Missed Rules Flashcards
Contracts: Gratuious promises
Gratuitous promises without consideration are not enforceable.
Crim: Accessory after the fact
An accessory after the fact is one who receives, relieves, comforts, or assists another, knowing that he has committed a felony, in order to help the felon escape trial, arrest, or conviction.
Crim: Self-defense (excuse)
Self-defense is an excuse for battery
Property: Adverse Possession and Recording Acts
Recording acts do not protect BFPs against a title that was acquired through adverse possession becuase there is no document that the possessor could have recorded.
Agency: General Definition of an Agency Relationship
Agency is a fiduciary relationship that exists between an agent and principal where the agent acts on the principal’s behalf and is subject to the principal’s control.
Secured Transactions: Definition of Equipment
Goods other than inventory, farm products or consumer goods are classified as equipment.
Secured Transactions: Definition of Accession
Accessions are goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.
Secured Transactions: SI in Accessions
A security interest in goods that is perfected before the goods become accessions continues after the goods become accessions.
Secured Transactions: SI in Accession vs. SI in the whole
Article 9 makes an exception that a security interest in an accession is subordinate to a security interest in the whole which is perfected by compliance with the requirements of a certificate of title statute.
Corporations: Fiduciary Duties of Directors
Directors owe a corporation the fiduciary duties of loyalty and care.
Corporations: Duty of Care
Duty of Care: The duty of care is met if directors manage the corporation to the best of their ability in good faith, with the care that a reasonably prudent director in a like position would exercise, and in a manner reasonably believed to be in the best interests of the corporation.
Corporations: Business Judgment Rule: Interested Director
The business judgment rule does not shield an interested director from liability.
Corporations: Duty of Loyalty
The duty of loyalty prohibits profiting at the expense of the corporation.
Corporations: Interested Director Transaction
A conflicting interest will not be set aside unless the interested director discloses all material facts and the deal is approved by a disinterested majority of directors or the shareholders, or the transaction was fair and reasonable at the time it was made.
Corporations: Articles of Incorporation, Exculpatory Provision
A corporation’s Articles of Incorporation may include an exculpatory provision shielding its directors from liability to shareholders for money damages by failing to properly exercise their duties as directors. There are limitations on these provisions including when the directors received an improper personal benefit, engaged in intentional misconduct or violations of law, or in some states breached a fiduciary duty of loyalty or acted in bad faith.
Civ Pro: Motion for Relief from Judgment
A court may relieve a party from a final judgment or order based on fraud, misrepresentation, or other misconduct of an adverse party, and such a motion must be made within a reasonable time not to exceed one year.
Contracts: Performance
Performance at common law means each party’s duty to perform is conditioned on the other party’s performance. If a party fails to perform either completely or substantially then the other party is relieved from performance.
Contracts: Substantial Performance
In evaluating whether performance was substantial, the courts consider factors including the amount of the contract performed, hardship to breaching party, circumstances of breach, and whether the breach was willful.
Contracts: Material Breach
Where time is of the essence under the contract, the breach is considered material and is unexcused.
Contracts: Remedy for Breach of Contract
For breach of contract, the injured party may be entitled to expectation damages. Actual or expectation damages seek to put the nonbreaching party in the position he would have been in but-for the breach.
Contracts: Calculation of Damages
Calculation of these damages aims to provide the nonbreaching party with the benefit of his bargain.
Contracts: Consequential Damages
Contract damages must be foreseeable to be recoverable. This takes into consideration damages that are a foreseeable consequence of the breach, i.e., consequential damages.