Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
197 Cards in this Set
- Front
- Back
|
Proverbs 16
|
Consumer Protection Law
Honest Weights and Measures |
|
|
2 Ways to Read Revelation 21
|
1. Demanding care and stewardship
2. humans have unlimited dominion |
|
|
Influenced modern consumer law
|
Ralph Nader
|
|
|
To add a legal aspect to a marketing paper you would use litigation from
|
Code of Federal Regulation (CFR)
or Proposed Rules in the Federal Register (FR) |
|
|
What is deceptive advertising?
|
advertising that would lead a "reasonable person" to be deceived and relates to material facts (facts that would influence the decision)
|
|
|
Who enforces regulations and guidelines concerning deceptive advertising?
|
Federal Trade Commission (FTC) assisted by the Food and Drug Administration (FDA)
|
|
|
One remedy for deceptive advertising
|
Cease and Desist Order
|
|
|
Cease and Desist Order
|
Voluntary agreement by advertiser to stop the deceptive advertisement
|
|
|
What is the right of cancellation on door to door sales?
|
3 days
|
|
|
Home equity loans have a _____ day waiting period from the time of application plus ____ days to cancel after the loan is closed
|
a.12
b. 3 |
|
|
What powers does the Consumer Product Safety Commission (CPSC) have?
|
ban any product that is believe to pose unreasonable risk to the consumer
|
|
|
Regulation Z
|
applies to a business who offers consumer credit, and requires disclosure of the annual percentage rate (APR)
|
|
|
Following______ provides a defense against allegations of violation of Regulation Z
|
the forms issued by the Federal Reserve Board
|
|
|
Lawsuits regarding Truth in Lending must be brought within ___ other wise failure to comply becomes a defense
|
1 year
|
|
|
Equal Credit Opportunity Act
|
prohibits denial of credit solely based on race,religion, origin, color, gender,marital status, age, or reliable forms of income such as social security, alimony, or public assistance
|
|
|
______ gave women the right to obtain credit without consent of the husband
|
Equal Credit Opportunity Act
|
|
|
Coverture
|
refered to a woman's subordinate legal status during marriage
(could do everything independently prior to marriage but not when married) |
|
|
Liability of a cardholder if card is used fraudulently
|
$50 or $0 if card was issued improperly by the bank
|
|
|
Fair Credit Reporting Act
|
allows consumers to access their own report and the right to dispute incorrect items. (annualcreditreport.com)
|
|
|
Year of Texas Deceptive Trade Practices
|
1973
|
|
|
Year for high watermark of liberal democratic legislation
|
1973
|
|
|
Influenced Modern Environmental Law
|
Rachel Carson
|
|
|
seeks short term profit maximization without regard to the future. People are exploited (slaves) as well as the environment and non renewable resources
|
Exploitive Economy
|
|
|
seeks to meet present needs without compromising future availability of resources
|
Sustainable Economy
|
|
|
uses local resources and provides upward mobility for the poor and disadvantaged
|
Regenerative Economy
|
|
|
using property or land in a way that unreasonably interferes with others' right to use enjoy their property
|
Nuisance
|
|
|
failure to use reasonable care so that foreseeable injury is caused
|
Negligence
|
|
|
ultra hazardous activities from which harm results. Need not prove intent to harm, just that the action caused the harm
|
strict liability
|
|
|
No nuisance obligation may be brought against a farm if it has been in lawful operation for ___and the action bringing the complaint has been virtually unchanged since the date of operation.
|
One year
|
|
|
The repairs, under MACT, must not exceed ____ of the total cost of the plant
|
20%
|
|
|
In trade and cap, if a party reduces emissions below its allocation,the surplus_____
|
may be traded or banked for subsequent years
|
|
|
____ may face criminal penalties
|
Knowing violators of the Clean Air Act
|
|
|
What agency governs wetlands construction permits?
