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COPAS - LAW MODULE > Law 2 > Flashcards

Law 2 Flashcards

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1
Q

In most cases, what do limited partners contributed in return for a share of the profits?

A

Money, services, and property

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2
Q

A limited partner’s liability is limited to what?

A

Actual contribuations to the limited partnership

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3
Q

Order of dissolving a LP’s assets under RULPA?

A

Creditors, partner’s accrued profits, partner’s contribution, any profits left

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4
Q

A franshisee may be either an ______________ or a ________________________?

A

Agent or independent contractor

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5
Q

Product distributorships, business format systems, and manufacturing are involved in what type of business organization?

A

Franchise

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6
Q

What does the RULPA stand for?

A

Revised Uniform Limited Partnership Act

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7
Q

For legal purposes a corporation is a

A

Person

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8
Q

A corporation is created by _______________ and is granted a charter, usually by the _______________

A

Statutes, states

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9
Q

A corporation is liable for its

A

Debts

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10
Q

A corporation is usually granted _____________ existence

A

Perpetual

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11
Q

Where limited liability of shareholders is lost is rare, occurs in instances where corporate structure is ignored by shareholders

A

Piercing the corporate veil

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12
Q

A corporation is grante dthrough the grant of a

A

Charter

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13
Q

A charter is prepared by the ______________; it is approved and certified by the _____________

A

Corporation, state

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14
Q

Imperfectly created corporation

A

a de facto corporation

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15
Q

A corporation formed in accordance with all the requirements of the law

A

De Jure Corporation

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16
Q

Most corporations are created under ______________ law

A

State

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17
Q

A corporation is ____________________ in the state of incorporation and ________________ in all other states, even if it is doing business in that state

A

Domestic, foreign

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18
Q

Professional corporations are created strictly for ______________ and do not have the general attributes of a corporation

A

Tax sheltering

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19
Q

Corporation income is

A

Double taxed on income and again as shareholder dividends

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20
Q

S Corps are not

A

Double taxed

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21
Q

Grant of corporate existence

A

Charter

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22
Q

A charter usually contains

A

Incorporators, name of corp, corp address, duration, purpose, capital structure, internal organization

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23
Q

What detailed rules adopted by the BOD of a corporation do not have to be approved by the state?

A

Elections, dividends, operation of the BOD, quorum and voting requirements, places of meetings

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24
Q

What is Ultra Vires Doctrine?

A

Beyond the powers-share holders could bring suit against management/BOD for acting beyond the scope of the charter

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25
Q

A corporation must register to do business in

A

Any other state other than its incorporation

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26
Q

Shareholders are

A

The ownwers of the corporation

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27
Q

Who elects the directors of a corporation?

A

Shareholders

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28
Q

What do the directors of a corporation do?

A

Oversees management (officers)

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29
Q

What do the officers of a corporation do?

A

Manage the day to day business and operations of a corporation

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30
Q

Shareholder owners have the right to vote on

A

Election of directors

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31
Q

Shareholder owners have the right to

A

Control major charter amendements, approve mergers and consolidations, and sell assets

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32
Q

The BOD has a

A

Fudiciary duty to the corporation

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33
Q

What is the Business Judgement Rule (BJR)?

A

Attend meetings, remains appraised of corporate business, and not engage in self-dealing or conflict of interest

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34
Q

Officers of a corporation are named and hired by who?

A

Board of directors

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35
Q

Termination of a corporation is achieve by what?

A

Dissolution

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36
Q

What are the three sources of corporate funds?

A

Debt, equity, and retained earnings

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37
Q

Notes, bonds, debentures issued with covenants

A

Debt

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38
Q

Commons shares or perferred shares

A

Equity

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39
Q

Has preference to dividends and liquidation assets

A

Preferred shares

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40
Q

Cash retained in the business for investment

A

Retained earnings

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41
Q

What is the decision of the BOD and not subject to stock holder question?

