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Real Estate Broker Course > General Business Law I > Flashcards

General Business Law I Flashcards

1
Q

What are the three fundamental categories of civil law?

A

Contracts, property, and torts

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2
Q

What is a tort?

A

A breach of the standards of reasonable conduct imposed by law that causes harm to another person

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3
Q

What are some examples of a tort?

A
  • assault
  • false imprisonment
  • mental distress
  • misrepresentation
  • fraud
  • slander
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4
Q

Which government branch is responsible for statutory law?

A

Legislative Branch

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5
Q

The main purpose of the doctrine of stare decisis is to….

A

make court decisions more consistent and predictable

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6
Q

Personal property is also known as….

A

chattel

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7
Q

A judge rules that a defendant must pay the plaintiff for the cost of building a deck and also requires the defendant to stop harassing the plaintiff. What type of compensation is this?

A

Injunction - required to stop defendant to stop performing a specific action

Compensatory (actual) Damages - required to pay for the cost of deck

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8
Q

T/F

A court that has the power to review the decision of lower courts is an appellate court

A

True

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9
Q

Which court is the only court that has jurisdiction over divorce, separation and annulment cases?

A

Supreme Court

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10
Q

VILLAGE and TOWN COURTS have jurisdiction over cases where the plantiff is seeking a monetary award up to _____?

A

$3000

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11
Q

CITY and DISTRICT COURTS can hear cases with claims up to____

A

$15,000

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12
Q

CIVIL COURT of the CITY of NY can decide civil lawsuits with monetary awards up to ____ and small claims up to ____

A

$25,000 & $5,000

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13
Q

All claims in the state for monetary damages over $25,000 are heard in ______

A

Supreme Court

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14
Q

What is the highest appellate court in NYS?

A

Court of Appeals

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15
Q

T/F

Civil lawsuits are primarily cases where one individual commits an offense against society

A

False - civil lawsuits would be a case of an individual making a claim against another individual

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16
Q

T/F

Arbitration and mediation are two popular resolutions to settling dipsutes

A

True

17
Q

What is mediation?

A

the process whereby cases already filed with the court are moved forward by referring certain matters to a court referee.

Referee holds a conference to facilitate a voluntary settlement of the case

18
Q

What is arbitration?

A

When both sides agree to submit facts and evidence to an impartial third party to resolve dispute

19
Q

How long does one have to file a civil lawsuit in a case involving personal injury in NYS?

A

3 years

20
Q

How long does one have to file a civil lawsuit in a case against the government in NYS?

A

90 Days

21
Q

What is a mechanic’s (materialman’s) lien?

A

lien that can be claimed by any person who has supplied labor and/or material for improvements, maintenance, or repairs on real estate and who has not been paid

22
Q

T/F

A mechanic’s lien must be filed within four months of the complete of the work on a single family residence….

What about all other properties?

A

True for single family residence, eight months for other properties

23
Q

Doctrine of Laches

A

a claim or some legal right will not be allowed or enforced if the court determines that the right to enforce was lost through undue delay or failure to assert

24
Q

What are the 3 most common types of bankruptcy?

A

Chapter 7, 11, 13

25
Q

Chapter 7 Bankruptcy

A

this is a liquidation proceeding. debtor turns over all nonexempt property to the bankruptcy trustee, who then converts it to cash for distribution to the creditors

26
Q

Chapter 11 Bankruptcy (Reorganization proceeding)

A

usually filed by a corporation or partnership usually with the intention of paying off creditors over time while keeping the business up and running, becoming a debtor inn possession.

27
Q

Chapter 13 Bankruptcy (Adjustment of debts proceeding)

A

filed by individuals who want to pay off their debts over a period of three to five years. debtor submits a plan for repayment, subject to approval of the secured creditors and the court

28
Q

What is the statute of limitations for filing a lawsuit on a tort claim in NYS?

A

3 years

29
Q

Of these, which is LEAST LIKELY to be an example of a Tort?

  • battery
  • defamation
  • fraud
  • treason
A

-Treason

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