|
Army Corps of Engineers
|
|
|
"reasonable certainty of no harm"
(pesticides) |
1 in 1,000,000
|
|
|
Anyone connected with hazardous waste including the producer, transporter, site operator at disposal, or current operator
|
Potentially Responsible Party
|
|
|
To use the "innocent landowner defense"
|
must engage in environmental site assessment due diligence
|
|
|
Which types of law reflect current political and social agendas more than any other?
|
Consumer and Environmental
|
|
|
The Big question in Petroleum
|
When will cheap energy end and be replaced with a cheap alternative to petroleum?
|
|
|
First oil well in the US
|
1859
|
|
|
There is great speculation about_____petroleum
|
efficiently recoverable (reasonable cost)
|
|
|
Leviticus 6
|
Restitution is made by repaying in full plus 1/5
|
|
|
believed that the expectation of profiting from "improving stock of capital" exists because of private property which is central to generating wealth.
Modern capitalism and private property "Wealth of Nations" |
Adam Smith
|
|
|
advocated private property writing "that which is common to the greatest number has the least care. Everyone thinks chiefly of his own."
The tragedy of commons |
Aristotle
|
|
|
has indicated preference for collective ownership of property in "The Republic"
|
Plato
|
|
|
legally protected rights and interests in anything with a value that can be owned
|
Property
|
|
|
consists of land and items more or less permanently attached (trees/ buildings)
|
Real Property
|
|
|
movable items (chattel - cattle)
|
Personal property
|
|
|
greatest ownership of property a person may posses (subject to government regulation)
|
Fee Simple
|
|
|
assumed form of joint ownership with undivided ownership rights in the entire property passed to owner's heirs upon death
|
Tenancy in Common
|
|
|
joint ownership with undivided ownership rights in the entire property passes to surviving joint tenants upon death (survivorship)
|
Joint Tenancy
|
|
|
joint tenancy between husband and wife that requires both parties to consent to the transfer of property and sign the deed
|
Tenancy by Entirety
|
|
|
3 requirements for a gift
|
a. Donative intent (intent to make gift now, not one of these days, determined by a reasonable person's point of view)
b.Delivery (parting of possession - you can't give it away and keep it either constructively or symbolically) c.Acceptance by recipient (if they don't want it you cant give it to them) |
|
|
Promise to make a gift is not
|
enforcable
|
|
|
adding something of value to personal property
|
accession
|
|
|
mixing goods belonging to multiple owners
|
confusion
|
|
|
deliberately placed in the location by the owner, who forgot where they left it. The person who finds it keeps it until owner returns
|
Mislaid property
|
|
|
business law book in the hall (not deliberately placed)finder keeps item til owner appears
|
Lost property
|
|
|
Business law book in the trash can (left permanently on purpose) finder gets title and does not have to return item
|
Abandoned property
|
|
|
transfer of possession of property without transfer of ownership for a limited time and purpose
|
bailment
|
|
|
Sole benefit of the bailor (you allow a friend to park car in driveway)
|
you are liable if you intentionally damage the item
|
|
|
Mutual benefit bailment (renting a car)
|
ordinary reasonable care (ordinary negligence)
|
|
|
Sole benefit of the bailee (you borrow your friend's car)
|
you are liable for even the slightest negligence
|
|
|
Storage facilities are not a bailment because
|
no transfer of possesion
|
|
|
IF a bailment for a coat check at the door
|
only responsible for items normally found in a jacket (low value) not an expensive items like a diamond ring
|
|
|
Common carrier liability (transports goods for hire)
|
Strict Liability
|
|
|
Genesis 23
|
Land Purchase - 400 shekels of silver
|
|
|
Deuteronomy 24
|
groups - alien, fatherless, widow
product - sheaf, olives, grapes |
|
|
Land includes
|
surface, buildings, growing crops, airsurface above, subsurface below
|
|
|
if goods on land are sold separately it is governed by the
|
Uniform Commercial Code
|
|
|
Acre
|
43,560 square feet
|
|
|
Square mile
|
640 Acres
|
|
|
Mile
|
5280 ft
|
|
|
You are not entitled to sue for damages if a building that is blocking your scenic view is
|
lawfully erected
|
|
|
Mineral rights may be sold separate from land. The mineral owner has absolute right to use
|
reasonable amount of space to extract minerals
|
|
|
Who owns surface water in ordinary rivers and lakes?
