Business Law 2 – Test 1 – Flashcards
237 test answers
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Gift
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A voluntary transfer of property without consideration.
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Consideration
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Something of legal value given in exchange for a promise.
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Donative Intent
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First part needed for a gift to be valid.
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Delivery
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Second part needed for a gift to be valid.
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Acceptance
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Third part needed for a gift to be valid.
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Real Property
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This property can be land, buildings, and other fixtures.
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Personal Property
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Tangible property such as automobiles, furniture, and equipment, and intangible property such as securities, patents, and copyrights.
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Tangible Property
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All real property and physically defined personal property, such as buildings, goods, animals, and minerals.
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Intangible Property
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Rights that cannot be reduced to physical form, such as stock certificates, certificates of deposit, bonds, and copyrights.
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Fixture
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Personal property that is permanently affixed to land or buildings.
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Donor
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A person who gives a gift.
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Donee
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A person who receives a gift.
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Gift Inter Vivos
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A gift made during a person's lifetime that is an irrevocable present transfer of ownership.
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Gift Causa Mortis
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A gift that is made in contemplation of imminent death of known cause. Death must occur from that cause within reasonable time.
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Uniform Transfers to Minors Act and Uniform Gifts to Minors Act
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Act that establishes procedures for adults to make gifts of money and securities to minors.
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Accession
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An increase in the value of personal property because it is added to or improved by natural or manufactured means.
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Accession
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Gaining title over eggs layed by your chicken is an example of this.
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Accession
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Gaining title over any improvements a thief might add to your car after he/she steels it is an example of this.
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Fungible Goods
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Goods that are exactly alike, such as the same grade of oil, grain, or cattle.
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Confusion
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If fungible goods are commingled, the owners share title to the commingled goods in proportion to the amount of goods contributed. This is an example of what?
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Confusion
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If goods are wrongfully or intentionally commingled without permission, the innocent party acquires title to them. This is an example of what?
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Confusion
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When three farmers voluntarily agree to store the same amount of Grade B wheat in a silo, each of them owns one third. When the grade is sold, each farmer gets one third of the profits. This is an example of what?
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Divorce
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When a marriage is dissolved, the parties obtain certain rights in the property that comprises the marital estate. This is an example of what?
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Mislaid Property
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Property that an owner voluntarily places somewhere and then inadvertently forgets.
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Mislaid Property
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Someone places a valuable in a hotel room and forgets to take it with them. This is an example of what?
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Lost Property
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Property that the owner leaves somewhere due to negligence, carelessness, or inadvertence.
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Lost Property
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If someone finds a laptop on a subway, the computer is considered what?
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Abandoned Property
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Property that an owner has discarded with the intent to relinquish his or her rights in it and mislaid or lost property that the owner has given up any further attempts to locate.
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Abandoned Property
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Property left at a garbage dump belongs to the first person who claims it. This is an example of what?
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Bailment
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A transaction in which an owner transfers his or her personal property to another to be held, stored, or delivered, or for some other purpose. Title to property does not transfer.
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Bailor
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The owner of property in a bailment.
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Bailee
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A holder of goods who is not a seller or a buyer (ex. warehouse, common carrier.)
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Bailment
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Hudson hires a van company to move their furniture to another location. The van company must follow Hudson's instructions regarding delivery. This is an example of what?
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Bailment of Personal Property
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First element necessary to create a bailment
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Delivery of Possession
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Second element necessary to create a bailment
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Bailment Agreement
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Third element necessary to create a bailment
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Delivery of Possession
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1) The bailee must have exclusive control over the personal property and 2) the bailee must knowingly accept the personal property for this element to be satisfied.
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Delivery of possession
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A bailment is created if someone hands their car over to a repair company. This is the action taking place. (it's one of the 3 parts of bailment)
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Physical Delivery
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Most bailments are created by this.
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Constructive Delivery
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An owner of a car gives the keys and registration to another person can create a bailment. This is an example of what?
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Implied Bailment
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Finding and safeguarding lost property is an example of this.
