glove box lighter Flashcards
what are the 2 types of remedies for breach of contract?
monetary
equity
what are the 3 types of monetary remedies?
compensatory
punitive
liquidative
what are the 2 types of equitable remedies?
specific performance
injunction
what happens to title and risk of loss when nonconforming goods are shipped?
title is passed according to FOB terms
(if the buyer rejects the goods, title reverts back to the seller)
risk of loss stays with the seller
in a trial sale, when does title and risk of loss transfer for:
- merchant seller to non-merchant buyer
- merchant seller to merchant buyer
sale on approval
sale on return
when a seller ships nonconforming goods, it’s considered a
breach of contract
in agency law, what is ratification?
when a principal chooses to bind themselves to an unauthorized act made by their agent
what are the requirements for ratification?
- the agent must have indicated that they were acting on behalf of the principal
- material facts are disclosed to the principal
- does not require consideration nor notification to the 3rd party
Neal, an employee of UberEats, was delivering food to a customer. On the way, due to Neal’s negligence, got into a car accident. Why is Neal and UberEats both liable?
Neal was negligent and the accident occurred in the scope of employment so UberEats is also liable
a painter and an accountant decide to trade their services. the painter provides services at $550 and the accountant provides services at $500. how much should the accountant report as income?
$550
a qualifying widow must have a child living with them for how long?
the entire tax year
what is the first thing you should do in a like-kind exchange and mortgage is exchange from both sides?
net the mortgage and determine boot received/paid
excess charitable contribution can be carried forward for
5 years
when a bond is distributed, is its FMV based on the date of distribution or date of declaration?
date of distribution
what triggers involuntary bankruptcy?
equitable insolvency
