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Business & Law 1
| Question | Answer |
|---|---|
| What depends on the rules of law? | Business investment and economic stability. |
| What are the primary sources of law? | Constitutional, Statutory, Administrative/Regulatory, Common Law, and Case Law |
| Where can you find the commerce clause? | Article I, section 8 |
| What is the only English common law writ explicitly preserved in the Constitution? | The writ of habeas corpus. |
| What is the writ of habeas corpus? | A person under arrest must be brought before a judge or court. |
| What is the difference between Courts of Law and Courts of Equity? | Courts of law award money, and courts of equity award some other remedy. |
| What is stare decisis? | "To stand on decided cases". Decisions made by a higher court are binding on lower courts, and a court should not overturn its own precedents. |
| What is a tort? | Civil reparation for something done wrong. |
| What is a departure from precedent? | When a court decides that a ruling precedent is simply incorrect or that technological or social changes have rendered the precedent inapplicable. |
| What are the three methods of legal reasoning? | Deductive reasoning, Linear reasoning, and Reasoning by analogy |
| What is the 10th Amendment? | Any power not invested in the Federal government is reserved for the States and people. |
| What is the Bill of Rights? | The first ten amendments. |
| What are the three methods used to determine if you have the right to freedom of speech. | Time, place, manner. |
| What is the fourteenth amendment? | Citizenship clause, Due Process Clause, Equal Protection Clause. |
| What is the incorporation clause of the fourteenth amendment? | No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law |
| What case requires counsel for anyone accused of a felony who is indigent? | Gideon v. Wainwright |
| What is real property? | The land and everything permanently attached to it. |
| What is personal property, or chattel? | Everything that is not real property. |
| What is a fixture? | A thing affixed to realty. |
| What is property? | legally protected rights and interest a person has in anything with an ascertainable value that is subject to ownership. |
| What three elements must be met for a gift to be effective? | Donative intent by the donor, delivery, and acceptance by the donee |
| What is fee simple absolute? | A person who holds the entire bundle of rights in a real property. |
| What is mislaid property? | Property that has been voluntarily placed somewhere by the owner and then inadvertently forgotten. |
| What is lost property? | Property that is involuntarily left. |
| What is abandoned property? | Property that has been discarded by the true owner with no intention of reclaiming title to it. |
| What is a life estate? | An estate that lasts for the life of some specified individual. |
| What are the two methods of ownership? | Individual and Tenancy in Common. |
| What is tenancy in common? | Each of two or more persons owns an undivided interest in the property. (Marriage). |
| What is joint tenancy? | Each of two or more persons owns an undivided interest in the property, but a deceased joint tenant's interest passes to the surviving joint tenant. |
| What is a tenancy at sufferance? | Possession of land without right. |
| What is an easement? | The right of a person to make limited use of another person's real property without taking anything from the property. |
| What are the three methods to create an easement or profit. | Implication, Necessity, and Prescription (use is apparent and continues without landowner's consent for a period of time equal to the statute of limitations) |
| What is a license? | The revocable right of a person to come onto another person's land. |
| What is a deed? | The instrument of conveyance of real property. |
| What is adverse possession? | A means of obtaining title to land without delivery of a deed and without the consent or payment to the true owner. |
| What are the four elements required for adverse possession? | Possession must be actual and exclusive, open visible and notorious, continuous and peaceable for the required amount of time, and hostile and adverse. |
| What is eminent domain? | The condemnation power of government to take land for public use. |
| What is a leasehold estate? | When a real property owner agrees to convey the right to possess and use the property to a tenant for a certain period of time. |
| What are the five ways to acquire ownership of personal property? | Purchase, possession, production, gift, or inheritance. |
| What are the bundle of rights included in real property? | Possess, Dispose of, Waste, Exclude People, Quiet Enjoyment |
| What are the three elements required for something to be a fixture? | 1. Cannot be removed w/out damaging realty. 2. Has become so adapted that it is a part of realty. 3. Intended to be fixture. |
| What is a trade fixture? | A fixture installed for commercial purpose, that can be removed by the tenant. |
| What are the four ways to acquire ownership of personal property? | Purchase, possession, Inheritance, or Production. |
| What is fee simple defeasible? | Ownership terminated if certain event occurs |
| What is condition subsequent? | If certain event occurs, prior owner can bring action to regain possession. |
| What is tenancy for years? | Contract lease for fixed period of time. |
| What is periodic tenancy? | rent is paid at certain intervals, for no set period. |
| What is tenancy at will? | landlord or tenant can terminate without notice |
| What is an appurtenant easement? | right to use adjacent land |
| What is an easement in gross? | Right to use non-adjacent land |
| How are easements terminated? | Deed it back to the owner, merger, or abandon |
| What is a profit? | take away some part of the land or some product |
| What are the five methods of transferring ownership of real property? | Sale, gift, inheritance, adverse possession, or eminent domain |
| What is a warranty deed? | Makes the grantor liable for all defects of the title. |
| What is a special warranty deed? | Makes the grantor liable to a certain extent for the defects of the title. |
| What is a quitclaim deed? | Releases the grantor from liability. |
Created by:
bp1189
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