|
State of Texas and Commission of Environmental Quality (permits use)
|
|
|
Who owns sheet flow? (Rain water)
|
if captured by anyone i can be used by anyone
|
|
|
Payment upon signing a drilling rights document
|
bonus
|
|
|
payment to allow lease holder to delay drilling
|
delay rental
|
|
|
Traditional royalty fraction
|
1/8
|
|
|
In a drilling rights case all terms are
|
negotiable
|
|
|
schedule of owners and their decimal share in revenues from a well's production
|
division order
|
|
|
item of personal property that has become attached to the land and thus becomes real property
|
Fixture (carpet was movable but now attached)
|
|
|
Uniform Statutory Rule of Perpetuity
|
90 yrs
|
|
|
a non possessory right
|
easement (can only use the land for what is agreed upon but do not own the land)
|
|
|
agreed right to enter land to remove something
|
profit
|
|
|
created by long use. land near a beach that is always crossed may create a public road.
|
adverse possesion
|
|
|
personal revocable right for a specific purpose that arises from consent of the owner
|
license (movie ticket holder cannot set up a concession stand)
|
|
|
prevents owners of agricultural land that allow boy scouts or other recreational groups to use property from assuming liability for injury
|
recreational immunity
|
|
|
modern deed language comes from
|
1600's
|
|
|
for a deed to be valid it must
|
1. have the grantor's and spouses signature
2. be delivered by the grantor to the grantee |
|
|
and unrecorded deed in a desk is
|
no effective
|
|
|
a deed proves
|
how you claim to own the land, not that you actually own it
|
|
|
contains no guarantees and only conveys whatever interest that the grantor has in land and not necessarily the title to the land
|
quitclaim deed
|
|
|
most risky method in real estate
|
flipping
|
|
|
the value of real estate
|
price which a willing buyer and seller agree on who are under no compulsion to buy or sell
|
|
|
3 appraisal approaches
|
1. what are comparable properties sold for?
2.What income is the property capable of generating? 3. what would it cost to replace the structures on the property? |
|
|
Does a deed have to be recorded?
|
no it only has to be delivered by the grantor to the grantee to be valid. (Recording gives public notice)
|
|
|
Time period for adverse possession of a deed
|
10 yrs
|
|
|
power of government to take private property for public use by paying compensation
|
Eminent Domain
|
|
|
Most important thing in Landlord Tenant Law
|
Texas Property Code: Read Your Lease
|
|
|
The landlords right to assert a lien must be____ or else the landlord has no right to take the tenants property
|
underlined or printed in bold type (conspicuous)
|
|
|
The landlord may not retain deposit to cover
|
normal wear and tear
|
|
|
It takes ____ to evict
|
14 days
|
|
|
The best way to avoid equal division consequences of community property laws is through
|
a prenuptial agreement
|
|
|
Revelation 22
|
Modern copyright law
|
|
|
2 Samuel 18
|
Ahimaaz running style
|
|
|
Standard timezones were introduced by
|
Railroads in 1883
|
|
|
something distinctive that uniquely identifies the origin of a product
|
Trademark
|
|
|
a term that is part of a business' name and is directly related to the reputation and goodwill of the business
|
trade name
|
|
|
the image or overall appearance of a product
|
trade dress
|
|
|
similar sounding names and appearing usage is infringement of a trademark through which case?
|
Coca Cola v. Koke
|
|
|
A major consideration for trade dress litigation is
|
likelihood of consumer confusion
|
|
|
can shape be a form of trade dress?
