month to month basis

65
Q

Duration of lease

Holdover tenancy

A

Please has expired tenant remains on the premises

66
Q

Transfer of tenants interest

Assignment

A

Transfer of all the tenants interest and has no more obligations to the landlord

67
Q

Transfer of tenants interest

Sublease

A

Transfer of less than all tenants interest and remains to the landlord

68
Q

Concurrent ownership

A

Owned property with others

69
Q

Concurrent ownership

Tenancy in common

A

Co-ownership we are tenants homes an undivided interest with no rights of survivorship
Undivided interest- each tenant own property
No rights of survivorship- when one tenant dies his interest is not go to the other tenants

70
Q

Concurrent ownership

Joint tenancy

A

Co-ownership each tenant holds divided interest with the rights of survivorship

71
Q

Concurrent ownership

Tenant by entireties

A

Co-ownership by spouses where neither conveys interest during life

72
Q

Concurrent ownership

Condominium

A

Separate ownership in a unit where tenancy in common with respect to common areas

73
Q

Concurrent ownership

Cooperative

A

Corporate owner leases units to shareholders as tenants

74
Q

Non possessory interest

Easement

A

Limited right to use land of another in a specified Manor

75
Q

Non possessory interest

Profit A’prendre

A

Right to remove produce from the land of another

Produce - agriculture products

76
Q

Non possessory interest

License

A

Permission to use land of another

77
Q

Contract of sale

Formation

A

Contracts to transfer land must be in writing to be enforceable

78
Q

Contract of sale

Marketable title

A

Setter must transfer marketable title that is a title free from defects or encumbrances

79
Q

Contract of sale

Common-law rule

A

Seller is not liable for any undiscovered defects

80
Q

What should the buyer do to protect himself?

A

Must hire a title company that will discovered all unpaid loan and the building engineer

81
Q

Contract of sale

Implied warranty of habitability

A

Builder /seller promises house has no major defects

82
Q

Deeds

A

Document transferring any type of interest in land

83
Q

Types of deeds

A

Warranty deed
Bargain and sale deed
Quit claim deed

84
Q

Deeds

Warranty deed

A

The grantor promises she has bad the title to the property

Promises that the ownership is yours

85
Q

Deeds

Bargain and sale deed

A

Grantor implies to have interest in property but offers no warranties of title to the grantee

86
Q

Deeds

Quit claim deed

A

Seller transfers interest that she has in the property

used and transfer that are not sales

87
Q

Recordation

A

Protect the buyers interest against third parties

And delivery of the to the appropriate recorders office

88
Q

Secured transactions

A

Takes out a loan it’s called a mortgage. Signs security agreement and if buyer defaults lender has a right to ask for property

89
Q

Adverse possession

A

Acquisition of title (open)without hiding, (continuous)without break in occupancy and (adversely occupancy) occupying land without permission from the owner

90
Q

What is the prescribed period Of adverse possession

A

10 years

91
Q

Public and private control of property

Zoning

A

Power of government to dictate types of activity in private property

92
Q

Public and private control of property

Eminent domain

A

Power of government to take private land for public use with compensation

93
Q

Public and private control of property

Restrictive covenant

A

Restrictions placed on the buyer by seller in relations to how the land can be used

94
Q

Trust

A

Title to property held by one or more parties for use of enjoyment

95
Q

Who is the person who creates the trust

A

Settlor

96
Q

Types of trust

A

Express trust
testamentary trust
inter vivos trust
implied trust

97
Q

Express trust

A

Trust established by voluntary action usually in writing or oral

98
Q

Testamentary trust

A

Naturist in a will that becomes effective after death

99
Q

Inter vivos trust

A

Trust established during the settlers lifetime

100
Q

Implied trust

A

Created by operation of law

101
Q

Implied trust

Constructive trust

A

Trust to rectify fraud prevent unjust enrichment

102
Q

Termination of a trust

A

Just cannot be terminated unless instrument says it can

103
Q

Wills

A

A written instrument executed by statute after a person dies to disturb you their property

104
Q

What are the three things a will must have to be nonvoidable

A
  1. writing
  2. signed
  3. attested by witnesses
105
Q

Testament Terry capacity

A

The testator must be sufficiently competent to intend document

106
Q

Conduct and validating a will

A

A will that is the product of duress, undue influence or fraud

107
Q

Revocation of a will

A

The will is no longer in effect

108
Q

Bankruptcy cause

A

Debtor owe more than he earns

109
Q

The will can be revoked by the ?

A

By testator under operation of law

110
Q

Revocation

Destruction or alteration

A

Revokes a will

111
Q

Revocation

Codicil

A

Addition to or revision of will

112
Q

Revocation

Marriage

A

Revokes a will executed before marriage

113
Q

Revocation

Birth of a child

A

Revokes a will as far as child is concerned

114
Q

Revocation

Renunciation by surviving spouse

A

Spouse may elect under laws of decent

115
Q

Intestate

A

Person who dies without a will

116
Q

Course of decent

A

Property passes in equal share to each child after the widows rights have been settled

117
Q

Administration of estate

Probate

A

Permission to carry out instructions in will. Gives permission in form of letters testamentary

118
Q

Administration of estates

Executor

A

Person named in the will. Responsible of collecting assets and distributing

119
Q

Administration of estates

Estate administration

A

Application to settle the estate of someone who died without a will. Court gives permission in form of letters of administration

120
Q

Administration of estate

Administrator

A

Appointed by court when there is no will or person in will fails to qualify

Business Law 2 (3 decks)

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