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87 Cards in this Set

  • Front
  • Back
Agency 01

Under GOL, agency is a legal relationship where one party (the Principal) authorizes the other party (the Agent) to bind the Principal in business activities between the Agent and a third party. Limitations of this delegation primarily arise from the scope of the delegation as agreed between the parties and from public policy.
Agency 02

Actual Authority
Under GOL, actual authority is the authority an agent reasonably believes he possesses. Actual authority can be express or implied.
Agency 03

Apparent Authority
Under GOL, as between a principal and and innocent third party who relies on the agent's apparent authority, the principal will be bound if he or she created the appearance of the agent's authority.
Agency 04

Inherent Authority
Under GOL, inherent authority exists when the principal is bound even though the agent had no actual authority to perform a particular act.
Agency 05

Disclosed Principal
Under GOL, a principal is a disclosed principal when the third party knows both that the agent is acting on behalf of a principal and the principal's actual identity.
Agency 06

Undisclosed Principal
Under GOL, an undisclosed principal is where the third party knows that the agent is acting on behalf of a principal, but does not know the identity of the principal.
Agency 07

Under NYPL, in New York, a general partnership is an association of two or more persons who are carrying on as co-owners of a business for profit.
Agency 08

Under NYPL, dissolution is the change in the relationship of the partners caused by any partner ceasing to be associated in the carrying on of the business.
Agency 09

Under NYPL, after a partnership is dissolved, accounting is the final stage of dissolution, which balances out the partnership books by determining partnership debt, liabilities and any profits.
Agency 10

Limited Partnership
Under NYPL, a limited partnership is a partnership with one or more general partners and one or more limited partners.
Commercial Paper 01

Under UCC ART 3, a note is a two-party commercial paper that consists of a promise by the maker to pay money to the payee.
Commercial Paper 02

Under UCC ART 3, a draft is a three-party instrument that is an order by the drawer to the drawee demanding that the drawee pay money to the payee.
Commercial Paper 03

Under UCC ART 3, a check is a draft payable on demand and drawn on a bank.
Commercial Paper 04

Holder in Due Course
Under UCC ART 3, a holder in due course is a person who takes a negotiable instrument for value, in good faith, and without notice of any defenses or claims to the instrument.
Commercial Paper 05

Under UCC ART 3, negotiation is a process by which an instrument is issued or transferred to a subsequent party who qualifies as a holder.
Commercial Paper 06

Under UCC ART 3, a holder is a person in possession of an instrument drawn, issued or indorsed to him or his order or to bearer or in blank.
Commercial Paper 07

Good Title
Under UCC ART 3, good title can be achieved through either possession of "bearer paper" or "order paper."
Conflict of Laws 01

Domicile is a person's true, fixed, and permanent home to which that person intends to return and remain even though he may reside elsewhere for a time.
Conflict of Laws 02

Renvoi Doctrine
The Renvoi Doctrine states that the forum should apply both the internal law of the state of reference and its conflicts rules.
Equitable Remedies 01

Permanent Injunction
A permanent injunction is an injunction granted after a final hearing on the merits; despite its name, a permanent injunction does not necessarily last forever.
Equitable Remedies 02

Preliminary Injunction
A preliminary injunction is an equitable remedy used to preserve the status quo between the parties until the completion of trial on the merits. A preliminary injunction will be granted if the moving party can show irreparable injury if a preliminary injunction is not granted and the likelihood of prevailing at the later trial.
Equitable Remedies 03

Temporary Restraining Order
A temporary restraining order is an equitable remedy used to preserve the status quo between the parties until the judge can set a preliminary injunction hearing.
Equitable Remedies 04

Specific Performance
Specific performance is a court-ordered remedy that requires precise fulfillment of a legal or contractual obligation when monetary damages are inappropriate or inadequate.
Equitable Remedies 05

Rescission is an equitable remedy that voids the contract and puts the parties in the same position as if they had never entered into the contract.
Equitable Remedies 06

Reformation is an equitable remedy that changes the written agreement to reflect the original intent of the contracting parties when an incorrect term has been incorporated into the contract.
Equitable Remedies 07

Constructive Trust
A constructive trust is an equitable remedy against one who has obtained property by wrongdoing thereby preventing the wrongful holder from bing unjustly enriched.
Federal Jurisdiction 01

In Rem Jurisdiction
In rem jurisdiction is the power of a court to adjudicate the rights to a given piece of property, including the power to seize and hold it.
Federal Jurisdiction 02