A

Dividend

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42
Q

Payments of dividends may be

A

Cash or other property or assets

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43
Q

Payments of dividends cannot be paid if

A

Corporation is insolvent

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44
Q

Most states require a dividend to be paid from

A

Earned surplus

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45
Q

What sets the minimum sales price of a share

A

Par value

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46
Q

Share transferred without designating the trasnferee by name

A

Street certificate

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47
Q

What act requires registration of securities and full disclosure to the public concerning the securities being offered for sale?

A

The Securities Act of 1933

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48
Q

Allows simpliefied registration of securities but is not available to companies issueing oil, gas, and mineral rights

A

Regulation A (Small Public Offerings)

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49
Q

What regulation covers all oil and gas securities?

A

Regulation B

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50
Q

What does the 1933 act not cover?

A

Securities except by statute (ex. Trading transactions, private offerings), securities in issues of limited dollar amounts defined byt the SEC

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51
Q

What act was concerned with the existing securities in the marketplace?

A

The Securities Act of 1934

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52
Q

What act established the SEC to administer the 1933 act

A

The securities act of 1934

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53
Q

The Securities Act of 1934 regulates

A

Stock exchanges, brokers, dealers and the registration of traded securities

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54
Q

State statutes are similar to SEC act of 1933 and requires full disclosure registration and statutory prospectus

A

Blue Sky Laws

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55
Q

Private offerings (generally less than 25 people) are not

A

Subject to registration requirements under state law

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56
Q

The burden of proof is on the accountant to prove non-negligence is called

A

Civil Liability

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57
Q

Criminal liablity of an accountant could result in

A

$10K fine and 5 years in prison

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58
Q

Malpractice based on GAAP or GAAS, professional accountant failed to comply with standars, direct and proximate result, plaintiff suffered compensable damages

A

Common Law Tort Liability

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59
Q

Land, whatever is growing or built on the land. Rights associated with ownership and use therof

A

Real Property

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60
Q

All property, tangible and intangible, except real property. Property without a permenent location.

A

Personal property

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61
Q

Delivery of personal property into the care, control and possession of another, without passing title

A

Bailment

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62
Q

Protected expressions of scientific, artistic, or other creative and/or commercial endeavors (trademarks, copyrights, patents)

A

Intellectual property

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63
Q

Subject to physical posession (Car, lamp, book)

A

Tangible

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64
Q

Cannot be physically possesed

A

Intangible

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65
Q

Fixtures that can be removed therefore they do not become a part of real property

A

Trade fixtures

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66
Q

How can title be acquired?

A

Sales contract, gift, accession, confusion, possession, creation, operation of law.

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67
Q

Donative intent and delivery (acceptance assumed)

A

Gift

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68
Q

Addition to the value of the property, increase in value of a car after painting it

A

Accession

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69
Q

Personal property of different owners commingled, fungible goods - oil and grain

A

Confusion

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70
Q

Difference between lost or mislaid and abandonded

A

Possession

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71
Q

Create a painting, write a book

A

Creation

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72
Q

Intestate succession (dying without a ill) or escaheatment - state takes unclaimed property.

A

Operation of Law

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73
Q

Three main types of bailments

A

Gratuitous bailment, “loan”, and bailment of mutual benefit

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74
Q

Bailment solely for the benefit of the Bailor, leaving your cat with a friend whilte you vacation. Bailee owes slight degree of care.

A

Gratuitous bailment

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75
Q

Bailment solely for the benefit of the Bailee, loaning your car to a friend. Bailee owes a great degree of care

A

Loan

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76
Q

Valet parking, bailee owes duty of ordinary care. If you keep your keys and park your own car, no bailment exists.

A

Bailment of mutual benefit

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77
Q

Bailments are expressed or implied but can be imposted by law

A

Constructive bailment

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78
Q

Bailments are terminted by

A

Performance, time, destruction of property, acts of parties, operations of law

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79
Q

In the absense of justifiable excuse, the bailee is liable for

A

Failure to return bailer’s property

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80
Q

Common Carrier of goods are

A

Bailees

81
Q

Major forms of joint ownership:

A

Joint tenancy, tenancy in common, tenancy by the entirety, community property, condominiums

82
Q

Condominiums are always

A

Real Property

83
Q

Joint tenancy must have what four things in common?

