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Diane's Index Cards > General Notes > Flashcards

General Notes Flashcards

1
Q

Can Settlor REVOKE TRUST

A

NO, UNLESS SETTLOR RESERVED THE RIGHT TO DO SO.

BUT UNDER UTC, CAN REVOKE UNLESS IT EXPRESSLY STATES NO

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2
Q

STATUTE OF FRAUD

A

CONTRACT THAT CANNOT BE COMPLETED WITHIN 1 Y EAR

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3
Q

ARTICLE 2

A

SALE OF GOODS, DOES REQUIRE WRITING UNLESS WAIVED.

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4
Q

NON COMPETE AGREEMENTS

A

MUST BE REASONABLE IN TIME, LOCATION, ETC.

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5
Q

MISREPRESENTATION

A 
FACT
BY ONE PARTY
FALSE FACT
INDUCES K
IN THIS INSTANCE LOOK FOR NO K
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6
Q

CAN GET OUT OF DEAL WITH MISREPRESENTATION

A

IF FACT IS FALSE

DOESN’T MAKE A DIFFERENCE IF INTENTIONAL OR NOT INTENTIONAL, END RESULT IS YOU CAN GET OUT OF A K

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7
Q

MISTAKES DO NOT MATTER

A

MISTAKES DO NOT MATTER; IT IS STILL A CONTRACT

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8
Q

MISTAKES VS MISREPRESENTATION?

A

NO K WITH MISREPRESENTATION

VALID K WITH MISTAKE

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9
Q

GETTING OUT OF A K BECAUSE OF MISTAKE

A

PERSON TRYING TO GET OUT OF K DUE TO MISTAKE BEARS THE RISK OF THEIR OWN MISTAKE

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10
Q

PAROL EVIDENCE

A

CHANGE OR CONTRACT TERMS IT CANNOT BE USED
CLERICAL MISTAKE -CAN CONSIDER PAOL
TO GET OUT OF A DEAL? YES CAN USE
AMBIGUITY - PAROL IS ALWAYS ADMISSIBLE WHEN K IS AMBIGUOUS.

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11
Q

CONDUCT MATTERS

A

CONDUCT MATTERS IN THE COURSE OF PERFORMANCE, COURSE OF DEALING AND CUSTOM AND USAGE

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12
Q

SHIPMENT K

A

ONCE YOU GET GOODS TO A COMMON CARRIER OR MAKE ARRANGEMENTS FOR DELIVERY AND NOTIFY BUYER, RISK SHIFTS TO BUYER
WATCH OUT FOR FOB (FREIGHT ON BOARD) WHERE THE DESTINATION IS SPECIFIED BECAUSE THAT TELLS YOU WHEN RISK SHIFTS.

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13
Q

SHIPMENT K

A

IF FOB WITH CITY:
IF CITY IS SAME AS SELLERS, THEN SHIPMENT K
IF CITY IS ELSEWHERE, IT IS A DESTINATION K

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14
Q

PERFORMANCE

A

PERFECT TENDER
REJECTION OF GOODS
CURE - SELLER HAS OPTION TO CURE EVEN IF POST DELIVERY –IF THTA IS REASONABLE–
THINK ABOUT WHETHER SOMEONE THOUGHT IT WOULD BE OK TO CURE.
LOOK AT THE PAST THE PRIOR OR PREVIOUS TRANSACTIONS

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15
Q

ACCEPTANCE OF GOODS

A

ACCEPTANCE AVENUE OR REJECTION ROAD
PAYMENT WITHOUT INSPECTION DOES NOT EQUAL ACCEPTANCE
FAIL TO REJECT (YOU KEEP GOODS) DOES EQUAL ACCEPTANCE
THINK TIMELY
IF YOU KEEP THE GOODS, IT IS IMPLIED ACCEPTANCE

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16
Q

REMEDIES

A

USUALLY $$ IS A REMEDY, BUT SOMETIMES
SPECIFIC PERFORMANCE CAN BE BUT IT IS NOT ALWAYS AN OPTION.
SOMETIMES COURTS ARE RELUCTANT TO ORDER SPECIFIC PERFORMANCE BECAUSE OF HISTORICAL ORIGINS OR THERE IS A PROBLEM WITH JUDICIAL ADMINISTRATION (HOW DOES COURT KNOW WHEN ONE COMPLIES)

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17
Q

RECLAMATION

A

REQUIRES:

  1. BUYER INSOLVENT WHEN RECEIVED
  2. SELLER DEMAND RETURN WITHIN 10 DAYS OF DELIVER / RECEIPT
  3. BUYER STILL HAS THE GOODS
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18
Q

ENTRUSTMENT

A

YOU TAKE AN ITEM TO BE STORED, CLEANED OR REPAIRED.
THINK OF TAKING A WATCH FOR REPAIR
IF THE JEWELER SELLS YOUR WATCH, CAN YOU RECOVER?
SURPRISINGLY NO.

