LEGS 3010: FINAL EXAM
72 Cards in this Set
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real property
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land and everything permently attached which includes fixtures
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Fee simple absolute
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right to own property against all others
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conditional estate
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right to own subject to conditions of the seller
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life estate
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right to own till death
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co-owner
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owned by multiple persons, with equal rights
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easements
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use of portion of another property for a specific purpose
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licenses
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temporary allowance to be on the property
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lease estate
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right to own for a given amount of time stated in a contract
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voluntarily transfer of real property
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execution, delivery, acceptance, recording
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execution
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identifies property, persons, and estate to be transferred
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delivery
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grantor delivers deed to grantee
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acceptance
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grantee accepts terms
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recording
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record the transaction with legal help
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involuntarily transfer of real property
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adverse possesion, condemnation, eminent domain
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adverse possesion
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openly treating property like your own without any protest of the original owner
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condemnation
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gov acquires property over the protest of owner
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eminent domain
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gov right to take property for the betterment of public use
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restrcitions of use of real property
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restrictive covenants, police power, zoning
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restrictive covenants
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promise to use or not use land in a specific way
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police power
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limiting the use of property for betterment of public health/welfare
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zoning
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all property that is not real property includes tangible and intangible
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voluntary transfer of personal property
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selling a good, documents need only for vehicles
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involuntary transfer of persoanl property
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abandoned, lost, mislaid
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abandoned
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owner has discarded the property
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lost
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owner has dropped the property in an unknown location
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mislaid
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owner has placed property somewhere but forgotten where
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intellectual property
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trademark, patent, trade dress, copyright, trade secrets
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trademark
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distinctive marking on the product
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patent
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exclusive rights to produce, sell, use a product
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trade dress
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product that requires secondary meaning
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copyright
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exclusive rights to a reproduce a publish, sell, a creative work in original state
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trade secrets
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product/method that is unknown to public that will give competitive advantage
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agency
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fiduciary relationship between to persons, the agent is under control of the principal, but acts on behalf of the principal
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3 types of agency relationships
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expressed, implied, ratification
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expressed agency
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formed through oral/written agreement (power of attroney)
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implied agency
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customs and circumstances rather then formal agreement to determine agents authority
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ratification
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unauthorized agent commits principal to a contract
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power of attroney
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give agent authority to sign documents for the principal
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duties of the agent
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loyalty-avoid conflict of interest
obedience- follow rule of company
accounting- account for all money
performance- use care and best interest
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duties of the principal
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compensation- payment for work
reimburssement- responsible for faults of agent
cooperation- not interfere wen working
conditions- safe work environment
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liability to third parties
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tort- principal liable
criminal activity- agent liable
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terminating a agency relationship
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agreement, operation of law
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agreement
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two parties agree to mutally end realtionship
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operation of law
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termination immediately; death, insanity, bankruptcy of P, war
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sole proprietorship
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# of owners- 1
formation req- none
taxation- on business
liability- full liability
termination- death of owner
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general partnership
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# of owners- 2+
formation req- none
taxation- pay taxes on portion of business owned
liability- whole business
termination- expired contract, death, bankruptcy
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limited partnership
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# of owners- 2+
formation req- articles of limited partnership, limited partnership agreement
taxation- pay on the portion of which they gain income
liability- portion of investment into company
termination- expired contract, death, bankruptcy
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c-corporation
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# of owners- shareholders 1+
formation req- articles of incorportation, by-laws
taxation- double taxed, busniess inc, dividends
liability- limited liability
termination- infinate lifespan
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s-corporation
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# of owners- shareholders 1-75
formation req- subchapter-S election, articles of incorp, by-laws
taxation-shareholder pay on the % in which they own
liability- limited liability
termination- infinate lifespan
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professional corporation
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# of owners- professionals in the workforce
formation req- subchapter-S election, articles of incorp, bylaws
taxation- professional pay on which they own
liability- fully liable for their professional actions
termination- infinate lifespan
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limited liability companies (LLC)
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# of owners- 1+ members
formation req- articles of organization, operating agreement
taxation- chose of taxation from sole, partner, or corp
liability- limited liability
termination- infinate lifespan
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governance of a corp
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Shareholders, directors, officers
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shareholders
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entitled to income, vote on issues
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directors
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elected by shareholders, strategic direction, hire officers
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officers
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responsible for day-to-day operations
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business judgement rule
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corp. officials/ directors no liable for honest mistakes of business
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corporate opportunity doctrine
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1. corp. financially able to exploit the opportunity
2. opportunity is within the corps line of business
3. corp has an interest or expectancy in the opportunity
4. taking the opportunity for this own the corporate fiduciary will thereby be placed in position to his duties to the corp…
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specialized forms of business
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cooperatives, joint venture, syndicate, franchising
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cooperatives
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not-for-profit form to market products
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joint venture
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2+ international owners host business for a given amount of time
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syndicate
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investment group to financially back a purpose
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franchising
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agreement to own a name of a business
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closely held corporation
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mom and pop shops not traded
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public corporation
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many stockholders traded on a type of exchange
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financing a corporation
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owners investments, publically traded
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administrative law
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any rule that directly or indirectly affects an administrative agency
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procedural law
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a rule that governs the interanl processes of an agency
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substantive law
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creates, defines, regulates the legal rights of agencies and parties
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administrative agency
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any body that is created by the Leg. to carry out specific duties
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creation of administrative agencies
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congress cerates federal admin. agencies through a statute called enabling legislation to serve the public interest
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5 step
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1. agency drafts rules
2. proposed rule posted to Federal register
3. Interested parties file written comment within 30 days
4. final draft with cost benefit/purpose posted to FR
5. It becomes law without objection
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3 functions of admin. agencies
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1. rulemaking
2. adjudiction of individula cases
3. administrative activities
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LEGS 3010: CHAPTER 12