A

Acquired at the same time, acquired from the same source (title), each have an equal interest, each have the right to posses the whole

84
Q

What type of ownership must have only possession (with no survivorship rights)

A

Tenancy in common

85
Q

In many non-community property states, similar to joint tenancy but harder to terminate and available only to married couples

A

Tenancy by the entirety

86
Q

Sale or gift (by delivery of a deed)

A

Voluntary transfer

87
Q

Includes usual covenants and grantor warrants against title defect arising before or during their ownership

A

General warranty deeds

88
Q

As above except grantor warrants against title defects while they were the owners

A

Special warranty deeds

89
Q

Contains no warranty of title but grants whatever rights grantor has to grantee

A

Quitclaim deeds

90
Q

Sales of realty must be in

A

Writing

91
Q

Involuntary transfer of real property title can be accomplished by the following?

A

Foreclosure sale, judgement sale, eminent domain, adverse possession (easement)

92
Q

Transfer by inheritance is a result of transfer by a

A

Will or intestate succession

93
Q

Use of a natural waterway within the property

A

Riparian

94
Q

Oil, gas, minerals, and water ownership

A

Subterranean

95
Q

Neighbor cannot cause damage to your land by actions on their land

A

Lateral/subjacent support

96
Q

Three main types of possessory interests

A

Fee simple, life estate, leasehold

97
Q

Absolutely ownership-highest form of ownership and possession

A

Fee simple

98
Q

Land granted to a university as long as its used for educational purposes is an example of what?

A

Determinable

99
Q

Land granted to a museum as long as no Picasso is displayed is an example of what?

A

Subject to condition

100
Q

A person’s possessory interest extends to the lifetime of a person

A

Life estate

101
Q

A type of ownership in which a person cannot transfer the rights to another beyond their lifetime

A

Life estate

102
Q

A person’s possessory interest extends for a specific period of time, they do not have title

A

Leasehold

103
Q

Three major types of non-possessory interest?

A

Easement, profits, licesnses

104
Q

The right to use another person’s property?

A

Easement

105
Q

The right to obtain a possessory interest in another’s land (crops, minerals)?

A

Profits

106
Q

Owner permits someone to use land for a specific purpse (hunting, hiking). Subject to be revoked at any time

A

Licenses

107
Q

Owner may be a ________________ putting the possession in hands of the ______________

A

Tenant

108
Q

Rental agreement

A

The lease

109
Q

Four types of leaseholds are

A

Estates for years, periodic tenancies, tenancies at will, tenancies at sufferance

110
Q

Leasehold with a definate period of time

A

Estates for years

111
Q

Usually month to month, renewing until contrary notice is given

A

Periodic Tenancies

112
Q

Either party can end lease at any time, most states require termination notice

A

Tenancies at will

113
Q

Tenancy continues after lease expires, most jurisdictions hold this comes period tenancy

A

Tenancies at sufferance

114
Q

Most leases contain

A

Implied covenants

115
Q

Leases can be terminated by

A

Expiration of time, frustration of purpose, tenant has breached covenants, constructive eviction

116
Q

Arising from creative endeavors of the human mind, such as literary works, computer software, music

A

Intellectual property

117
Q

Inventions, designs, manufacturing processes, machinery, electronics, chemical compounds

A

Patents

118
Q

A patent, when granted, last for __________ years from the date of filed application

A

20 years

119
Q

Design patents, dealing only with appearance, last for

A

14 years

120
Q

To be patented, something must be

A

novel, useful and non-obvious

121
Q

A patent is excusively

A

Federal

122
Q

A parents must not have been place in public use within the

A

Previous year and never internationally

123
Q

An exclusive right to make, use and sell a new and usefyl process or thing

A

Patent

124
Q

Exclusive right to print, reproduce, sell and exhibit written material, photots, movies, data systems

A

Copyrights

125
Q

A copyright must be the creator’s (author’s)

A

original work

126
Q

A copyright must be in a

A

Tangible meduim of expression (written, saved on a disk)

127
Q

A copyright last for the life or the creator plus how many years?

