Property Law: Personal Property, Transfers, and Agency, Quizzes of Finance

Download Property Law: Personal Property, Transfers, and Agency and more Quizzes Finance in PDF only on Docsity! TERM 1 If real property is land, what is personal property? What is a fixture? What is an example of a fixture? DEFINITION 1 Personal property is tangible or intangible and is t, truck, corporate stocl et Fixture are property physically attached to the real estate (eg- furnace, chandelier, tree) TERM 2 What is lost property? What is mislaid property? What is abandoned property? DEFINITION 2 Lost Personal property that an owner has ACCIDENTALLY parted with possession of. OWNER DOES NOT KNOW HE/SHE LOST IT Mislaid personal property placed intentionally somewhere by the owner who forgets where he/she put it. Abandoned- the owner of the personal property intentionally gives up possession. TERM 3 In what ways can personal property be transferred? DEFINITION 3 Through Devise (given to a person listen in a will) Or Descent (without a will is given to surviving spouse, parent, brother etc.) TERM 4 What is a bailment for the sole benefit of the bailor? What is the standard of care? DEFINITION 4 Bailor is the actual owner of the personal property. Bailee must use slight care and isonly liable for gross negligence. TERM 5 What is a bailment for the sole benefit of the bailee? What is the standard of care? DEFINITION 5 Bailee is a person who has lawful possession of another persons property. The Bailee must use great care! TERM 6 What is a mutual benefit bailment? What is the standard of care? DEFINITION 6 Bailee must use ordinary care to a reasonable person standard TERM 7 What is the name of the person who leases land to another? DEFINITION 7 Landlord or Lessor TERM 8 What is the name of the person who leases land from another? DEFINITION 8 Tenant or Lessee TERM 9 What is a lease? DEFINITION 9 Contract between the landlord and tenant TERM 10 If a person dies with a will, how do his/her heirs get the property? Without a will? DEFINITION 10 Under the States law of Descent and Distribution a person gets property w/out a will. TERM 21 A fiduciary relationship is best characterized as a relationship of _____________________. DEFINITION 21 o COLAN (Care, obedience, loyalty, accountability, notice) TERM 22 Agencies coupled with an interest cannot be _______________________. DEFINITION 22 o By agreement TERM 23 What is the legal term for let the superior respond? If applied under the law, who is liable for the negligent acts of the servant? DEFINITION 23 o Respondent superior. The master. TERM 24 How does a master control his/her servant? DEFINITION 24 o By telling the method and manner of doing a job. TERM 25 Describe the various duties of loyalty that agents owe to their principals. DEFINITION 25 o Contract and Fiduciary duties TERM 26 What duties are owed by a principal to his/her agent? DEFINITION 26 o Contract duties, duty to compensate, duty to reimburse and indemnify TERM 27 Are duties of loyalty breached when an employee simply PREPARES to open a new business in competition with his CURRENT employer? (CASE) DEFINITION 27 o NO! TERM 28 What is an at will employee? When is it illegal for an employer to fire an at will employee? DEFINITION 28 o When there is no definite time period contemplated in an agency relationship. Either party may terminate the relationship at any time. TERM 29 Are all employees agents? Are all agents employees? If not, what could they be? DEFINITION 29 o All employees are agents, but not all agents are employees. TERM 30 What is the difference between an agency by apparent authority and an agency by estoppel? DEFINITION 30 By estoppel binds a principal to the acts of an agent even though no actual agency exists! By apparent authority if a principal places a person in a position where it reasonably appears to a third party that an agent has authority to act, then the principal is bound by the acts of the agent. TERM 31 To protect himself/herself, what should a principal do after an agency is terminated? DEFINITION 31 o the principal MUST advise 3rd parties that the agent no longer has authority to act on his/her behalf TERM 32 How do you know if someone is an independent contractor? DEFINITION 32 Agents who are not employees are independent contractors. But, not all independent contractors are agents. TERM 33 What are the differences between partnerships and corporations? DEFINITION 33 Partnerships are when two or more people go together to own an organization Corporations have stockholders that manage and control the operations TERM 34 What is a domestic corporation? What is a foreign corporation? DEFINITION 34 Domestic corporations are created in the State where it engages business. Foreign corporations are created in a State other than where it engages in bueiness. TERM 35 When can a shareholder sue on behalf of the corporation? What is it called? (CASE) DEFINITION 35 If a stockholder wants to sue the corporation to enforce individual stockholders rights or even the rights of the corporation: direct action or derivative action TERM 46 Under Mag-Moss, identify two kinds of warranties. How do they work? DEFINITION 46 Full Warranty- seller must repair for free Limited Warranty- all other warranties. Can be limited in times etc TERM 47 What agency protects consumers against unsafe products? DEFINITION 47 Food and Drug Administration TERM 48 What prevents consumers from recovering damages for injuries caused by defective products? DEFINITION 48 Privity of Contract- up to the person who sold the product Caveat Emptor- up to the buyer to make sure a product isnt defective TERM 49 How does the implied warranty of merchantability protect consumers? DEFINITION 49 Seller promises goods being sold are fit for ordinary purposes for which the goods are used. TERM 50 Does Mag-Moss require manufacturers to have warranties? What does it require? DEFINITION 50 Only requires sellers of goods to clearly disclosed what is being warranted. TERM 51 Which warranties can be disclaimed? Which warranties cannot be disclaimed? DEFINITION 51 Limited Warranties can be disclaimed. Must use magic words TERM 52 How does the implied warranty of fitness for a particular purpose work? DEFINITION 52 Applies if the seller knows of the buyers specific requirements for the product. The buy must rely on the sellers expertise in choosing the product. Example would be commercial dryers in Laundromats. TERM 53 What authority does the Consumer Product Safety Commission (CPSC) have with respect to unsafe products? DEFINITION 53 It has authority to BAN consumer products if totally unsafe, go to court to seize unsafe products off of store shelves, and force recalls, repairs, replacements and refunds. TERM 54 Does the CPSC have the authority to make whatever standards they want to prevent injuries? (CASE) DEFINITION 54 regulates ONLY consumer products sold for personal uses and enjoyment. It does not regulate food, drugs, make-up or insecticides. TERM 55 What is the Food and Drug Administration required to do with respect to cancer causing products? DEFINITION 55 They can ban any food product that can be found to induce- zero tolerance policy!