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Express Bailment
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Either written or oral transfer of personal property over to a bailee is an example of what?
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Contractual Bailment
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Bailment where these is money and a lease is this.
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Bailment for the sole benefit of the bailor
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A gratuitous bailment that benefits only the bailor. The bailee owes only a duty of slight care to protect bailed property.
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Duty of slight Care
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Duty owed by a bailee not to be grossly negligent in the caring for bailed goods.
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Bailment for the sole benefit of the bailor
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Someone asked to feed a dog while the owner is gone is fulfilling this type of bailment.
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Bailment for the sole benefit of the bailee
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A gratuitous bailment that benefits only the bailee. The bailee owes a duty of utmost care to protect the bailed property.
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Duty of great care
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Duty owned by a bailee not to be slightly negligent in caring for the bailed goods; also called duty of utmost care.
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Bailment for the sole benefit of the bailee
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Borrowing someone's lawn mower for free is an example of this kind of bailment.
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Mutual Benefit Bailment
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A bailment for the mutual benefit of the bailor and bailee. The bailee owes a duty of ordinary care to protect the bailed property.
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Duty of Reasonable Care
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Duty owed by a warehouse company not to be ordinarily negligent in caring for the bailed goods; also called duty of ordinary care.
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Mutual Benefit Bailment
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Delivering goods to a commercial warehouse for storage in exchange for payment to the warehouse is an example of this type of bailment.
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Bailment for a fixed term
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A bailment that terminates at the end of the term or sooner, by mutual consent of the parties.
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Bailment at will
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A bailment without a fixed term; can be terminated at any time by either party.
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Warehouse Company
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Companies that engage in the business of storing property for compensation.
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Warehouse Recipt
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A document of title issued by a warehouse company stating that the bailor has title to the bailed goods.
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Acts of God
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First exception to strict liability. This concerns extreme weather conditions such as lighting, hurricanes, flooding, etc.
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Natural Causes / Inherent Causes
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Second exception to strict liability. This concerns the natural death of livestock and expiration of food in bailment.
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Act of the shipper
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Third exception to strict liability. This concerns improper loading or packaging of the bailed item(s) before the bailee took possession of it.
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Seizure by Government
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Fourth exception to strict liability. This concerns cases of the government taking the bailed item(s) from the bailee. It could be due to the item(s) being illegal .
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Act of a public enemy
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Fifth exception to strict liability. This concerns cases relating to terrorist activity
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Common Carrier
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Companies that offer transportation services to the public, such as airlines, railroads, and trucking firms.
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Consignor
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A person shipping goods; the bailor.
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Consignee
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A person to whom bailed goods are to be delivered by a common carrier.
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Duty of strict liability of a common carrier
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Duty owed by a common carrier whereby if the bailed goods are lost, damaged, destroyed, or stolen, the common carrier is liable even if the loss or damage was not its fault.
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The modern trend
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Concerning the current evolution of law, reasonable care is currently this.
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Bill of landing
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A document of title issued by a common carrier stating that the bailor has title to the bailed goods.
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Innkeeper
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The owner of a facility that provides lodging to the public for compensation.
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Duty of strict liability of an innkeeper
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A common law rule that makes innkeepers strictly liable to transient guests for personal property that is lost or stolen from the innkeeper's premises even if the loss was not the innkeeper's fault.
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Innkeepers' statutes
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State statutes that limit an innkeeper's common law liability, An innkeeper can avoid liability for loss caused to a guest's property if (1) a safe is provided in which the guest's valuable property may be kept and (2) the guest is notified of this fact.
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Insurance
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A means for persons and businesses to protect themselves against the risk of loss.
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Insured
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A party who pays a premium to a particular insurance company for insurance coverage.
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Insurer
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An insurance company that underwrites insurance coverage.
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Policy
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An insurance contract.
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Premium
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Money paid to an insurance company.
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Insurable interest
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A requirement that a person who purchases insurance has a personal interest in the insured item or person.
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Beneficiary of life insurance
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A person who is to receive life insurance proceeds when the insured dies.
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Insurance policy
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An insurance contract.