A

70 years

128
Q

A corporate copyright last for

A

95 years

129
Q

A copyright begins when the original works is placed on a

A

Meduim of expression

130
Q

Names, familiar phrases, a complication of facts are

A

Non-copyrightable things

131
Q

Copyright protects the _____________________ of ideas but not the idea itself

A

Expression

132
Q

Limited reproduction for classroom use

A

Fair use copyright exception

133
Q

Employees hired to invent or write for an employer hold no patent or copyright interest in the resulting work

A

Shop Rights Doctrine

134
Q

Act that granted copyright protection to the expression of computer programs

A

Computer Programs Software Act

135
Q

What does the Computer Programs Software Act do?

A

Prohibits copying but not indenpendently coming up with a program that performs the same function

136
Q

A distinctive symbol, word, letter, picture, color or combination used by a merchant to ientify their goods

A

Trademark

137
Q

Packaging or dressing a product as it relates to a business’ overall marketplace image

A

Trade dress

138
Q

Employee owes a duty to employer to protect processes, information, ect that could give them a compettive economic benefit

A

Trade secrets

139
Q

Using computers to embezzle, defraud, or steal information

A

Computer crimes and torts

140
Q

Computer poses a problem with an individuals right to privacy

A

Privacy issues

141
Q

The owner of property owns property to the core of the earth to the Heavens.

A

The Ad Coelum Doctrine

142
Q

There is no liability to a property owner for oil and gas from his well that has drained from a neighboring property

A

The Rule of Capture

143
Q

Capture rule was developed to

A

Encourage oil and gas exploration

144
Q

Limits on the the rule of capture

A

Escaped hydrocarbons, drainage by enhanced recovery

145
Q

Water injection and secondary recovery techniques entitles owner of property to keep production even if it was swept from under someone elses land

A

Drainage by enhanced recovery

146
Q

When oil and gas is retrieved from the earth, it becomes the property of the owner that first pumped it, even if it is re-injected and some of that is retrieved by another well owned by someone else

A

Escaped hydrocarbons

147
Q

Doctrine that holds that each person has the right to produce from a formation has the right to do so. If another damages the formation, they are liable

A

Doctrine of Correclative Rights

148
Q

Attempt to prevent property owners drilling close to their boundary in greed

A

Conservation laws

149
Q

Owner drills and produces as fast as they can to maximize their profit, leading to a waste in long term production as the field is not drained efficiently due to the capture rule

A

Economic and physical waste

150
Q

A doctrine created to avoid physical and economic waste of oil and gas resources and to protect an owners correlative right

A

Fair share doctrine

151
Q

Prevents drilling too many wells and excessive drainage from a neighbor

A

Well-spacing rules

152
Q

Rules that are needed because formations are not always circular or faults/formation characteristics prevent fair allocation of resources

A

Well-spacing exceptions

153
Q

Sets producton limits to minimize waste and protect correlative rights

A

Production allowables (prorationing rules)

154
Q

Limits that help keep pressure in the field

A

Gas/oil ratio

155
Q

Forcing (or voluntary) sharing of production of a field no matter what well it is produced from, extends rational field development

A

Unitization

156
Q

Small tracts of odds shape can excule mineral owner from drilling because of spacing rules

A

The small-tract problem

157
Q

Owner of oil and gas does not own until captured by a well, there exist only a right to explor and retrieve

A

Non-ownership

158
Q

Since minerals are part of the soil, it’s owner (as well as right to develop)

A

Ownership-in-place

159
Q

The right of possession of the land (oil and gas in the ground)

A

Corporeal

160
Q

The right to only use the land (right only when it is produced)

A

Incorporeal

161
Q

Type of interest that both the surface and mineral rights are both owned

A

Fee interest

162
Q

Surface and mineral rights can be “severed” into tow. Either the sale of surface or the sale (grant) of minerals.

