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86 Cards in this Set
- Front
- Back
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tort
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private civil wrong committed against another for which the law provides an award if money damages; can be unintentional, intentional, and strict liability
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Recoverable Damages
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lost wages, medical expenses, harm to property, and pain and suffering
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negligence
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failure to do what a reasonable person would do
1)duty must be owed 2)breech of that duty 3)negligence is proximate cause of harm 4)aggrevied party must substain damages Ages 0-7: incapable of negligace 7-14: rebuttable negligance 14 and over: capable of negligence |
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Duty of Care
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the type of behavior a person must exhibit in a given situation, must conform to the standard of reasonable person under the circumstances
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Tortfeaser
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person who commits the tort
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Proximate Cause
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substantial contributing factor to the occurrence of an injury
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Special Relationships
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husband-wife, parent-child, employer-employee, and people who caused the situation, business-patrin
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Good Samaritan Statutes
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impose liability only in the event of gross misconduct, doesn't require people to rescue others
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Trespasser
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one who comes on premises of another without consent and with no legal right to be on the property
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Attractive Nuisance Doctrine
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created to safeguard youngsters who trespass on the land of another that contains inviting, but dangerous conditions
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Licensee
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person who comes on the property of another with the owner's consent of legal right to be there; social guest
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Business Visitor
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one who enters the premises for a business purpose, conferring economic benefit
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Lost Earnings Capacity
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usually in physical labor cases for what you would have earned over time, have to go to vocational rehab specialist then see an actual economist
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inherent
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necessary part of the game
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contributory negligence
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failure of the plaintiff to act as a reasonable person under the circumstances
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comparative negligence
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as long as the plaintiff's negligence isn't greater than that of the defendant, the plaintiff may recover damages but the verdict will be reduced by percentage of plaintiffs negligence
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Assumption of the Risk
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if the plaintiff knows of the danger but voluntarily exposes himself to the harm, the plaintiff is barred from recovery
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Imputed Negligence
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(vicarious liability) because of a special relationship between parties, one person can be held liable for the negligence of another
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Invitee
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also known as a business visitor
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latent defect
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detail of the property that is readily visible; hidden
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Intentional Tort
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treated more seriously and verdicts often include compensatory and punitive damages
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Battery
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intentional touching of a body or another object closely associated with the body in an offensive or harmful manner
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Assault
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an act intended to put another in fear of immediate battery
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Invasion of Privacy
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an unwarranted intrusion upon the right that a person has to be left alone
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Defamatory
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false statement that tends to harm the reputation of another and lowers him in the estimation of the consumers
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Libel
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publication of defamatory statements by written/printed words
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Slander
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verbal defamatory statements
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interference with a contract
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1) an enforceable contract, defendants intentional inducement to breach the contract, wrongful interference by the defendant to breach the agreement, actual damages
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But for
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causation that is much stricter, more than proximate cause
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remititure
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an excessive verdict that judges can reduce
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Real Property
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the land going from the center of the earth to the heavens and everything permanently attached to it
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Personal Property
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everything else and includes such things as car, books, clothes
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conveyancing
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the processing an transferring of the title between the owner of real estate and the buyer
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Sole ownership
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simpliest form of title in which one person enjoys the bundle of rights and liabilities that accompany property
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Sole Proprietorship
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business owned by one person, no distinction between person's personal and business assets
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Concurrent/Joint Ownership
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1)tendency in common
2) joint tendency with the right of survivorship give co-owners essentially equal rights |
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tendency by the entirety
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carries right of survivorship, neither spouse can convey his/her interest in the property without the other
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Uniform Commercial Code 1
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able to put a lien on personal property
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Encumbrance
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any right or interest that someone has in another's real property
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Easement
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granting the right to use a part of the land by an entity that does not own the land
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Chattel
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all intangible/tangible forms of personal property
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gift
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transfer of title to property without payment or compensation
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prima facie
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testifying to all of the elements to a crime
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bailment
