Business Law Final Exam

Front 1

Includes the rights of any person to possess, use, enjoy, and dispose of anything of value.

Back 1

Property

Front 2

Realty, or real estate, land, buildings, and other structures, timber, crops, minerals.

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Real Property

Front 3

All property not real property.

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Personal property

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3 types of personal property

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Tangible
Choses in action
Intellectual property

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Trademarks, copyrights and patents, protections to which are accorded by federal statute.

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Intellectual property

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Any word, symbol or design, or combination thereof used to identify a particular product or service.

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Trademark

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Exclusive right given by a federal statute to the creator of a literary, musical, dramatic or artistic work to use, reproduce and display the work.

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Copyright

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A literary or musical work in which the style of an author is closely imitated for comic effect or in ridicule.

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Parody

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The grant to an inventor of an exclusive right to make and sell an invention for one nonrenewable period of 20 years.

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Patent

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After period of intellectual property protection has expired, the work can be used by anyone without cost.

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Public domain

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One time personal property attached to the earth or placed within a building in such a way that they are said to become a part of the real property.

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Fixtures

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Equipment attached especially to a rented building, used by a tenant for commercial and not residential purposes, which are ordinarily removable by the tenant upon permanently vacating the building.

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Trade fixtures

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A temporary or permanent right that one has in the land of another, such as the right to cross another's land or easement of way.

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Easement

Front 14

An instrument by which an owner, called a grantor, transfers or conveys an interest in land to a new owner called a grantee.

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Deed

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A provision contained in a deed by which the grantee and his successors in interest are required to do, or to refrain from doing certain acts.

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Restriction

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The division of a city by legislative regulation into districts and the prescription and application in each district of regulations having to do with structural and architectural designs of buildings and of regulations prescribing uses to which buildings and land may be put.

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Zoning

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A method of acquisition of title to real property by possession for a statutory period under certain conditions.

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Adverse Possession

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The difference of the fair market value and debt in property.

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Equity

Front 19

A claim or right against property existing by virtue of the entry of a judgement against its owner or by the entry of a judgement and a levy thereunder on the property, or because the relationship of the claimant to the particular property.

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Lien

Front 20

An interest in land given by the ownder to a creditor as security for the payment to the creditor of a debt, the nature of the interest depending upon the law of the state where the land is located.

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Mortgage

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Gives persons furnishing labor or materials in the improvement of real estate the right to proceed against the real estate for collection of the amounts due them.

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Mechanic's lien

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An instrument by which an owner of land conveys an inchoate and limited legal title right in land to a trustee for the benefit of land to secure another, called a beneficiary.

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Deed of trust

Front 23

A secured creditor's right to declare an entire debt as being immediately due and to have property securing such debt to be sold by the trustee due to a default in payments or other obligations by the debtor/mortgagor.

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Foreclosure

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The equivalent of a foreclosure respecting personal property which would be carried out pursuant to the secured transactions article of the Uniform Commercial Code.

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Repossession

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Successive conveyances affecting a particular parcel of land, arranged consecutively as "links."

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Chain of Title

Front 26

Any agreement which gives rise to a relationship of landlord and tenant respecting real estate.

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Lease

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Although impossibility or impracticability of performance may arise in many different ways, the tendency has been to classify the cases into several categories: Destruction
Failure of the contemplated mode of payment
Death
Supervening prohibition
Failure of intangible means of performance

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Doctrine of Impossibility

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Something of value given in exchange for something of value received.

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Consideration

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Four forms of consideration:

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Money
Property
Service
Forbearance

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If a person makes a promise to another under such circumstances that the promisor should reasonable foresee that the promisee will be induced to rely thereon and then the promisee will sustain substantial loss if the promise is not kept.

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Promissory Estoppel

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Occurs when one party words a contract in such a way so that only a second party is bound to the contract, and the first party's being bound to the contract is optional.

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Illusory Contract

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Occurs when one party maintains a confidential relationship with another who for some reason may be limited either temporarily or permanently, or is altogether incapable of exercising freewill.

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Undue Influence

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Occurs when a party enters into a contract to avoid a threatened physical danger.

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Duress

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The making of a false statement of fact

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Fraud

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A contract which is oppressive to one of the parties, particularly under circumstances where one party has grossly disproportionate bargaining power over the other contracting party.

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Unconscionable Contract

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Parties can agree to the amount of damages in the event of a breach of contract in advance of the breach, however, if the amount so agreed upon exceeds the reasonable and actual amount of damages, the clause will be held to be oppressive, and against public policy.

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Liquidated Damage Clauses

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Contains 3 elements:
Prize
Chance
Consideration

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Gambling

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Is interest exceeding the lawful rate for the loan or forbearance of money

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Usury

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Courts have always recognized that a purchaser of a business has a legitimate property interest to protect, and courts will permit a covenant not to compete in a business buy/sell agreement.

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Covenants not to compete

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An action of an equitable nature in which a party seeks to be relieved of his obligations under a contract on the grounds of mutual mistake or fraud.

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Recission

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The rule that prohibits the introduction into evidence at trial of oral or written statements made prior to the execution of a complete written contract, deed or other instrument.

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Parole evidence rule

Front 42

5 Formal Discovery Mechanisims

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Deposition
Interrogatories
Submission to physical inspection
Production of documents
Request for admission

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5 Torts

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Intentional
Interference w/property
Negligence
Strict/absolute liability
Other torts

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Assault
Battery
Infliction of emotional distress
False imprisonment

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Intentional tort

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Trespass to land
Trespass to chattles
Conversion

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Interference w/property tort

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Two types of nuisance

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Public
Private

Front 47

Other torts include..

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Defamation
Nuisance
Malicious prosecution
3rd party interference w/contract

Front 48

5 sources of the law

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Case law
Common law
Constitutions
Administrative rules/regs.
Statutes

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5 stages of lawsuit

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Pleadings
Discovery
Pre-trial
Trial
Appeal

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Ways to determine how much compensation will be payed to plaintiff

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Quotient verdict

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Conduct which does not depart from social standards so as to fall within traditional boundaries of negligence.

Buffalo creek vs. WV

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Strict/absolute tort

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Action to protect ones interest in the freedom from unjustifiable civil litigation or criminal prosecution.

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Melicious prosecution

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Invasion of the interest in ones character, reputation, and good name.

Slander (oral)
Libel (written)

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Defamation

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3 purposes of deposition

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Discovery
Impeachment at trial
Preservation of testimony

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3 methods of establishing juror pool

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Licensed driver
Registered voter
State income tax filer

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3 Methods attorneys are compensated

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Contingent fee
Flat project rate
Hourly

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7 reasons why the law changes

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Technology
Education
Economics
Change in morals
Change in ideals
Cataclysmic events
Population growth

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3 types of motions

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Addature
Remmitture
Non obstante verdicto

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Power of trial court to asses damages or increase amount of an inadequate award made by jury verdict.

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Addature

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Process by which a verdict of the jury is diminished by subtraction

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Remmiture

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Resort to a superior court to review the decision of an inferior court.

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Appeal

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First tort chair

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William L. Prosser

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A private wrong.

Not a crime
Not a breach of contract

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Tort

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Not withstanding the verdict

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Non obstante verdicto

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Duty
Breach of duty
Proximate cause
Damages

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Negligence tort

Front 66

A person who intentionally and improperly interferes w/the performance of a contract between 2 other people.

Back 66

3rd party interference w/contract