|
Yes
|
|
|
protects famous trademarks from unauthorized use regardless of competition or likelihood of confusion
|
Trademark dilution
|
|
|
What must be proven for trademark dilution?
|
Actual reduction in value of the famous mark
|
|
|
when a trademark suffers because of negative association
|
Tarnishment
|
|
|
Trademark need not be registered to be owned but provides
|
evidence of prior rights
international protection |
|
|
fanciful such as an invented word "Xerox"
|
strong mark
|
|
|
descriptive, geographic, or personal names such as London Fog for coats
|
Secondary meaning
|
|
|
part of common vocabulary that are not protected (ie "computer")
|
Generic Term
|
|
|
Color may be trademarked if
|
it has a secondary meaning
|
|
|
celebrity "lookalikes" are violations of trademark rights if
|
a reasonable consumer could have believed the actual celebrity endorsed the product
|
|
|
an individuals voice can be trademarked if
|
it is distinctive enough to have a secondary meaning
|
|
|
Unfair Competition
|
1. Passing Off
2. False Designation of origin 3. False advertising |
|
|
a regular patent lasts
|
20 yrs
|
|
|
design patents last
|
14yrs
|
|
|
to be patentable the item must be
|
novel, useful, and advance beyond current "state of the art"
|
|
|
Business Process Patents were recognized by
|
Federal Circuit Cort of Appeals 1998
(State Street v. Signature) |
|
|
Common defense to Business Process Patent
|
Prior use (use before patent was filed)
|
|
|
Copyright for authors/ publishing
|
Life of author plus 70 yrs
95 yrs from publication if owned by publishing house 120 yrs from creation (whichever is first) |
|
|
copyright protects expression ideas but not
|
the ideas themselves
|
|
|
Defenses to Copyright infringement
|
1. Independent Creation (no copying was done purposely)
2. Parody (excuses joking) 3.Fair Use |
|
|
Major factor in fair use
|
impact upon the potential market of the copyrighted work
|
|
|
when someone supplies the infringers the means to infringe
|
contributory infringement
|
|
|
info not commonly known that provides competitive advantage
|
trade secret
|
|
|
customer lists are not trade secrets unless they include
|
additional info including pricing or usage info
|
|
|
codify the right of publicity as an inheritable property right
|
Tennessee Personal Rights Protection Act
|
|
|
requires all member nations to recognize filings in other countries
|
Bern Convention
|
|
|
uniform standards for protection of intellectual property
|
TRIPS
|
|
|
specifically includes copyright of computer programs
|
Computer Software Copyright Act
|
|
|
Copyright does not include the _____ of the screen
|
look and feel
|
|
|
prohibits using or registering a domain name with bad faith intent to profit from another's trademark
|
Anti CyberSquatting Protection Act
|
|
|
gripe sites are protected unless they
|
are selling something
|
|
|
Luke 12
|
Parable about Greed
|
|
|
Luke 13
|
18 die
|
|
|
Job 2
|
7 days and nights they listened without speaking
|
|
|
If one suffers an actual economic or personal loss when the event occurs they are
|
Insurable Interest
|
|
|
written temporary insurance policy until the real one arrives
|
binder
|
|
|
homeowners insurance policy typically does not include
|
water damage (Flood is seperate)
|
|
|
Language in the insurance policy is interpreted against the
|
Insurance company
|
|
|
20/40/15
|
20,000 per injured person
40,000 total for all injured people 15,000 for property damage |
|
|
pays for the cost of repair or replacement for any cause but collision
|
Comprehensive
|
|
|
pays for the cost of repair in a collision regardless of who was driving and who was at fault
|
Collision
|
|
|
life insurance must exist when it is
|
taken out (inception)
|
|
|
property insurance must exist at the
|
time of loss
|
|
|
What is the effective date of an insurance policy?
