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62 Cards in this Set
- Front
- Back
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A lien against real property, ensures payment for work performed & materials furnished.
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Mechanic's lien
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Personal property, retain possesion of property until you pay.
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Artisan's lien
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Petition court for an attachment, then court will seize the property, until you can file suit.
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Judicial lien
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How do you obtain a garnishment?
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Go to court, prove your case
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Explain a mortgage foreclosure
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notify the mortgager, file a notice of foreclosure, court will order eviction & notice of sale, you still owe what's left after sold.
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Debt from household nature goods & personal issues.
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Consumer debtors
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Debt secured by anything physical that has value.
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Secured creditors
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money is owed with no security interest.
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unsecured creditors
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Describe the chapter 7 process
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- file petition in bancruptcy w/ attorney in bancruptcy court
- go to approved counseling agency - file schedules -notify all creditors, they cease collecting attempts -Court appoints a trustee -trustee has creditor meeting -trustee liquidates estate, then pays creditors, court issues discharge |
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What documents (schedules) must be filed in c7?
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- a list of both secured & unsecured creditors, their addresses & amount owed to each
-statement of financial affairs of the debtor -list of all property owned including property claimed exempt -list of income & expenses, paystubs |
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What is abuse?
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filing for bancruptcy when you have too much money
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How does an automatic stay work
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puts an end to all creditor collecting once notice is given
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What is the general order of unsecured creditors
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1) administrative expenses (court costs, atty fees, trustee fees)
2) expenses incurred by the debtor from date of filing to trustee appt 3) unpaid wages 4)employee benefit plans |
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What is the duty of the trustee
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collect the debtor's available estate and reduce it to money for distribution, administering the debtor's estate.
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What are the powers of the trustee?
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to require persons holding the debtor's property to deliver it to the trustee.
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Know the more important debts which are not discharged
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-backed taxes within 2 years
- claims by creditors not notified of bancruptcy - domestic support - student loans (govt backed) - consumer debts more than $500 for luxury goods |
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Why would one want to reaffirm a debt?
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moral obligation to pay
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Know the basic principles of the employment agency relationship
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fiduciary- agent acts for the principal (employer)
Principal is responsible for agents actions |
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How can you tell the difference between an independent contractor and an employee?
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- How much control can the employer exercise over the details of the work?
-Do they work other places too? -How long have they been doing this? -Does employer supply tools? - How long working there? -How is worker paid? - Nature of the skill |
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How is the agency relationship established?
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1) by agreement, expressed or implied
2) ratification 3) estoppel 4) operation of the law |
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What are the duties of the agents to principal?
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1) Performance
2) Notification 3) Loyalty 4) Obedience 5) Accounting |
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What are the duties of the principal to agent?
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1) Compensation
2) reimbursement & indemnification 3) Cooperation 4) Safe Working conditions |
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Identity of principal is known.
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Dosclosed principal
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Let the master respond
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respondear superior
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How do you know when an employee is acting within the course or scope of their employment?
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1) Approved by employer
2) Commonly performed things 3) Employer provided means to do it |
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What is covered under the Fair Labor Standards Act?
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1) Child Labor
2) Hours & wages (minimun wage & overtime) |
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What does OSHA do?
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Created to set nationwide safety standards in the workplace & enforce them.
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WHat is COBRA?
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You can continue to keep your health insurance for up to 18 months (in most cases) after leaving a job, you have to pay full premium.
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What are the 2 types of agencies?
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1) Executive Agencies
2) Independent regulatory agencies |
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How does rulemaking work?
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Administrative agencies make rules;
1) Make announcement 2) Comment Period 3) Final Rule |
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If a consumer would be misled by the advertising claim
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Definition of deceptive advertising
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In regard to deceptive advertising, vague generalities and obvious exaggerations
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puffery
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In rgard to deceptive advertising, presented as a fact scientifically
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appearance of factual evidence
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In regard to deceptive advertising, if the celebrity doesn't use it, it's deceptive
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celebrity endorsement
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What is bait and switch?