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Endorsement
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A document that modifies an insurance policy and becomes part of the insurance policy; also called a rider.
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Duty to defend
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Duty of the insurer to defend the insured against lawsuits of legal proceedings that involve a claim within the coverage of the insurance policy.
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Duty to pay
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Duty of the insurer to pay legitimate claims up to the insurance policy limits.
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Deductible clause
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A clause in an insurance policy that provides that insurance proceeds are payable only after the insured has paid a specified amount toward the damage or loss.
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Exclusions from coverage clause
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A clause in an insurance policy that expressly stipulates the risks that are not covered by the insurance policy.
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Coinsurance clause
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A clause in an insurance policy that requires the insured to pay a percentage of an insured loss.
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copay clause
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This is one type of coinsurance clause.
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Incontestability clause
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A clause that prevents insurers from contesting statements made by insureds in applications for insurance after the passage of a stipulated number of years.
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Life insurance
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A form of insurance in which the insurer is obligated to pay a specific sum of money upon the death of the insured.
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Suicide clause
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A clause in a life insurance contact that provides that if an insured commits suicide before a stipulated date, the insurance company does not have to pay the life insurance proceeds.
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Health insurance
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Insurance that is purchased to help cover the costs of medical treatment, surgery, or hospital care.
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Disability insurance
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Insurance that provides a monthly income to an insured who is disabled and cannot work.
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Standard fire insurance
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Insurance that protects the homeowner from loss caused by fire, lightning, smoke, and water damage.
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Replacement cost insurance
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Insurance that pays the cost to replace the damaged or destroyed property up to the policy limits.
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Homeowners' policy
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A comprehensive insurance policy that includes coverage for the risks covered by a fire insurance policy as well as personal liability insurance.
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Personal liability coverage
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Insurance coverage that provides comprehensive personal liability insurance for the insured and members of his or her family.
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Renters' insurance
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Insurance that renters purchase to cover loss or damage to their possessions.
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Personal articles floater
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An addition to a homeowners' policy that covers specific valuable items.
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Collision insurance
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Insurance that a car owner purchases to insure his or her car against risk of loss or damage.
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Comprehensive insurance
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A form of property insurance that insures an automobile from loss or damage due to causes other than collision.
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Automobile liability insurance
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Automobile insurance that covers damages that the insured causes to third parties.
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Uninsured motorist coverage
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Automobile insurance that provides coverage to a driver and passengers who are injured by an uninsured motorist or a hit-and-run driver.
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No-fault insurance
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An automobile insurance system used by some states in which the driver's insurance company pays for any injuries or death the driver suffers in an accident, no matter who caused the accident.
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Real property
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The land itself as well as buildings, trees, spoil, minerals, timber, plants, and other things permanently affixed to the land.
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Subsurface rights
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Rights to the earth located beneath the surface of the land.
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Plant life and vegetation
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These growing on the surface of land are considered real property.
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Fixtures
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Goods that are affixed to real estate so as to become part thereof.
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Air rights
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The owners of land may sell or lease air space parcels above their land.
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Estate
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Ownership rights in real property; the bundle of legal rights that the owner has to possess, use, and enjoy the property.
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Freehold estate
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An estate in which the owner has a present possessory interest in the real property.
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Fee simple absolute
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A type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property.
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Fee simple absolute
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also known as fee simple.
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Fee simple defeasible
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A type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur.
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Fee simple defeasible
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Also known as qualified fee.
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Life estate
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An interest in real property for a person's lifetime; upon that person's death, the interest is transferred to another party.
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Estate pour autre vie
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A life estate that is measured by the life of a third party.
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Co-ownership
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A situation in which two or more persons own a piece of real property.
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Co-ownership
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Also called concurrent ownership.
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Joint tenancy
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A form of co-ownership that includes the right of survivorship.
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Right of survivorship
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A legal rule that provides that upon the death of one joint tenant, the deceased person's interest in the real property automatically passes to the surviving joint tenant or joint tenants.