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19
Q

DAMAGES $$

A 
COMPENSATION
EXPECTATION
ATTEMPT TO MAKE THE PLAINTIFF WHOLE
BOTTOM LINE WE EXPECT NO BREACH!  
FORMULA IS:
VALUE WITHOUT THE BREACH, LESS
VALUE WITH THE BREACH
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20
Q

MONEY DAMAGES

A

ARE TO COMPENSATE, NOT PUNISH THE DEF.

ALWAYS INCLUDE THE EXPECTED PROFIT AND THE COSTS

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21
Q

CHARITABLE TRUSTS

A

RELIGIOUS, MEDICINE, SCIENCE, GOVERNMENT, RESEARCH, EDUCATION

22
Q

CHARITABLE TRUST

A

NO ASCERTAINABLE BENEFICIARIES
NO RULES AGAINST PERPETUITIES
CY PRES DOCTRINE (CAN USE FOR SIMILAR PURPOSE IF ORIGINAL PURPOSE IS NOT AN OPTION)

23
Q

PRIVATE TRUST

A

ASCERTAINABLE BENEFICIARIES

RULE AGAINST PERPETUITIES?

24
Q

TRUST ADMINISTRATION

A 
NO SELF DEALING
NO BUY/SELL ASSETS TO SELF
CANNOT BORROW MONEY FROM THE TRUST
CAN'T MOVE MONEY BETWEEN THE TRUST
FOLLOW PRUDENT INVESTOR STANDARD
NO DISTRIBUTION TO SELF
NO PERSONAL GAIN
25
Q

CY PRES

A

AS NEAR AS POSSIBLE TO ORIGINAL PURPOSE
IF MONEY GIVEN FOR POLIO RESEARCH, BUT POLIO CURED, CAN IT BE REASSIGNED FOR ANOTHER DEADLY ILLNESS. YES.
LOOK AT WHAT THE ORIGINAL PURPOSE OF TRUST WAS

26
Q

PRUDENT INVESTOR STANDARD

A 
DUTY TO NOT COMINGLE FUNDS
BALANCE RETURN WITH THE RISK
DIVERSITY INVESTMENTS
KEEP TRUST PRODUCTIVE 
EARN A REASONABLE RETURN
27
Q

TRUST TERMS TO REMEMBER

A

SETTLOR
REMAINDERMEN - ASSETS WHEN THE TRUST ENDS
BENEFICIARIES - GET INCOME FROM THE TRUST
TRUSTEE - RUNS THE TRUST
CORPUS - ASSETS OF THE TRUST
REMEMBER INCOME VS CORPUS
AND INCOME VS PRINCIPAL

28
Q

FLORIDA ALL TRUSTS ARE REVOCABLE UNLESS?

A

REVOCABLE UNLESS THE TERMS STATE IT IS IRREVOCABLE.
CAN LAST 360 YERAS
NO RULE AGAINST PERPETUITY

29
Q

RESULTING TRUST

A

FAILURE OF EXPRESS TRUST
PURPOSE WAS ACCOMPLISHED
MONEY IS STILL LEFT IN THE TRUST
MONEY GOES BACK TO SETTLOR OR SETTLOR’S ESTATE

30
Q

STATUTE OF FRAUDS

A

$500 OR MORE
ONLY REQUIRED SIGNATURE IS DEFENDANTS
PROPERTY MUST BE IN WRITING

31
Q

STATUTE OF FRAUDS

A

WRITTEN PROOF OF AUTHORITY - NOT ONLY AGENCY

BUT THIS IS ONLY WHEN K FALLS WITHIN THE SOF

32
Q

SOF WITH LEASE

A

ONE YEAR LEASE DOES NOT FALL WITHIN STATUTE OF FRAUDS, BUT A 3 YEAR LEASE REQUIRES A WRITING
SO YOU DO NOT NEED WRITTEN EVIDENCE OF AUTHORITY TO SIGN FOR SOMEONE ELSE.