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advertising a very low price for a particular item that will likely be unavailable to the consumer, who will then be encouraged to purchase a more expensive item
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What are the requirements for an on-line advertiser?
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Must advertise a limited number if there is
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How does the FTC enforce deceptive advertising?
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Recieves complaints, investigates, sends out a formal complaint, co. may settle, FTC can conduct a hearing w/administrative law judge, may issue cease and desist order, if not court will order
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What are the major rules for telemarketing?
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-should tell you it's a sales call
-should identify seller and product -should tell total cost -should tell if it's irrevocable and final |
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Name the common labeling requirements
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accurate, sometimes must specify raw materials, warnings
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How is door-to-door selling different?
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Because many more rights of recission, no repeat customers, and you may not see them again
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What are the responsibilities and powers of FDA?
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drugs must be shown to be effective as well as safe before they may be marketed to the public
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What are the responsibilities and powers of the CPSC?
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conducts research on the safety of individual products, and it maintains a clearinghouse of info on the risks associated with various consumer products
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What are the provisions of the Truth-in-Lending Act (TILA)?
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Requires sellers and lenders to disclose credit terms or loan terms so that individuals can shop around for the best financing arrangements
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What are the creditor obligations and creditor's rights under the Fair Credit Reporting Act (FCRA)?
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provides that consumer credit reporting agencies may issue credit reports to users only for specified purposes, including the extension of credit, the issuance of insurance policies, compliance with court order, and compliance with a consumer's request to a copy of his/her credit report
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Explain identity theft protection under the Fair and Accurate Credit Transactions Act (FACT)
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To protect and recover from identity theft, whole cc # can't be listed on reciepts
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What did Rousseau day about property?
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The right of property is the most sacred of all the rights of citizenship
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What other terms refer to real property and what is included in real property?
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Land and the building, plants and trees that it contains, also includes subsurface and air rights, and personal property that has been permanently attached
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What is the difference between a warranty deed and a quitclaim deed?
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A warranty deed warrants the greatest number of things and provides the the greatest protection. A quitclaim deed offers the least amount of protection against defects in title, whatever interest the grantor had. transferring what you do have
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What does a general government land use plan purport to do and what are some examples?
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Protection of natural resources, provision of public facilities and transportation and other issues related to land use. Indicates the direction of growth in a community. Roads, sewer, water, electricity
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How are zoning laws created?
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Planning commission makes rulings on zoning for certain areas
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What are the typical use restrictions of zoning laws?
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residential, commercial, industrial, or agricultural use
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What is eminent domain?
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The power of a government to take land for public use from private citizens for just compensation
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What are the investigatory powers and adjudicatory processes of administrative agencies.
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site visits, documentation (you don't have to give them everything they ask for). complaint, answer, hearing before admn law judge, order, appeal to govt board of agency, final agency order, appeal court, court order
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What do administrative agencies do and how are they crested?
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create & enforce their own rules,
Congress creates enabling legislation, creates an agency |
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How does workers compensation laws function
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First safety laws, state laws, employers are responsible for their medical bills, pay during recovery time, rehabilitation expenses. Employers have insurance, no fault system
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WHat are the elements of social security
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retirement, survivors, disability, 6.2% of your pay up to a max
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How do unemployment laws function
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state laws, provide a financial disincentives to unstable jobs. If you lose your job because employer doesn't need you any more. Up to 26 weeks
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What are the employer obligations under FMLA
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up to 12 weeks unpaid leave for child, serious medical issue for family member or yourself, have to work so long, can be required to use all vacation & sick time first, must continue your health insurance, give you a job back. Do not have to give you your job back if you are top 10% of pay working there
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Do employees have a constitutional right to privacy at work and what can employers do
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not if they do not have a private area. Employers can control all areas, provide locks for lockers
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An express contract in which a 3rd party to a debtor-creditor relationship promises to be PRIMARILY responsible for the debtors oblgation
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Suretyship
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The 3rd party is SECONDARILYreliable.
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guaranty
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the right of a co-surety who pays more than his or her proportionate share on a debtor's default to recover the excess paid from other co-sureties
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right of subrogation
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