A

Mineral interest

163
Q

Mineral interest includes the right to

A

Use the surface

164
Q

Mineral interest ownership are entitled to the following:

A

Right to profits and obligation for costs, the right to lease or sell the mineral interest, the right to benefit under an oil and gas lease

165
Q

Under Louisiana code surface and minerals cannot be separated so a mineral servitude can be grated to a holding allowing for the exploration and development rights similar to a severed mineral interest

A

Louisiana’s Mineral Servitude

166
Q

The right to mineral inerest grated by an oil and gas lease (working interest)

A

Leasehold interest

167
Q

What remains after the mienral interest have been severed is called

A

Surface interest

168
Q

Sufance interest includes

A

Portable water, geological formations that could be suitable for gas storage, less suface rights as an easement is granted to the mineral owner

169
Q

A share of production or the share of the proceeds of production, free of costs, when there is prodcuion

A

Royalty interest

170
Q

Interest retained by the lessor as consideration in an oil and gas lease

A

Landowners’ royalty (lessor’s royalty)

171
Q

A royalty the lessee carves out of the leasehold inerest

A

Over-riding royalty

172
Q

Existed for a specific period of time

A

Term royalty

173
Q

No right to use surface, not profit-sharing or cost bearing, no right to lease or lease benefits

A

Characteristics of royalty interest

174
Q

A share of production or value of proceeds free of costs that terminates with an agreed sum has been paid

A

Production payments (oil payments)

175
Q

Similar to a royalty interest, express as a percentage, but payable only if there is a net profit from the well

A

Net profits interest

176
Q

A fractional interest free of all or msot of costs to a specified point

A

Carried interest

177
Q

The carried interest is often carried up to

A

Casing point

178
Q

Many agreements call for other working interests to recover costs in multiples before the carried interest can be

A

Backed-in

179
Q

A carried interest is always a

A

Working interest

180
Q

Trespassing, either drilling on a lease one does not own or slant drilling into another’s property

A

Damage to lease value

181
Q

The owner of a lease that has been damaged by trespassing is entitled to damages in the loss of the value of the

A

Lease

182
Q

The economic value of a bonus payment comes from the potential for oil and gas

A

Rational of the remedy

183
Q

Damages in the reduced value of a lease shold be measured as peak value-reduced value, the maximum amount

A

Measure of damages

184
Q

Malacious pubplication of false statements that injure the plaintiff’s title or quality of title

A

Slander of title

185
Q

Showing that trespasser posseses the property, recorded a lease to cover the owners interest, the lease has expired and the lesser refuses to the release it

A

False claims

186
Q

Must prove slander was deliberate conduct without reasonable cause

A

Malacious intent

187
Q

Must show actual loss

A

Specific damages

188
Q

Owner sues for payment for the right of entry by the trespasser

A

Assumpsit

189
Q

Final remedy for owner who has suffered trespass is to eject the trespasser and demand compensation for the conversion of oil and gas production

A

Ejectment and conversion

190
Q

Trespasser loses all right to offset expenses and revenues. He can’t even plug and abandon the hole.

A

Bad-faith trespass

191
Q

Trespasser can recover reasonable or actual costs whichever is lower.

A

Good faith trespass

192
Q

Transfer of ownership by a presently-operative instrument

A

By conveyance

193
Q

A conveyance requires 5 formalities

A

Writing, words of grant, adequate description, designation of the parties, proper execution

194
Q

Oil and gas interest are real property, thus a conveyance must be in _______________ under the Statute of Frauds

A

Writing

195
Q

A conveyance of an oil and gas interest is usually in the form of a _______________ or __________________

A

Deed or lease

196
Q

Two types of deeds?

A

Warranty deed and quitclaim deed

197
Q

Grant the property with up to six covenants (promises) as to title: seisin, right to convey, no encumbrances, warranty, quiet enjoyment, further assurances

A

Warranty Deed

198
Q

Contains no covenants, grants whatever rights the grantor has with no assurance that they have any rights

A

Quitclaim deed

199
Q

How are oil and gas leases on printed forms different from real property leases?

A

Right to use property and remove substance, rights may be perpetual (as long as oil is produced), lessee’s rights are not exclusive (surface owner must be considered)

COPAS - LAW MODULE (3 decks)

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