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Business & Law 1

QuestionAnswer
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