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Tenancy in common
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A form of co-ownership in which the interest of a surviving tenant in common passes to the deceased tenant's estate and not to the co-tenants.
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Tenancy by the entirety
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A form of co-ownership of real property that can be used only by married couples.
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Community property
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A form of ownership in which each spouse owns an equal one-half share of the income of both spouses and the assets acquired during the marriage.
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Condominium
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A common form of ownership in a multiple-dwelling building where the purchaser has title to the individual unit and owns the common areas as a tenant in common with the other condominium owners.
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Cooperative
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A form of co-ownership of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation.
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Future interest
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The interest that a grantor retains for himself or herself or a third party.
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Reversion
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A right of possession that returns to the grantor after the expiration of a limited or contingent estate.
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Remainder
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A right of possession that returns to a third party upon the expiration of a limited or contingent estate. A person who possesses this right is called a remainder beneficiary.
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Sale
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The passing of title from a seller to a buyer for a price.
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Sale
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Also called a conveyance.
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Deed
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A writing that describes a person's ownership interest in a piece of real property.
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Grantor
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The party who transfers an ownership interest in real property.
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Grantee
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The party to whom an interest in real property is transferred.
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Warranty deed
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A deed that provides the most amount of protection to the grantee, because the grantor makes warranties against defect in title.
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Quitclaim deed
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A deed that provides the least amount of protection to the grantee, because the grantor transfers only the interest he or she has in the property.
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Recording statute
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A state statute that requires a mortgage or deed of trust to be recorded in the county in which the real property is located.
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Quiet title action
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An action brought by a party, seeking an order of the court declaring who has title to disputed property. The court "quiets title" by its decision.
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Marketable title
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Title to real property that is free from any encumbrances or other defects that are not disclosed but would affect the value of the property.
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Marketable title
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Also called good title.
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Title insurance
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A form of insurance obtained from a title insurer who agrees to reimburse the insured for losses caused by undiscovered defects in title.
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Adverse possession
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A situation in which a person who wrongfully possesses someone else's real property obtains title to that property if certain statutory requirements are met.
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Nonpossessory interest
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A situation in which a person holds an interest in another person's property without actually owning any part of the property.
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Easement
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A given or required right to make limited use of someone eles's land without owning or leasing it.
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Easement appurtenant
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A situation created when the owner of one piece of land is given an easement over an adjacent piece of land.
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Servient estate
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The land over which an easement is granted.
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Dominant estate
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The land that benefits from an easement.
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Easement in gross
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An easement that authorizes a person who does not own adjacent land to use another's land.
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License
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A document that grants a person the right to enter upon another's property for specified and usually short period of time.
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Profit
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A document that grants a person the right to remove something from another's real property.
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Profit
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Also known as profit-à-prendre.
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Landlord-tenant relationship
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A relationship that is created when the owner of a freehold estate transfers to another person the right to exclusively and temporarily possess the owner's real property.
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Nonfreehold estate
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An estate where the tenant has a right to possess the real property but does not own title to the property.
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Leasehold
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A tenant's interest in property.
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Landlord
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An owner who transfers a leasehold.
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Tenant
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The party to whom a leasehold is transferred.
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Lease
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A transfer of the right to possess and use real property for a set term in return for certain consideration.
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Lease
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The rental agreement between a landlord and a tenant.
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Tenancy for years
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A tenancy created when a landlord and tenant agree on a specific duration for a lease.
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Periodic tenancy
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A tenancy created when a lease specifies intervals at which payments are due but does not specify how long the lease is for.
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Tenancy at will
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A tenancy created by a lease that may be terminated at any time by either party.
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Tenancy at sufferance
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A tenancy created when a tenant retains possession of a property after the expiration of another tenancy or a life estate without the owner's consent.
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Covenant of quiet enjoyment
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A covenant that says a landlord may not interfere with the tenant's quiet and peaceful possession, use, and enjoyment of the leased premises.
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Building codes
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State and local statutes that impose specific standards on property owners to maintain and repair leased premises.
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Building codes
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Also called housing codes.
