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Legal Environment > Test 2 > Flashcards

Test 2 Flashcards

1
Q

Property

A

is a relationship you have to something. You can use something, and exclude others from using it. Legal fence. Includes self ownership.

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2
Q

Real Property

A

ownership on planet. e.g. real estate. defined by deed.From English ownership.

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3
Q

Personal Property

A

includes tangible and intangible.

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4
Q

Tangible Property

A

your stuff

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5
Q

Intangibile Property

A

everything else, patent on idea.

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6
Q

Fee Simple

A

ownership interest

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7
Q

Tenancy in Common

A

each own half of everything. generic ownership style

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8
Q

Survivorship Tenancy

A

last man standing owns it

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9
Q

Fixture

A

was once tangible, personal property, but is now attached and is a part of real property

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10
Q

Constructive

A

legal lie, there to accomplish specific purpose. e.g keys to the locks on door of house

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11
Q

Tenant Fixture/Trade Fixture

A

attached by non owners, and aren’t a part of property

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12
Q

Gift

A

ownership of prperty obtained

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13
Q

Donor

A

giver of gift, owner of something

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14
Q

Donee

A

receiver of gift, new owner

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15
Q

Gift Causa Mortis

A

imminent death. doesn’t matter what will says e.g. rolex on deathbed

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16
Q

Intevivos Gift

A

celebration of life. e.g. birthdays, christmas. Intent, and delivery

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17
Q

Lost Property

A

Not in a place where owner could come back and find it, thus can acquire a new owner through possession and doesn’t belong to the person owning the premise

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18
Q

Mislaid Property

A

Belongs to the person owning the premise where the property is found, assuming it’s in a place the owner would come looking for it

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19
Q

Finder

A

Prevails if the good were lost

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20
Q

Owner of Locus in Quo

A

Prevails if the goods were mislaid

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21
Q

Bailment

A

Owner puts object protected by personal property into intentional possession of another person with the understanding that it will be returned

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22
Q

Bailor

A

Owner

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23
Q

Bailee

A

Possessor

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24
Q

Easement

A

Places a particular use of land behind legal fence, often a right to cross over land

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25
Q

Eminent Domain

A

Govt can take land and will buy it at certain price

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26
Q

Lien

A

Property interest given to someone

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27
Q

Security Interest

A

Property interest created by agreement

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28
Q

Mortgage

A

When you put your house up to secure a loan

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29
Q

Infringement

A

Breaking terms of agreement

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30
Q

Trade Name

A

Doesn’t afford the protection of trademark

31
Q

Trade Secret

A

secret that is valued, economic value from not beign known, maintain secrecy, info you treat as property

32
Q

Copyright

A

allows owner to control reproduction, for owners lifetime +70 years. e.g. software, music, samples, photographs

33
Q

Patent

A

distinct process, 14-20 year monopoly. When patent is up the technology becomes public domain. e.g. drug co, anti lock brakes by mercedes

34
Q

Contract

A

agreement courts will enforce. offer & acceptance

35
Q

Unilateral Contract

A

one promise. promise on exchange.

36
Q

Bilateral Contract

A

both parties make promises

37
Q

Executory Contract

A

live, both parties perform

38
Q

Executed Contract

A

post closing, contract is done

39
Q

Express Contract

A

words between parties

40
Q

Implied in Fact Contract

A

no words

41
Q

Objective Standard

A

what would a reasonable person think he intended

42
Q

Implied in Law Contract/ Quasi Contract

A

social policy

43
Q

Valid Contract

A

enforceable

44
Q

Void Contract

A

no legal effect

45
Q

Voidable Contract

A

one party can walk e.g. minor buying a car

46
Q

Offer

A

an expression of intent to become contractually bound on specific terms, communicated to offeree. Offer creates power to the person you are making it to. Must have definite terms so performance can be judged.

47
Q

Revocation

A

power to revoke offer, kill it.

48
Q

Lapse

A

Offer dies

49
Q

Firm Offer

A

merchant makes a signed, written offer to hold a price. Under the UCC, no consideration required

50
Q

Option

A

giving consideration to buy their power to revoke

51
Q

Consideration

A

legal value, under common law especially

52
Q

Rejection

A

Kills an offer

53
Q

Counteroffer

A

Made by the initial offeree

54
Q

Offeror

A

Makes the offer

55
Q

Offeree

A

Offer being made to

56
Q

Acceptance

A

Creates contract

57
Q

Cooling Off Period

A

Certain things only

58
Q

Mailbox Rule

A

default rule, what you get unless you say something else. moment you deposit it in authorized means of communication the contract goes into existence at that moment

59
Q

Mirror Image Rule

A

Common Law: terms in acceptance must be identical to terms in offer. UCC: acceptance even if there are different terms

60
Q

Legal Value

A

consideration

61
Q

Bargained for Detriment

A

doing or not doing something that you had no legal obligation to do. Not necessarily economic

62
Q

Liquidated Debt

A

owe a specific amount of money, no dispute

63
Q

Unliquidated Debt

A

owe money, but not sure how much

64
Q

Promissory Estoppel

A

relied on promise to your detriment

65
Q

Ratify

A

Affirm

66
Q

Void

A

Disaffirm

67
Q

Factually Incompetent

A

adults, need guardian to take over.

68
Q

Adjudicated Incompetent

A

void, no legal effect

69
Q

Durable Power of Attorney

A

not affected by incompetence of principal

70
Q

Severable Contract

A

Several contracts, breach of one is not a breach of others

71
Q

Unconscionability

A

grossly unfair

72
Q

Adhesion Contract

A

here are the terms, take it or leave it. Unconscionability

73
Q

Deed

A

document, to change hands. signing it is a symbol of the property rights. DELIVERY is what transfers property

74
Q

Successful economy needs….

A

property rights, -protect -gain -distinguish -exclude

Legal Environment (2 decks)

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