AAMI – Business Law – Flashcards
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Stare Decisis
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doctrine relying on previous decisions
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2 types of powers found in the federal constitution
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express & implied
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Statutes
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adopted by federal and state government
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ordinances
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adopted by local government
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robbery
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taking property in the possession of another person against that persons will and under threat of bodily harm
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arson
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setting fire to a building
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crime
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offense against the general society
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tort
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personal wrong
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burglary
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breaking and entering another's property in the night
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American jurisprudence is based on
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English common law
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hijacking
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stealing a vehicle while in transit
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bribery
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crime in which both parties agree
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extortion
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one person forcing another person to do something against his/her will
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embezzlement
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taking property that's entrusted to you
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what 2 crimes involve 2 people in which both parties agree
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bribery and extortion
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what are the defenses of defamation
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truth, lack of publication and privilege
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libel
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permanent type of defamation (video, written, recorded)
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slander
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less permanent type of defamation (spoken)
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conversion
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denial of enjoyment of your personal property
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nuisance
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denial of enjoyment of your real property
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6 elements of a contract
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1.offer & acceptance 2. mutal agreement 3. consideration 4. competent parties 5.legality of purpose 6. proper form
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express contract
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all terms are set forth specifically
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implied contract
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terms aren't expressed but set forth by the business operations or procedures are understood
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entire/indivisible contract
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contract that can't be divided
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divisible contract
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can divide into separate parts
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executory contract
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in the process of being performed
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executed contracts
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completed contracts
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void contract
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missing one of the 6 elements that make up a contract
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voidable contract
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has the 6 elements but an injured party challenges one of the elements alleging coercion, duress,etc
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adhesion
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take it or leave it contracts
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barren promise
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a promise that does not require any additional sacrifice
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gratuitous promise
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promise that does not require some benefit
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champerty
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encouragement of frivolous lawsuits.
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Sherman anti-trust
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act that forbids agreements that lessen competition, fix prices, allocate territories or limit production
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trade secret
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knowledge of associated with a particular business
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trademark
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any word, name, symbol used by a manufacturer to identify his/her goods
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patents
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government granted gives the inventor the right to make all of them only off of his invention for a period of time w/o any competition.
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copyright
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government granted monopolies awarded to creators of artistic works
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respondent superior
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when the employer is responsible for the employees actions
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vicarious negligence
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negligent act is placed on another person
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parole evidence rule
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prohibits someone from testifying and contradicting the express and clear language of a contract
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how far out must one go to do a burial at sea
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3 nautical miles
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difference between an assignment and a novation
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in an assignment the assignor remains the guarantor. in a novation all parties must agree to the novation .only the new parties are part of the contract
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anticipatory breach
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deliberate or negligent act , failure to perform an obligation
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personal property
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portable/movable
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real property
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attached/not movable
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bill of lading
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document that a carrier prepares for goods to be shipped
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warehouse receipt
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receipt for goods that are stored
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order bill of lading
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receipt that is negotiable. documents act as proof of title and can be used to transfer title from one person to another
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conditional sale
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certain conditions must be met in or to receive the title
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condition precedent
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conditions must be met before title passes
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condition subsequent
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conditions must be met after title passes
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title by estoppel
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believed the owner gives up ownership because of his actions.
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fungible goods
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goods sold by weight or measure
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future goods
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goods that are not yet in existence
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auction without reserve
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sold to the highest bidder and not withdrawn.
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auction with reserve
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auctioneer has the right to withdraw the goods at any time before announcing completion of the sale if reasonable bilds aren't made
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reserve amount
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an amount established and the bidding must meet at least this amount
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free on board
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where title passes (tells you where the title passes for the goods)
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special agent
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has authority to act for the principal in a specific area
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general agent
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has authority to act for the principal in all matters
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power of attorney
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legal document that creates an agency
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what is operation of law
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when the court finds the need for an agency to achieve a desired social policy
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apparent authority
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authority that a 3rd party may reasonably assume that an agent possesses or implied by position of the person
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partially disclosed principal
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when the agent acts on behalf of an unknown principal but informs the 3rd party that he is acting on behalf of another. (since the 3rd party doesn't know the identification of the principal the contract is with the agent)
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disclosed principal
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principal who's identity is known to the 3rd party
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undisclosed principal
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3rd party has no idea that the gent is representing a principle
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intervivos gift
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gift between living persons
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a gift causa mortis
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gift given in contemplation of death. person must die of th sickness or ailment that he believed he would die from when he gave the gift.
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easement
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runs with the land
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life estate
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when someone is granted a right to benefits for their lifetime
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remainder estate
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an estate exists after a life estate when the property goes to a 3rd party.
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severalty ownership
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when rights of ownership is held by 1 person
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subterranean rights
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rights to extract minerals - oils coal,etc
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reversion estate
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exists after a life estate when the property goes back to the grantor
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eminent domain
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real property is taken from an owner by action of the government
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adverse possession
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happens when title to land can be acquired as a result of a persons use of land over a period of time without any interruptions by the real owner
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Who writes a will
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Testator or Testatrix
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Who administers an estate
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administrator or administratrix
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intestate
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when someone dies without a will
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abatement
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reduction of a legacy under a will
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ademption
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withdrawal of an inheritance
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escheat
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forfeiture of property
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per capita
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property is left in equal parts to a number of person
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per stripes
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property left to a class/group of persons
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holographic
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a written will
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devisee
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person who receives real property
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legatee
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person who receives personal property
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residuary estate
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balance of an estate after gifts are given
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codicil
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revision of a will
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settlor
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person who creates a trust
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commercial paper
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note that promise to pay money at a definite time
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pay to & pay to the order of
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restrict the futher negotiation of the commercial paper and pay to the order allows the commercial paper to be negotiated
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endorsement
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signing on the back of the commercial paper
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endorser
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person who signs the commercial paper
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endorsee
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person who gets the commercial paper
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blank endorsement
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the name of the payee is written on the back
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restrictive endorsement
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signature with words restricting further endorsement - for deposit only
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qualified endorsement
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signature where words are added to limit the liability of the endorser
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quasi property
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property of a dead body
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methods of disposition
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burial , entombment, sea burial, cremation, donation, alkaline
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order of the individuals that have right to dictate disposition
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spouse, adult children, parents, siblings,
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actual possession
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funeral home has possession of the body
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constructive possession
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family
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replevin
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to recover property
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compensatory damages
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compensates the person
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punitive damages
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money awarded to punish the person for his/her actions
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nominal damages
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perhaps $1 to show the plaintiff was correct
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liquidated damages
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set forth in the contract in case there is a breach