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when the owner of personal property gives possession of the item to someone else, usually for a particular reason
3 categories: sole benefit of the bailor, sole benefit of the bailee, mutual benefit 3 elements: must be personal property, property is delivered into the possession of another, property is delivered pursuant to an argument |
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bailor
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owner
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bailee
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person in temporary possession
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estate
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person's interests/ rights concerning the land
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fee simple absolute
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most complete form of ownership of real property
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fee simple defeasible
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conveys all the rights of ownership so long as the owner complies with certain conditions
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Revisionary Interest
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Reverts back if conditions have been met has a future interest if conditions are met
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Dual Agent
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when a real estate agent workers for both the buyer and the seller
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Vitiated
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undermined, weakened
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Mitigate
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lessen the damages
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testamentary
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of or having to do with a will
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Dying Intestate
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dying without a will, spouse gets first 30,000 and then splits the remainder in half with the kids
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Burglary
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when a person enters a building/occupied structure with the intent to commit a crime unless premises are open to the public
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larceny
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taking and carrying away of property that belongs to another without the owner's consent and with the intention of depriving the owner of the goods permanently
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embezzlement
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act by which someone takes ownership of property that has been entrusted to him with the fraudulent intent to deprive the owner of the property
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Robbery
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all elements of larceny but by taking it by force or threat of force
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Receiving Stolen Property
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if they intentionally obtain property knowing or believing it has been stolen
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Conspiracy
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all encompassing crime that allows the gov to file charges against anyone who has participated in the planning or committing of a crime
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Insider Trading
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when people buy/sell own companies stock
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Money Laundering
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whoever with the intent:
-to promote the carrying on of specified unlawful activity - to conceal or disguise nature, location, source, ownership, or control of the property believed to be the proceeds of specified activity - to avoid a transaction reporting requirement under state/fed law |
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Classical Theory
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category of insider trading that imposes a liability on corporate info obtained by reason of their business position(inside corporation)
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Misappropriation Theory
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category of insider trading that imposes liability on outsiders who trade info based on knowledge of people
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Making a false statement to a bank
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punishable by up to a million dollars or 30 years in jail
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Bankruptcy Fraud
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a person having devised a scheme or artifice to defraud
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inculplates
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admits to criminal behavior/ wrong doing
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SUA
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specified unlawful activity
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Chapter 7 bankruptcy
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straight bankruptcy, liquidates debts
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Chapter 11 Bankruptcy
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(business only)reorganization of debts
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Chapter 13 Bankruptcy
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individual reorganization of debts
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Probable Cause
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when the information on which the warrant is based is such that a reasonable person would believe that what is being sought will be found in the location to be examined
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Search Warrants
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not needed if
-plain view -emergency -search incident to an arrest -hot pursuit -consent -search incident to a general police measure -stop and frisk |
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fictious name registration
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used when an entrepreneur wants to do business under another name
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joint and serveral liability
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if creditors can't collect for the joint part of the business, tehy can claim it against a single party or each individual
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indemnification
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the party that has to pay the debt can sue other partners for reinburstment
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buy-sell agreement
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document that creates how remaining partners are to buy out the leaving partner
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limited partnership
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business entity that consists of one of more partners and one or more limited partners, requires certificate of limited partnership to be filed
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limited liability partnership
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hybrid between partnership and a corporation and designed specifically for professionals
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Articles of Incorporation
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requirement for a corporation has to have corporate name, nature and purpose, duration, capital structure, registered office
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Corporate Officers
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selected by board of directors, responsible for the day to day operations of a business
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Piercing the Corporate Veil
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when there's fraud under capitalization, intermingling of the buiness assets or disregarding of corporate entity
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S corporation
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profits are passed directly to the shareholders and taxed to them as profits would be in a partnership, eliminates double taxation, must be a domestic corporation formed in a particular state and the entity must be a stand-alone company
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perspicatious
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clever, shrewd, ability to see through something
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perspicious
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clear because of elegance of style
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