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Kubasek review

Kubasek Terms that need more review

QuestionAnswer
Constructive Trust 1. implied trust in which a party is named to hold the trust for its rightful owner. 2. An equitable Trust imposed on someone who wrongfully obtains or hold legal right to Property he should not possess.
implied Warranties of Quality 1. implied warranty of merchantability 2. implied warranty of fitness 3. implied warranty of trade usage
Implied warranty of merchantability A warranty based on a reasonable expectation of performance. The good must: 1. pass without objection 2. be of fair quality 3. be fit for ordinary 4. have even quality 5. be adequately packaged 6. conform to promises make on the label
The IMPLIED Warranty of Fitness for a particular purpose arises when a seller knows (or Has reason to know): Why the buyer is purchasing the goods in question. The buyer is relying on the seller to make an appropriation selection of goods.
Who is LIABLE for the agents actions? Action WAS Authorized! DISCLOSED PRINCIPAL The Principal is liable instead of the agent!
Who is LIABLE for the agents actions? Action WAS Authorized! PARTIALLY Disclosed Principal? Generally the agent is not held liable and the PRINCIPAL IS but the agent may BE HELD HELD liable for contractual nonperformance.
Who is LIABLE for the agents actions? Action WAS Authorized! UNDISCLOSED Principal The AGENT is Liable, but the principal is liable to the agent unless the contract excludes the principal, the contract is a negotiable instrument, or the aqgent knows that if the principal's identity was revealed, the third party would not enter contract.
Who is LIABLE for the agents actions? Action WAS NOT Authorized! The agent unless the principal ratifies the agreement.
Created by: tinafici