Saturday Quiz Flashcards
If an employee shoots a third party with an unlicensed and illegal weapon during the scope of employment, the employer will…2
1 not be liable
2 illegal act would not be considered acting within scope of employment
the UCC statute of frauds does not apply to…
Personal service contracts
the UCC statute of frauds does not apply to personal service contracts, even those for…
More than $500
An oral contract, that is not in writing can be enforced if…
1 there is no indication that it can’t be performed within one year
When there is no written contract between parties, what does not apply?
The Parol Evidence Rule does not apply
If a partnership agreement is silent on subject of how profits will be shared they are…
Divided equally among partners
If a partnership agreements defines how profits will be shared but not losses, then…
Sharing losses would be the same as sharing profits
The partners’ allocation of capital does not bear on how…2
1 Profits and losses will be shared,
2 unless specified in partnership agreement
The new change in Chapter 11 for individuals is that…2
1 They are not discharged until plan is completed
2 unless court orders otherwise
Under chapter 11, if individuals receive assets after they have filed bankruptcy, they must…
1 dedicate those assets to reorganization plan
Under chapter 11, the court may still use…
Cram down provision
Cram down provision 2
1 Court can Confirm reorganization plan over objection of creditors
2 if shown plan is equitable
Artisan’s lien, is a…
Common law security device
Artisan’s lien, is a common law security device whereby…
A creditor can recover for work don on personal property of debtor
Under the artisans lien, if the debtor fails to pay for work performed, the creditor can…2
1 retain possession of property and
2 sell it in satisfaction of lien
Artisan’s lien, is considered what kind of lien?
Possessory lien
Artisan’s lien:
If the lien holder voluntarily returns possession of the property to debtor…
The lien no longer exists
Mechanic’s lien
Arises from making improvements to real property
Attachment is…
The creation and coming into existence of security interest
Attachment requires 2
1 security agreement between debtor and secured party
2 secured party must give value and have rights in collateral
If attachment has not been completed it is…
Not effective against debtor or third parties
Foreseeability of damages
Compensation for damages is given only in those situation where
Breaching party could reasonably foreseen result of breach
Mitigation of damages is concept that imposes duty upon…
Innocent injured party to reduce damages resulting from breach
Mitigation of damages example
Tenant moves out early and landlord mitigates damages by
searching for new tenant
Respondeat superior is a legal theory whereby…
Employer is liable to third parties for acts of an employee