33
Q

CHARITABLE TRUSTS

A

DO NOT FALL UNDER RULE AGAINST PERPETUITY

34
Q

CAUSATION IN A PRIMA FACIE CASE

A

FACTUAL -
BUT, FOR CASE
AS IN BUT FOR THE DEFENDANT’S ACT
PROXIMATE CAUSE

35
Q

LEASE ASSIGNMENTS

A

DO NOT RELEASE ORIGINAL PERSON FROM AN OBLIGATION

36
Q

WHEN PROPERTY IS TAKEN SUBJECT TO A MORTGAGE

A

MORTGAGEE CAN GO AFTER ORIGINAL AND THE GRANTEE FOR DEFICIENCY
SO YOU SELL PROPERTY SUBJECT TO MORTGAGE, YOU MIGHT STILL BE ON THE HOOK FOR PAYMENT!

37
Q

PRESCRIPTIVE EASEMENT

A 
OPEN
NOTORIOUS
ADVERSE
CONTINUOUS 
FOR STATUTORY PERIOD
38
Q

AUTHENTICATION

A

WRITINGS MUST BE AUTHENTICATED
FOUNDATION MUST BE LAID
TESTIMONIAL FOUNDATION NEEDED

39
Q

MOTION FOR NEW TRIAL OR

BELATED DIRECTED VERDICT

A

CAN DO AT END OF TRIAL

IT’S ON PAGE 41 IN CIV PRO HANDOUT

40
Q

ARMADILLOS FROM TEXAS PLAY RAP EATING TACOS

A 
APPLICABLE LAW
FORMATION OF CONTRACT
TERMS
PERFORMANCE
REMEDIES FOR NON-PERFORMANCE
EXCUSE OF NON PERFORMANCE
THIRD PARTY PROBLEMS
41
Q

UNILATERAL CONTRACTS

A

REQUIRES PERFORMANCE FOR ACCEPTANCE

42
Q

BILATERAL

A

ALL K THAT ARE NOT UNILATERAL

ALMOST ALL CONTRACTS ARE BILATERAL

43
Q

ARTICLE 2

A 
SALE OF ANY GOODS
LEASES OF GOODS
NOT REAL ESTATE
NOT PROPERTY
MOST IMPORTANT PART OF THE TRANSACTION
44
Q

PRICE IN CONTRACTS

A

COMMON LAW THERE IS NO CONTRACT WITHOUT PRICE. PRICE IS REQUIRED
ARTICLE 2 SALE OF GOODS, NO PRICE IS REQUIRED

45
Q

VAGUE AND AMBIGUOUS IN K

A

NO OFFER IF IT SAYS REASONABLE PRICE OR FAIR OR APPROPRIATE COMPENSATION. MUST BE SPECIFIC

46
Q

OPTION

A

PROMISE NOT TO REVOKE

PROMISE IS SUPPORTED BY PAYMENT OR A PROMISE TO PAY OR SOME CONSIDERATION

47
Q

TERMINATION OF K

A
  1. TIME LAPSE (RELATED TO ACCEPTANCE)
  2. DEATH BEFORE ACCEPTANCE
  3. WORDS AND OR CONDUCT TO REVOKE
    AMBIGUOUS OR UNAMBIGUOUS
48
Q

RELIANCE ON K

A

CANNOT REVOKE IF

  1. RELIANCE
  2. REASONABLY FORSEEABLE
  3. DETRIMENTAL
49
Q

2-207 UCC

A

ADDITIONAL TERMS ARE NOT A REJECTION UNDER 2-207
THINK ABOUT NEW ARBITRATION CLAUSE - IT IS NOT A REJECTION TO ADD THIS
THE NEW TERMS ARE NOT ADDED TO THE K UNLESS BOTH PARTIES ARE MERCHANTS AND THE TERM IS MATERIAL TO THE K

50
Q

ASSIGNING OFFERS?

A

OFFERS CANNOT BE REASSIGNED
BUT
OPTIONS CAN BE ASSIGNED

Diane's Index Cards (3 decks)

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