FInal
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| anything which can be possessed, owned, used, or disposed | property
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| nonmoveable property such as land and its fixtures | real property
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| largest and most complete ownership in property is a | fee simple
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| any property that can be moved from place to place | personal property
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| personal property which is attached to land or buildings | fixtures
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| personal property that can be seen and observed | tangible
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| a stock certificate or goodwill is an example of _____ property | intangible
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| the transfer of possession (but not ownership) of personal property to another for some purpose | bailment
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| the one who bails property | bailor
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| the person who receives bailed property for temporary care | bailee
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| in a mutually beneficial bailment, what degree is required? | reasonable and ordinary care
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| a carrier under special circumstances or arrangements such as livery | private carrier
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| a carrier open to the public, responsible for all damage | common carrier
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| when using common carrier, what level of care is required in transit | extraordinary care
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| when using a common carrier, what level of care is required in both the original and receiving terminals? | reasonable, ordinary care
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| in multiple ownership of personal property: one dies, the other owner gets the entire property | joint tenancy
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| in multiple ownership of personal property: one dies, but his interest in the property passes down to his heirs | tenancy in common
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| a writing signed by the owner to convey title to real property | deed
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| according to the statute of frauds, does the sale of real property have to be in writing? | yes
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| the seller in a transfer of real property | grantor
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| the buyer in a transfer of real property | grantee
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| a deed which conveys title of real property, but also makes certain warranties: good title, free and clear, free of encumbrances, grantor will defend the grantee against any claims/demands made on the property | warranty deed
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| property in trust at the time of sale or transfer must issue a ____ deed | trustee's deed
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| a deed which conveys interest in real property, without warranties | quitclaim deed
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| a history of the title of the property with liens and taxes due | abstract of title
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| t/f: anyone who is legally competent to contract can be an agent or a principal | true
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| a special or general agent that has been appointed in writing (as proof of the agency relationship): aka a written power of attorney | attorney in fact
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| authority which is expressly authorized, as in a contract | expressed authority
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| authority which is usually done to perform duties | customary/apparent authority
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| authority given to the agent to carry out the expressed authority | implied authority
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| agents hired to do a specific task, does not have the broad scope of authority which belongs to a general agent | special agent
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| a special agent that is hired to sell merchandise on the behalf of the principal, and receives a commission | factor
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| a special agent who sells goods to a third party and guarantees payment (If the buyer doesn't pay you, I will) | factor del credere
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| a special agent who brings buyers and sellers together to enter into a contract | broker
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| agency created when an individual pretends to be an agent, and the supposed principal does not stop them | agency by estoppel
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| best kind of deed you can get | warranty deed
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| the principal has limited degree of control over this type of worker | independent contractor
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| a business that is owned and operated by one individual | sole proprietorship
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| a legal entity of two or more people who have combined their money, property, and skill to do a lawful business for profit | partnership
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| a partnership in which all partners share equally in liability | general partnership
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| a partnership allowed by some states in which one or more of the partners have limited their liability to the extent of their investment | limited partnership
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| state by state statute which governs the owning and operating of partnerships | uniform partnership act
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| a partnership engaged in the buying and selling of merchandise is considered a _____ partnership | trading partnership
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| a partnership which provides services is considered a ____ partnership | non-trading partnership
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| a partner with unlimited liability, shares equally in profits and management | general partner
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| a partner who is known to the public, but has no voice in the management of the partnership | silent partner
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| a partner who is unknown to the public, but may have some voice in the management of the partnership | secret partner
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| a partner who is unknown to the public with no voice in the management of the partnership (two terms) | dormant/nominal partner
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| two partnerships which join together to form another partnership for one specific task | joint venture
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| the term for the salary a partner takes | draw
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| not termination of a partnership, but the process of letting go (settling debts, etc) | dissolution
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| an association of individuals united for some common purpose that is permitted by law to use a common name and is allowed to change its members without dissolution or termination | corporation
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| those who organize a corporation, begin the process of incorporating a company | promoters
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| statute adopted by most states which regulates the formation, operation, and dissolution of a corporation | business corporation act
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| a corporation formed by a government body is considered a ____ corp. | public
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| a corporation formed by private individuals for a non-governmental purpose, for profit or not-for-profit | private
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| a company's contract with the state which states the terms of the corporation | articles of incorporation
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| once the articles of incorporation are filed with the state, and sealed with the state seal, it becomes known as the | corporate charter
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| when you prepare the articles of incorporation, it includes how much stock you will originally issue, this stock is called | capital stock
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| stock which gives you a right to vote | common stock
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| holder of this stock has certain privileges, ex: preferential treatment with regard to dividends, but cannot vote | preferred stock
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| the assigned face value of the stock | par value
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| once a corporation buys back the original stock it sold, it goes into the corporate treasury, known as | treasury stock
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| sold stock in exchange for property rather than for money (property is worth less than the cash value) | watered stock
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| profits of the corporation that are distributed to shareholders | dividends
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| a minimum number of stockholders (in person or by proxy) to have a valid vote | quorum
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| written authorization of a stockholder given to someone else to vote for them at stockholder meetings | proxy
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| when a corporation enters into a written agreement, gives the person an option to invest in a certain amount of stock before it goes on the open market | stock option
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| a corporation doing business only in the state of its incorporation | domestic corporation
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| a corporation that does business in another state in which it is not incorporated | foreign corporation
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| a corporation that was originated in and incorporated outside of the US | alien corporation
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| if any agent goes beyond the scope of his authority and makes any decisions this is considered a ______ act | ultra vires
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| a civil wrong against a person or their property other than a breach of contract for which the court will provide a remedy in the form of action or damages | tort
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| in an intentional tort, must prove that the transgressor purposely performed the act, known as a _____ act | volitional
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| one party's actions causes another's injury because they fail to act in a reasonably prudent manner | negligent
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| most common tort filed against the funeral service industry | mental anguish
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| the Mrs. Palsgraff case (in which the railroad company was sued for a falling scale on a railroad platform) is a good example of | foreseeability
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| theory which says the plaintiff must show that there was an actual physical impact by the defendant upon the plaintiff, in order to recover damages for negligent mental anguish | impact requirement
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| intentional invasion of real property without permission | trespass
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| threatening to do harm to someone-intentional act which creates a reasonable apprehension in someone in receiving an imminent battery | assault
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| harmful offensive touching of a person | battery
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| controlling a person to a boundary area-intentional act which confines a person to a bounded area | false imprisonment
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| written defamatory statements | libel
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| oral or verbal defamatory statements | slander
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Created by:
amyziolkowski
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