|
Whenever the policy states
|
|
|
Property bust be insured at ____ of its FMV
|
80%
|
|
|
time period for the incontestability clause
|
3 years
|
|
|
specifies that an impartial and qualified third party will determine the value of property if parties cannot agree
|
appraisal clause
|
|
|
requires that disputes be settled by arbitration
|
arbitration clause
|
|
|
provides a grace period ( 1 month) for the payment of premiums
|
antilapse clause
|
|
|
specifies that if multiple policies are on the same property, then the insurance companies will share the loss porportionally and that the insured will not recover more than the actual loss.
|
multiple insurance clause
|
|
|
claims only covered if made within the policy period
|
claims made insurance
|
|
|
covers all claims that occur within the coverage period even if the insured is unaware and discovers after insurance has expired
|
occurrence based
|
|
|
Requirements for a valid will
|
testator must possess:
sound mind, legal age, intent to transfer at death, written and signed in the presence of two witnesses |
|
|
although video wills are not recognized as valid, it is a good idea to tape signing of the will to prove
|
sound mind and no undue influence
|
|
|
if the original will cannot be found
|
copies may be admitted
|
|
|
To avoid destruction of the will..
|
place it in the custody of the probate court
|
|
|
makes and executes the will
|
testator
|
|
|
to die without a will
|
intestate
|
|
|
named in the will to carry it out
|
executor
|
|
|
court appointed if executor is failed or there is none
|
administrator
|
|
|
transfers all property not otherwise disposed of
|
residuary clause
|
|
|
if a person dies with no will and no living relatives (property goes to the state of the deceased residence)
|
Escheat
|
|
|
an amendment to the will
|
codicil
|
|
|
a will entirely in the handwriting of the testator and signed by the testator. Requires no witnesses
|
holographic will
|
|
|
oral will before 3 witnesses. can transfer all but land
|
nuncupative will
|
|
|
when is informal probate allowed
|
small estates (50,000)
|
|
|
allow all heirs to decide how to divide up estate (any under 18 or mentally incompetent have a representative)
|
family settlement
|
|
|
when and where were written will introduced
|
England 600 A.D.
|
|
|
How can a will be revoked?
|
physical destruction by testator or subsequent writing with date of previous will (s)
|
|
|
How is the estate divided under intestacy law?
|
All to spouse if no kids
half to spouse if one kid one third to spouse if more than 1 kid |
|
|
children of deceased share his or her portion only
|
per stripes
|
|
|
all heirs share equally in estate regardless of relation
|
per capita
|
|
|
protects assets from creditors of the beneficiary as well as sales by the beneficiary of the rights to future payments *may be invaded for alimony or child support)
|
spendthrift trust
|
|
|
trustees of a trust have what kind of duty?
|
fiduciary
|
|
|
how must a trustee invest trust assets
|
as a prudent investor would by considering the purposes terms and distribution of the trust
|
|
|
if the patient has no guardian or agent under medical power of attorney who makes decisions?
|
spouse unless they omit care offered for the comfort of the patient (even if religious)
|
|
|
It is expensive to develop and market a product as well as sue infringes. For this reason a________ is desirable
|
license agreement with a large company
|
|
|
Failure to file a patent application within ____ after public disclosure will result in loss of patent rights
|
1 year
|
|
|
Insist on _____ before revealing your intellectual property to a third party
|
written non disclosure agreements
|
|
|
if an employee uses the employer resources to make an invention the employer has ____ to make limited use of the invention
|
"shop right"
|
|
|
Do not assign intellectual property for the promis of future payment instead establish and escrow account or______
|
get cash up front
|
|
|
One can recognize a waiver agreement by the phrase_____
|
no confidential relationship
|
|
|
Be specific in giving license do not use the word_____
|
ownership
|
|
|
Be cautious about including _____ in the agreement, be specific
|
"good faith" or "best efforts"
|
|
|
if you read the fine print you are in a _____
|
shrink wrap license agreement
|
