Real Estate, Intellectual Property, Torts, and Business Ethics Glossary, Quizzes of Business and Labour Law

Download Real Estate, Intellectual Property, Torts, and Business Ethics Glossary and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 Real Property DEFINITION 1 Includes land, building and everything attached. TERM 2 Trade Fixture DEFINITION 2 personal property permanently attached to property TERM 3 Freehold Estate DEFINITION 3 Person has ownership and present interest in possessing propertyTwo Types:Estates in feeLife estates TERM 4 Estates in Fee DEFINITION 4 Two Types:Fee simple absolute: grants owner the most amount of legal rights over their property and no limitationsFee simple defeasible: gets all benefits of fee simple EXCEPT the owner can lose the property if specific condition occurs or does not occur TERM 5 Life Estate DEFINITION 5 Interest in property last for life of specified personTwo Types:Remainder: future interest reserved for someone other than grantorReversion: future interest reserved for grantor TERM 6 Non-Freehold Estates (Rent) DEFINITION 6 Creates possessory interest, not ownership interest.Created when owner of freehold transfers possessory right to another for temporary period. TERM 7 Classifications of Leases DEFINITION 7 1) Tenancy for years: Lease term for fixed term2) periodic tenancy: term not specified, but specific interval payments3) tenancy at will: either party can terminate lease whenever4) tenancy at sufferance: tenant continues possession of property after expiration without consent of owner TERM 8 Landlord Rights and Duties DEFINITION 8 Duty to deliver possessionduty not to interfere with tenants right to quiet enjoymentduty to maintain leased propertymust make property habitabletenant has duty to pay and obey lease TERM 9 Transfer of Rights to Leased Property DEFINITION 9 1) Assignment: Tenant transfers all interest under lease (with consent of landlord)2) Sublease: Tenant transfers only part of lease TERM 10 Title Transfer of Real Property DEFINITION 10 Involuntary transfers through:1)Tax Sale: failed to pay property taxes2) Adverse Possession: Must establish that they have occupied the property beyond state statute, true owner knew they were using the land, occupant made actual use of the land, used property continuously and uninterrupted, occupied without express or implied consent of owner3) Eminent Domain: Govt. takes for public use TERM 21 Types of Easement DEFINITION 21 1) Easement Appurtenant : gives permission to adjacent property and runs with the land (easement stays even when sold to new owner)2) Easement in Gross: grants nonadjacent permission to use the property, easement doesn't stay when land is sold to new owner TERM 22 License DEFINITION 22 Created by agreement granting permission for other to enter property for specified time, can be revoked at any time TERM 23 Profit DEFINITION 23 Owner gives person right to enter property to remove something TERM 24 Land Use Restrictions DEFINITION 24 1) Restrictive Covenants: lawful act that is voluntary and restricts owner from building something on their land2) Zoning: Involuntary, imposed by govt. in form of zoning ordinance TERM 25 Personal Property DEFINITION 25 Also called chattelcan be tangible or intangible1) Voluntary transfer: purchase, production, gift, will/inheritance, possession/capture, accession (appreciation), confusion, and divorce2) involuntary transfer: after property is lost, mislaid, or abandoned TERM 26 Bailment DEFINITION 26 When one voluntarily transfers personal property to another for a specific time and purpose.Must establish:1) delivery of personal property2) transfer of possession (not title)3) agreement that it will be returned TERM 27 Types of intellectual property DEFINITION 27 1) Patent2) Trademark/Service Mark3) Copyright4) Tradesecret TERM 28 Patent DEFINITION 28 Nonrenewable after original expiration periodLasts for 10-20 years with exclusive rightsMust file applicationMust meet:1) Novel2) Useful3) Non-obvious TERM 29 Design Patent DEFINITION 29 Protects only physical appearence TERM 30 Trademark DEFINITION 30 Logo, symbol, word , name for products onlyEX Apple for apple computers TERM 31 Service Marks DEFINITION 31 Symbol, word, name for service companies onlyEx Ameriprise TERM 32 Copyrights DEFINITION 32 Protects literary, musical, graphic, works AKA anything artisticPermanently protected TERM 33 Exceptions to Copyright Law Infringement DEFINITION 33 1) First Sale Doctrine: original owner can sell without retaining copyrightsEX: student purchases software, uses it through college, then sells after college2) Fair Use Doctrine: someone can exercise limited use of copyrighted materials without owners permission for limited purposes such as criticism, comment, reporting, scholarship, educationEX: professor printing textbook to show students a picture/ diagram TERM 34 Trade Secrets DEFINITION 34 Protects any formula, device, pattern, or compilation of information that attributes value to a business. MUST BE KEPT SECRET TO REMAIN PROTECTED TERM 35 Purpose of Tort Law DEFINITION 35 1) Compensate injured party2) Deter party from acting again3) TERM 46 Infliction of Emotional Distress DEFINITION 46 mental or emotional distress without proof of physical harm TERM 47 False Imprisonment DEFINITION 47 Intentional confinement for a appreciable time without persons consent TERM 48 Defense to False Imprisonment DEFINITION 48 1) Act with reasonable cause (suspicion)2) Act in reasonable manner3) Detain for no more than reasonable time TERM 49 Defamation of Character DEFINITION 49 1) Untrue