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Implied warranty of habitability
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A warranty that provides that leased premises must be fit, safe, and suitable for ordinary residential use.
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Gross lease
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A lease where the tenant pays a gross sum to the landlord and the landlord is responsible for paying the property taxes and assessments on the property.
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Net, net, net lease (triple net lease)
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A lease where the tenant is responsible for paying the rent, property taxes, utilities, and insurance.
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Unlawful detainer action
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A legal process that a landlord must complete to evict a holdover tenant.
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Assignment of a lease
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A transfer by a tenant of his or her rights under a lease to another party.
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Assignor
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A tenant who transfers rights under a lease.
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Assignee
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A party to whom a tenant transfers rights under a lease.
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Sublease
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An arrangement in which a tenant transfers some of his or her rights under a lease to another party.
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Sublessor
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Original tenant who transfers some or all of his rights under a lease.
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sublessee
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The new tenant in a sublease arrangement.
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Zoning ordinances
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Local laws that are adopted by municipalities and local governments to regulate land use within their boundaries.
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Variance
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An exception that permits a type of building or use in an area that would not otherwise be allowed by a zoning ordinance.
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Nonconforming uses
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Uses and buildings that already exist in a zoned area that are permitted to continue even though they do not fit within new zoning ordinances.
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Rent control ordinances
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Local Laws that stipulate the amount of rent a landlord can charge for residential housing.
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Eminent domain
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The government's power to take private property for public use, provided that just compensation is paid to the private property holder.
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Due Process Clause
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A clause of the U.S. Constitution that allows the government to take property for "public use."
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Just Compensation Clause
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A clause of the U.S. Constitution that requires the government to compensate the property owner, and possibly others, when the government takes property under its power of eminent domain.
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Civil Rights Act of 1866
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A federal statute that prohibits discrimination in the selling and renting of property based on race or color.
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Fair Housing Act
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A federal statute that makes it unlawful for a party to refuse to rent or sell a dwelling to any person, because of his or her race, color, national origin, sex, or religion.
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Title 3 of the Americans with Disabilities Act
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A federal statute that prohibits discrimination on the basis of disability in places of public accommodation by private entities.
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Intellectual Property
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Patents, copyrights, trademarks, and trade secrets. Federal and state laws protect these type of property rights from misappropriation and infringement.
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Trade secret
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A product, formula, pattern, design, compilation of data, customer list, or other business secret.
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Economic Espionage Act
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A federal statute that makes it a crime for any person to convert a trade secret for his or her own or another's benefit, knowing or intending to cause injury to the owner of the trade secret.
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Patent
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A grant by the federal government upon the inventor of an invention for the exclusive right to use, sell, or license the invention for a limited amount of time.
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U.S. Court of Appeals for the Federal Circuit
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A special federal appeals court that hears patent appeals from the Board of Patent Appeals and Interferences and federal courts concerning patent issues.
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Utility Patent
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A patent that protects the function.
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One-year "on sale" doctrine
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A doctrine that says a patent may not be granted if the invention was used by the public for more that one year prior to the filing of the patent application.
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One-year "on sale" doctrine
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Also called the public use doctrine.
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Provisional application
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An inventor may file this type of application with the PTO that gives the inventor three months to prepare a final patent application.
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Patent infringement
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Unauthorized use of another's patent. A patent holder may recover damages and other remedies against a patent infringer.
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Design patent
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A patent that may be obtained for the ornamental nonfunctional design of an item.
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Copyright
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A legal right that gives the author of qualifying subject matter, and who meets other requirements established by copyright law, the exclusive right to publish, produce, sell, license, and distribute the work.
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Copyright Revision Act
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A federal statute that (1) establishes the requirements for obtaining a copyright and (2) protects copyrighted works from infringement.
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Copyright infringement
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An infringement that occurs when a party copies a substantial and material part of a plaintiff's copyrighted work without permission. A copyright holder may recover damages and other remedies against the infringer.
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Fair use doctrine
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A doctrine that permits certain limited use of a copyright by someone other that the copyright holder without the permission of the copyright holder.
