Business Organizations
The supreme law of the United States
What is the US Constitution?
The three things necessary for a contract.
What are offer, acceptance, and consideration?
The right to use property without unreasonable interferences from the landlord or third parties.
What is quiet enjoyment?
When someone is authorized to act on behalf of another, this type of law applies.
What is agency law?
The legal claim that allows a creditor to take possession of a specific property if a debtor fails to meet their obligations?
Lien
An agreement in which the seller of a business agrees not to begin or operate a similar business within a certain geographic area, or within a specified period of time.
What is an agreement not to compete?
Profits paid out to stockholders
What are dividends.
A Maryland resident sues a New Jersey resident for $100,000. This type of jurisdiction applies to the case.
What is diversity jurisdiction?
This Latin phrase, often used in contract law, refers to the principle of "let the buyer beware" and places the burden on the purchaser to ensure they are making an informed decision.
What is "caveat emptor"?
A valid, government-granted protection awarded to inventors that gives the holder the exclusive right to manufacture, use, and sell the invention.
What is patent?
The name of the limited number of 'strikes' that each attorney gets during voir dire, which they can use to excuse a potential juror for virtually any reason.
What are peremptory challenges?
A plaintiff may not enforce any of the following agreements unless the agreement is in writing and signed by the defendant: any interest in land, that cannot be performed within one year, and for the sale of goods worth $500 or more.
What is is the statute of frauds?
The number of years someone must adversely occupy real property in Maryland to gain ownership,
What is 20 years?
Any word, name, symbol, or device or combination thereof adopted and used by a manufacturer or merchant to identify his goods and distinguish them from goods manufacturered or sold by others.
What is a trademark?
What is Delaware.
Sandy sues the Washington Capitals after being hit by a hockey puck at a game. The attorney's for the Capitals will likely use this defense.
What is assumption of risk?
If a promisor makes an oral promise that should reasonably cause the promisee to rely on it, and the promisee does rely, the promisee may be able to enforce the promise.
What is promissory estoppel?
Ray is the sole owner of his home. Before moving to a retirement home, Ray conveyed by deed a life estate to his wife Diane with the remainder to his son Bruce. Diane has a daughter Kelli, and Bruce has two sons, John and Kenny. Bruce dies before Diane. Upon Diane's death, the property owner(s) are ____?
Who are John and Kenny?
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What is fair use?