statement2) Statement unprivileged3) published to 3rd party2 types:Libel: Writing, printingSlander: spoken TERM 50 Disparagement DEFINITION 50 Untrue statement about business, products, or services TERM 51 Misrepresentation DEFINITION 51 When someone deceives another out of something valuable TERM 52 Malicious Prosecution DEFINITION 52 Legal proceedings against another:1) without cause2) for improper purpose3) proceedings terminated in favor of victim4) victim suffered damages TERM 53 Misappropriation of Right to Publicity DEFINITION 53 Using anothers name for commercial purposes without that person's consent TERM 54 Invasion of Privacy DEFINITION 54 1) intrusion on solitude2) public disclosure of private facts3) Place victim in false light TERM 55 Trespass to Chatel DEFINITION 55 trespass to personal propertyinterferes with use and enjoyments of owners property without consent TERM 56 Conversion DEFINITION 56 very serious- more extremeWhen someone excercises control over owners personal property without consentCan occur when:1) acquisition of owner's property (theft, fraud)2) transfer of owner's property (misdelivering property)3) removal of owners property4) withholding possession of owners property (refuse to return)5)destruction/ alteration of property6) Using owner's property without permission TERM 57 Wrongful Interference with Contractual Relationship DEFINITION 57 Must establish:1) Contract existed2) 3rd party knew it existed3) 3rd party intentionally tried to get party to breach the contract4) plaintiff injured because of 3rd party TERM 58 Defense to Interference with Contractual Relationship DEFINITION 58 Justification:1) defendant was acting to protect its own existing economic interest2) defendant acting in public interest3) existing contract between plaintiff and 3rd party could be terminated at will by either party TERM 59 Wrongful Interference with Business Relationship DEFINITION 59 Plaintiff claims outside interference with expected economic relationship, and corporation maliciously and predatorily intervened TERM 60 Elements Plaintiff Must Prove for Negligence DEFINITION 60 1) Duty of care: defendant has duty to plaintiff not to cause them harm2) Breach of Duty: Defendant breached duty of reasonable care3) Actual Cause: Defendant caused plaintiff's injuries4) Proximate Cause (foreseeable harm): plaintiff's injury was foreseeable5) Damages: plaintiff suffered injury TERM 71 Dram Shop Act DEFINITION 71 Tavern owner is liable for any injuries that occur from anyone leaving their tavern or if they hurt anyone else TERM 72 Strict Liability DEFINITION 72 If person engages in an abnormally dangerous activity, even if it doesn't hurt anyone, they are still liable .Dangerous activity: explosives or domestication of wild animalsEX contractor demolishes building with explosives, contractor is liable for any damages TERM 73 Negligence: Defining Reasonable Person Test (Manufacturer) DEFINITION 73 1) Likelihood of injury2) Seriousness of injury3) Easement of warning TERM 74 What must a plaintiff prove in a product negligence case? DEFINITION 74 1) design of product is inherently dangerous2) design of product contains insufficient safety devices3) design of product consists of material that don't satisfy standard acceptable in trade TERM 75 What must plaintiff prove in an intentional misrepresentation case? DEFINITION 75 1) seller affirmatively misrepresented quality of product2) seller concealed defect TERM 76 Express Warranty DEFINITION 76 clearly stated guarantee stated by seller of product TERM 77 Implied Warranty DEFINITION 77 Guarantee that automatically arises from a transaction1) Implied warranty of merchantability (goods reasonably fit for ordinary use)2) Warranty of fitness (seller guarantees product can be used for specific purpose, and it cannot be used for that purpose or any other) TERM 78 Magnuson-Moss Warranty Act DEFINITION 78 Sellers are not required to give written warranty, however, if warranty is made and priced <$10, express written warranties covering the product must be labeled as full or limited warranty. TERM 79 Defenses to Breach of Warranty DEFINITION 79 Disclaimer would state:1) no warranties were made2) seller only warrants against certain consequences/ defects3) liability is limited to repair, replacement or refund TERM 80 Product Negligence Strict Liability DEFINITION 80 1) protects consumers against unsafe products2) holds sellers/ manufacturers responsible3) manufacturers/ sellers of defective products are in better position to bear cost for damages they causeany member of chain of distribution can be held liable for damages TERM 81 Product is defective if... DEFINITION 81 1) defect in manufacture2) defect in design3) failure to warn4) defect in packaging5) failure to provide adequate instructions TERM 82 Defenses to Product Liability DEFINITION 82 1) Commonly known dangers2) Government contractors defense3) assumption of risk4) misuse of a product5) recall6) supervening event7) Statute of limitations and repose8) comparative and contributory negligence TERM 83 Theories of Ethical Thought DEFINITION 83 1) Consequential Theory2) Deontological Theory3) Ethical relativism4) Humanist Theory TERM 84 Consequential Theory DEFINITION 84 Judges acts as ethically right or wrong based on whether the acts have achieved their desired acts and bring net happiness to societyBased on Utilitarian school:1) Act Utilitarian2) Rule Utilitarian TERM 85 Act Utilitarian DEFINITION 85 Base judgement on individual act to see whether the act alone will bring bring net happiness to society as opposed to any alternative acts