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36 Cards in this Set
- Front
- Back
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Are common carriers allowed to limit dollar amounts of liability?
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Yes
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When are common carriers liable for damage to goods?
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Always, except for
1. Acts of God 2. Improperly packed goods 3. Criminal behavior 4. Spoilage |
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Is bailor responsible for bailees actions under agency law?
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No
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A company owns a trade fixture in a leased warehouse. Is the company allowed to take it when the lease expires?
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Yes, as long as removing it does not cause substantial damage
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What is the difference between mislaid, lost, and abandoned property?
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Mislaid is voluntary but unintentional loss, lost is involuntary, and abandoned is voluntary.
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Who gains title upon finding mislaid property? Lost property? Abandoned property?
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No one. Finder except against original owner. Finder.
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What kind of liability does a bailee have for delivery to the wrong person? Unauthorized use? For other kinds of damage?
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Absolute for the first two. Reasonable care.
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How long does copyright last? Patent? Trademark?
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Life of author plus 70 years. 20 years. When it loses its distinctiveness.
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Is registration required for copyright? Patent? Trademark?
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No. Yes. No (although provides constructive notice).
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Is notice required for copyright? Patent?
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No. Yes.
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What are the 2 ways protection of a trade secret can be lost?
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1. Owner fails to take steps to keep it a secret
2. Other person independently discovers subject of secret |
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Is it legal to take apart a microchip to copy it? Design a new microchip based on it?
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No. Yes.
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Can compiled computer databases be copyrighted? Trademarked? Patented?
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No to all three: first because it is not considered copyrightable, other two because they are irrelevant.
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What is a fee simple absolute?
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A real property interest with the most rights, although it may be subject to a mortgage.
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What is a fee simple defeasible?
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A real property interest that reverts to the grantor if a specified event happens.
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Whose life is relevant in a real property life interest?
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Anybody's. (But usually recipient's)
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What is the difference between tenancy in common and joint tenancy?
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Tenancy in common passes interest to heirs. Joint tenancy passes it to other tenants.
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What is tenancy in the entirety? Who gets it upon the death of one party? What special right does it grant?
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Joint interest held by husband and wife. If wife dies, husband gets it unless divorced, in which case heirs do. Creditors may not take the property unless both husband and wife owe it.
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What 5 things must an agreement for the sale of land include?
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1. In writing and signed by seller
2. Identify land and parties 3. Identify purpose 4. Contain terms or promises 5. Contain purchase price |
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Are contracts for the sale of land assignable?
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Yes, unless contract specifies otherwise
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A contract does not include terms about a marketable title. Should the buyer conclude that the title is or is not marketable?
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Is. There is an implied warranty.
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When the contract for the sale of real property is signed, who bears the risk of loss?
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Purchaser, unless contrary evidence exists
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What does quiet enjoyment mean?
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No other party with a claim will bother the buyer, but instead the seller.
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What 3 promises do warranty deeds make?
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1. Grantor has title and right to convey it
2. Free from undisclosed encumbrances 3. Quiet enjoyment |
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What is the reason recording a deed is important?
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Provides constructive notice of ownership so that subsequent claims are invalid
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A deed was not recorded, and sold to two separate people. Who owns the land under a notice-type statute? A race-notice statute?
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The second person, provided they were unaware of the first. Whoever records first (even if they do not provide proper value).
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A title is faulty and title insurance was not bought. What is the buyer's recourse?
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Buyer may sue seller, but may be unable to collect
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What is adverse possession?
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Use of land from 5-20 years, which grants title
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Two separate people use land without permission for a total of 20 years, but do not meet the statute of limitations separately. Who owns the land? What if one person gave the land to another?
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Original owner. Second user.
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A person has a life interest in a property, and neglects it. Another person lives there. Who owns the land upon the death of the owner?
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The person with the future interest. (The statute of limitations starts fresh at this point)
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What are the 5 necessary elements for a person to gain title through adverse possession?
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1. Open and notorious possession
2. Hostile possession 3. Actual possession 4. Continuous possession (not necessarily constant) 5. Exclusive possession |
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What 4 elements must a mortgage contain?
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1. In writing and signed by borrower
2. Debt evidenced (usually by promissory note) 3. Delivered to lender 4. Specifies property and debt |
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Is a mortgage to secure future lending valid?
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Yes
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What is the difference between assuming a mortgage and taking subject to a mortgage?
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Assumes: accepts liability (but bank can still collect from seller). Takes subject to: does not accept liability (but bank can still foreclose)
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Which is the creditor, the mortgagor or the mortgagee?
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The mortgagee
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An apartment building burned down. Who may the tenants sue?
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Nobody.
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