Quasi In Rem Jurisdiction
Quasi in rem jurisdiction is jurisdiction over a person based on that person's interest in property located within the court's territory.
Federal Jurisdiction 03

Pendent Jurisdiction
Pendent jurisdiction is jurisdiction exercised by federal court over state law claims that are closely related to the federal claims at bar, on grounds that the state-law claims are so intertwined with the federal claims that they are best adjudicated together.
Federal Jurisdiction 04

Ancillary Jurisdiction
Ancillary jurisdiction is jurisdiction over a matter auxiliary to an actionable claim pending before the court; federal courts assume ancillary jurisdiction for purposes of convenience to both parties.
Federal Jurisdiction 05

Removal is a procedural move that allows a defendant to have a case that was filed by the plaintiff in state court removed to federal court while embracing the state court in which it was originally filed.
Federal Jurisdiction 06

Venue is the proper district in which a party should bring an action.
Federal Jurisdiction 07

Service of Process
Service of process is the formal delivery of a summons.
Federal Jurisdiction 08

Joinder is the uniting of parties of claims in a single lawsuit.
Federal Jurisdiction 09

A counterclaim is an offensive claim against an existing opposing party.
Federal Jurisdiction 10

A cross-claim is a claim that arises between codefendants or co-plaintiffs in a case that relates to the subject of the original claim or counterclaim.
Federal Jurisdiction 11

Impleader is a process by which a third party is brought into a lawsuit, likely through a defendant's third party action.
Federal Jurisdiction 12

Intervention is the act of entering into a lawsuit by a third party who was not a named party to the action, but has an interest in the outcome.
Federal Jurisdiction 13

Interpleader is a suit to determine a matter of claim or right to property to avoid multiple litigations and the threat of inconsistent results.
Federal Jurisdiction 14

Class Action
A class action is a lawsuit in which a single person or a small group of people represent the interests of a larger group.
Federal Jurisdiction 15

A pleading is a document containing the factual allegations that each party is required to communicate to the opponent before trial.
Future Interests 01

Power of Appointment
A power of appointment is a power conferred on a donee by will or deed to select and nominate one or more recipients of the donor's estate or income.
Leases 01

Under the UCC, a lease is the transfer of the right to possession or use of goods for a term in return for consideration.
Leases 02

Under the UCC § 2A-103, goods are all things that are movable at the time of identification to the lease contract.
No-Fault Insurance 01

No-Fault Insurance
Under NYIL, no-fault insurance is an agreement to indemnify against claims for personal injury and property damage, regardless of who caused the accident.
Personal Property 01

Personal Property
Personal property is any property other than land or any estate in land, fixtures, and mortgages or real property liens.
Personal Property 02

A bailment is a delivery of personal property by one person (the bailor) to another (the bailee) who holds the property under an express or implied-in-fact contract.
Personal Property 03

A bailor is one who places personal property in another's charge or trust.
Personal Property 04

A bailee is one to whom personal property is delivered without any change in ownership.
Personal Property 05

Inter Vivos Gift
An inter vivos gift is a gift made within the donor's lifetime.
Personal Property 06

Gift Causa Mortis
A gift causa mortis is a gift made in contemplation of the donor's imminent death.
Personal Property 07

Personal Property Lien
A personal property lien is the right to possess and retain personal property that has been improved or enhanced in value until the property owner pays in full all debts related to the property's improvement.
Professional Responsibility 01

Conflict of Interest
A conflict of interest is any competing professional obligation that may make it difficult for a lawyer to fulfill his duties fairly.
Professional Responsibility 02

Retainer Agreement
A retainer agreement is a contract outlining the terms between a lawyer and client for retention of and payment for the lawyer's services.
Professional Responsibility 03

Contingency Fee
A contingency fee is a fee to a lawyer that will be due and payable only if there is a successful conclusion of the legal work, usually winning or settling a case in favor of the client.
Professional Responsibility 04

Engagement Letter
An engagement letter defines the legal relationship between a lawyer and his client.
Professional Responsibility 05

Commingling is a breach of trust in which a fiduciary mixes funds that he holds for a client with his own funds.
Professional Responsibility 06

Pro Hac Vice Representation
Pro hac vice representation refers to a lawyer who has not been admitted to practice in a certain jurisdiction, but has been allowed to participate in a particular case in that jurisdiction.
Professional Responsibility 07

Unauthorized Practice of Law
There is no precise definition for the unauthorized practice of law; case law has defined th unauthorized practice of law as situations in which a non-attorney is paid to perform tasks traditionally done by an attorney.
Professional Responsibility 08

