RBM Final Flashcards
5 requirements for enforcable contract
Mutual Consent, consideration, genueness of consent, capacity, legallity.
What contract must be written to be binding?
Transfer of title to real estate
Contract between minor and adult
enforcable by the minor
When does an offer end?
Stated ending time is reached
counter offer
death of the offerer
Knowingly misrepresenting facts related to a contract.
Fraud
Consideration can be
monetary, an act, anything of value
adjustable cash lease
hard to pay in advance, less speculative to operator, landowner shares some risk
Things should be added to a cattle contract?
shipping location, shrink, sale price, signitures
Types of law
common law, case law, statutory law
statements made by an auctioneer are
invitations to negotiate
4 types of leases
share lease, fixed cash, adjustable cash, per head basis
administrative law
ag should be interested in because of the agencies included.
types of contracts
void, voidable, formal
unemployment compensation tax payments are due how often
4 times per year
compensation tax rates are set after how many months?
18
unemployment compensation taxes include what taxes?
federal and state
injury records must be kept for how long?
5 years
define a contract
yeet
Tennancy in common
no right of survivorship
joint tenancy
right of survivorship
general warranty deed
guaranteeing a clear title
special warranty deed
seller has placed no encumbrances on the property
community property does not include
land owned before marriage
to establish a lein the livestock feeder must
have contorl of cattle and have contracted with the owner for care and feed
decendnts gross estate would include
property given away, survivor payments and all property and things on it
Testamentary trust is
created by a will
irrevocable trust
reserves no power over the property of the creater
revocable trust
creator can cancel at any time
profits of a corp are taxed twice if a dividins are payed to people
true
property owned by a corporation is
never subject to estate tax becuae the corp doesnt die
3 major factors in establishing a partnership
splitting ownership, management and profit/loss
