In Class Info Flashcards

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1
Q

What are the three tiers of the NYS courts (excluding limited jurisdiction courts)

A

The Supreme Court of New York (Trial)

The Appellate Division (First Level of Appeal)

Court of Appeals (Second And final level of appeal before United States Supreme Court)

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2
Q

What is the difference between a judgment and a settlement?

A

Judgment is a public document but a settlement is a private document.

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3
Q

Why go to arbitration?

A

The legal system is overwhelmed and takes a long time to get things done. Arbitration is quick.

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4
Q

Can you appeal an arbitrators decision?

A

No, you cannot. Also the arbitrator’s decision is called a reward. The only time you can appeal an arbitrator’s decision is if the arbitrator had a hidden interest.

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5
Q

Could an arbitration be obligated through an arbitration clause?

A

The Supreme Court decided it is ok to include an arbitration clause but one must be made explicitly aware of this clause.

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6
Q

How do we determine reasonable amount of time for when an acceptance must be made?

A

A good one is market conditions for the subject of the offer.

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7
Q

What are the two stages of contract in buying and selling?

A

Contract stage and a closing stage. There is a time gap between the two. Contract stage buyer and seller agree on the price and conditions of the sale of the property, some conditions are not fleshed out.

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8
Q

How do we know if something is revocable?

A

There is no irrevocable language.

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9
Q

What is consideration?

A

A payment to get irrevocability.

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10
Q

What is the GOL

A

General obligations law and it applies to every single New Yorker

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11
Q

What makes one a merchant?

A

If one puts oneself into a position where they are a reliable seller of goods.

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12
Q

Under what conditions does an irrevocable offers require consideration?

A

Oral irrevocable offers always require consideration

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13
Q

What is it called when you die without a will? With a will?

A

Intestate. Testate.

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14
Q

If a parent dies, do children automatically get inheritance?

A

No.

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