Malpractice is a breach of fiduciary duty or a breach of contract by an attorney, causing harm to the client.
Professional Responsibility 09

Pro Bono Services
Pro bono service is professional legal work undertaken voluntarily and without payment as a public service.
Secured Transactions 01

Security Interest
Under UCC ART9, a security interest is an interest in personal property or fixtures that secures payment or performance of an obligation.
Secured Transactions 02

Purchase Money Security Interest
Under UCC ART9, a purchase money security interest is a loan or extension of credit for the purpose of allowing the debtor to purchase the particular property in which he gives the security interest.
Secured Transactions 03

A debtor is a person who has an interest, other than a security interest or lien, in the collateral, whether or not the person is an obligor; a seller of accounts, chattel paper, payment intangibles, or promissory notes; or a consignee.
Secured Transactions 04

An obligor is a person who is responsible in whole or in part for payment or other performance of an obligation by a security interest in the collateral.
Secured Transactions 05

Goods include all things that are movable at the time the security interest attaches, or that are fixtures, including (1) consumer goods, (2) farm products, and (3) equipment. "Goods" does not include (1) money, (2) minerals before extraction, (3) and the other categories of intangible collateral.
Secured Transactions 06

Consumer Goods
Consumer goods are those used or bought for use primarily for personal, family, or household purposes.
Secured Transactions 07

Inventory is goods sold, leased, or furnished under contracts of service (including merchandise held by a dealer, merchant or wholesaler for resale, and the appliances of the local rent-all shop), raw materials to be processed or those being processed, such as cotton or wool being made into yarn and the yarn into cloth, and materials used or consumed in a business, such as envelopes and pens, by-products of the manufacturing process, and fuels.
Secured Transactions 08

Farm Products
Farm Products are crops, livestock, or supplies used or produced in farming operations, and products of crops or livestock in their unmanufactured states if they are in the possession of a debtor engaged in raising, fattening, grazing or other farming operations.
Secured Transactions 09

Lien Creditors
Lien creditors are persons who acquire a lien on the collateral by attachment, levy, or similar methods.
Secured Transactions 10

General Creditors
General creditors are creditors that do not have liens on the property.
Secured Transactions 11

Transferees are persons who obtain full title to the goods by purchasing the collateral from the debtor. The main issue here is whether the transferee takes the title subject to the security interest.
Secured Transactions 12

Buyers in the Ordinary Course of Business
A buyer in the ordinary course of business is a person who, in good faith and without knowledge that the sale to him is in violation of the ownership rights or security interest of a third party in the goods, buys in the ordinary course from a person in the business of selling goods of that kind but does not include a pawnbroker.
Trusts 01

Under EPTL, a settlor is one who creates and sets up a trust.
Trusts 02

Under EPTL, a trust is a property interest held by one person at the request of another for the benefit of a third party; for a trust to be valid, it must involve specific property, reflect the settlor's intent, and be created for a lawful purpose.
Trusts 03

Under EPTL, a trustee is the legal titleholder of the trust property who holds it in trust for the benefit of another and owes a fiduciary duty to that beneficiary.
Trusts 04

Under EPTL, a beneficiary is one designated to gain from the establishment of a trust.
Trusts 05

Lifetime Trust
Under EPTL, lifetime trusts are trusts that are created during a settlor's lifetime.
Trusts 06

Testamentary Trust
Under EPTL, a testamentary trust is a trust created through a will.
Trusts 07

Express Trust
Under EPTL, an express trust is a trust created with the settlor's express intent.
Trusts 08

Spendthrift Trust Provision
Under EPTL, a spendthrift provision is a provision in a trust that prevents an income beneficiary from voluntarily or involuntarily transferring his interest in a trust.
Trusts 09

Constructive Trusts
Under EPTL, a constructive trust is an equitable remedy, imposed in cases involving fraud, unconscionable conduct, or unjust enrichment, established to benefit the party that has been wrongfully deprived on his rights to property.
Trusts 10

Resulting Trusts
Under EPTL, a resulting trust is an equitable remedy that is imposed when creation of a trust fails.
Trusts 11

Honorary Trusts
Under EPTL, an honorary trust is a device by which a person establishes a trust for which there is neither a private beneficiary to enforce the trust, nor a charitable purpose.
Trusts 12

Under EPTL, res is the property of the trust.
Workers' Compensation 01

Workers' Compensation
Workers' compensation is a system of providing benefits to an employee for injuries occurring in the scope of employment.
Workers' Compensation 02

Workers' Compensation Claim
A workers' compensation claim is any matter over which the Workers' Compensation Board has jurisdiction.