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50 Cards in this Set
- Front
- Back
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What is Real Property? |
Things that are immovable, like houses, or land |
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What is Personal Property? |
Things that are movable, like Furniture, Televisions or Video Game consoles |
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What is a tenant? |
Someone who rents land or property from a landlord |
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What is Joint Tenancy? |
Each tenant has the same interest in undivided possession of property? |
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What is the right of survivorship for joint tenancy? |
If one tenant survives, the other gets land. |
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Define Tenancy in Common |
Each tenant has undivided interest in property |
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What happens if one tenant in common dies? |
Their stake in the interest passes to their estate (family) |
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Define Easement |
A right to enter land owned by another and make certain use of it |
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Define Covenants |
Owners of estates (houses,land) can make agreements that bind their successors. Ex: No multi-family homes in a residential subdivision. |
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What is adverse possession? |
a suit of unlawful use of land |
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What are the 5 conditions needed for a suit of adverse possession. |
Actual, Open, Hostile, Exclusive, Continuous (AOHEC) |
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What are the strongest trademarks and what are they? |
Fanciful and arbitrary; Words that didnt exist before, and words that did but are taken out of context |
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Service Marks |
A trademark (logo,image,picture) that is used to distinguish the services (rather than products) of one company to the other (Airline companys have a different mark or symbol associated with its name) |
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Certification Mark |
A mark used to prove that a product is of quality, a particular origin, or safety. ex: UL tested; Good Housekeeping Seal of Appr. |
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What is trademark dilution? |
Law giving the owner of a TM right to forbid others from using it (TDRA) |
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What is Copyright? |
Right of an author of a literary or artistic production to sell, publish, or use. |
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How long can you hold a copyright |
For your whole life plus 70 years |
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What is the fair use doctrine? |
A Law allowing people/orgs to reproduce material |
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What are the purposes for fair use? |
Criticism, Comment, Scholarship, Research |
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What is a Patent? |
Grant from the government to reserve right to make use, and sell a PRODUCT for 20 years |
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What is a trade secret? Give an example. |
A formula, device, or idea that gives a corporation a competitive advantage. Ex: Big Mac secret sauce |
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How long is the period of protection for trade secrets? Unless? |
Protection is unlimited as long as it is not leaked. |
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What is the difference between Common Law Contracts and UCC Contracts? |
Common law is every contract except business contracts. |
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What are the 5 elements of a contract? |
Agreement, Legal, Purpose, Consent, Consideration, Legal Capacity |
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What is an expressed contract? |
A contract where terms of the agreement are stated in words, oral or written. |
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What is an implied contract? |
A contract where two people agree on a service and that compensation is expected after. Ex: Barber cutting your hair first, then expects you to pay him after |
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What is a Unilateral Contract? Give an example. |
A contract that can only be accepted on the offerree's performance. Ex: Reward for lost dog |
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What is a Bilateral Contract? |
A contract which arises when a promise is given in exchange for a return promise |
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What is a void contract? |
A contract having no legal force or binding effect |
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What is a Voidable Contract? Give an example? |
A valid contract but can be avoided at the option or both of the parties. Ex: Contract made with drunk person |
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What is a Quasi-Contract? |
A contract that exists only by the order of the court, not agreement of the parties. |
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What are the three elements of an offer? |
1. Intention to create a contract 2. Reasonably definite terms 3. Communication of the offer |
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Two types of Irrevocable contract |
Option and Firm offer |
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What is an option contract? |
A contract where the offerer holds the offer open for a specified period of time, with the option to refuse it. |
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What is a firm offer? |
An irrevocable offer made by a merchant. Ex: A car salesmen offers you a car for a set price (in a letter) |
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What is a counteroffer? |
An offer made but first rejected and a new offer is proposed |
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What is acceptance? |
Voluntary agreeing through words or conduct to terms of an offer |
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Mirror-Image Rule |
Offerer makes terms, you must accept all terms of an offer |
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What is the mailbox rule? |
Confirming an offer through e-mail or snail mail. Acceptance starts when mail is sent. |
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Consideration? |
Something of value bargained for exchange of a promise. |
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Material Breach |
Party's failure to perform a major part of the contract |
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Substantial Performance |
Party may still be paid under the contract even if other party has not fully completed requirements. |
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Liquidated damages? |
A clause for contracts stating if 1 party breaches, they pay an agreed upon sum of money |
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Penalty |
Also specifies a certain amount to be paid in a breach, but is designed to penalize the breaching party, not to make the innocent party whole
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Types of contracts covered by Statute of Frauds? |
1. sale of land 2. sale of goods $500 or more 3. in consideration of marriage 4. That cannot be performed within the year of contract being made 5. Suretyship |
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what is implied warranty of merchantability? |
A warranty automatically created when a buyer buys something that says the product must be able to be sold to the buyer |
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Definition of a good? |
All things which are moveable and tangible |
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Definition of a Merchant? |
A person who sells good |
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What are UCC Gap-fillers? |
Implied terms that courts will "read-into" a contract |
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What is the perfect tender rule |
A seller is required to deliver the buyer goods that conformed perfectly to the requirements stipulated in the sales contract |