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Mark
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Any trade name, symbol, word, logo, design, or device used to identify and distinguish goods of a manufacturer or seller or services of a provider from those of other manufacturers, sellers, or providers.
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Lanham (Trademark) Act
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A federal statute that (1) establishes the requirements for obtaining a federal mark and (2) protects marks from infringement.
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Registered trademark (®)
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This symbol designates marks that have been registered with the U.S. Patent and Trademark Office.
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TM
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A symbol that designates an owner's legal claim to an unregistered mark that is associated with a product.
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SM
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A symbol that designates an owner's legal claim to an unregistered mark that is associated with a service.
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Trademark
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A distinctive mark, symbol, name, word, motto, or device that identifies the goods of a particular business.
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Service mark
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A mark that distinguishes the services of the holder from those of its competitors.
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Certification mark
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A mark that certifies that a seller of a product or service has met certain geographical location requirements, quality standards, materiel standards, or mode of manufacturing standards established by the owner of the mark.
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Collective membership mark
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A mark that indicates that a person has met the standards set by an organization and is a member of that organization.
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Distinctive
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Being unique and fabricated. A mark must be this to be federally protected.
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Secondary meaning
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A brand name that has evolved from an ordinary item.
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Trademark infringement
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Unauthorized use of another's mark. The holder may recover damages and other remedies from the infringer.
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Generic name
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A term for a mark that has become a common term for a product line or type of service and therefore has lost its trademark protection.
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Trade dress
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Involves the protection of the "look and feel" of a product, a product's packaging, or a service establishment.
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Federal Trademark Dilution Act (FTDA)
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A federal statute that protects famous marks from dilution, erosion, blurring, or tarnishing.
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Consideration
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The difference between a gift and a sale is that a sale has this.
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Donor's intention
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First requirement of inter-vivos gift.
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Donee's acceptance
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Second requirement of inter-vivos gift.
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Delivery (actual or symbolic constructive)
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Third requirement of inter-vivos gift.
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Symbolic delivery
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When a friend gives you a key to a locker (with books in it) and says that you can pick them up anytime, This is an example of what kind of delivery.
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Gift Causa Mortis
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Giving a watch to a friend if you think you will die. The person you gave it to gets it, even if your will says otherwise. This is an example of this kind of gift.
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Gift Causa Mortis
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This type of gift overrides a will if the person that gave it dies after a reasonable time.
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Estray statutes
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Title to lost property can be attained by following these statutes.
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Estray statutes
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These statues require the finder of lost or mislaid property to: 1) report the found property and turn it over to the appropriate agency. 2) posting or having the government post advertisements describing the lost property. 3) Waiting for a specified amount of time.
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Bailee
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Who has the burden of proof in a bailment? (who needs to show that they used appropriate care?)
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Strict liability
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If the bailee exceeds the scope of bailment, what is his level of liability? (ex. Someone (the bailor) gives a car to a friend (bailee) and says to keep it in the garadge. The bailee drives it to the store. If it is damaged, what is the bailee's level of liability?
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Subrogation
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If you have an accident and your not at fault, the other insurance company can pay for your damage and collect from the other insurance company from the party at fault. This is called what?
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Distinctive or have acquired secondary meaning.
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To qualify for federal protection, a mark must be either of these two conditions.
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Distinctive
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Names such as Exxon, Google, and Honda are examples of a mark being this.
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Secondary meaning
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Slogans such as "Just do it" or "I'm loving it" are examples of a mark having this.
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generic name
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Frisbee, Yo-Yo, and Nylon are examples of trademarks that became overused and lost their trademark status. They are called this.
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Reversion and remainder
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Future interest comes in several forms. What are the forms that have been covered?
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Estate
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A person's ownership right in real property is called estate in land or just this.
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Fee simple absolute, fee simple defeasible, and life estate
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There are three types of freehold estates. What are they?
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Joint tenancy, tenancy in common, tenancy by the entirety, community property, condominiums, and cooperatives
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List the different types of co-ownership.
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Easement, license, and profit
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There are three different types of nonpossessory interest. They are.
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