LEGAL FOUNDATIONS
This is a legally recognized entity capable of having rights and duties.
What is a person?
This refers to the legal ownership of property.
What is title?
This is a legal relationship in which one party holds property for another’s benefit.
What is a trust?
This body of law standardizes commercial transactions across the United States.
What is the Uniform Commercial Code?
This is a legally enforceable agreement between parties.
What is a contract?
This is a formal written request to a court seeking legal relief.
What is a complaint?
This term refers to the authority of a court to hear and decide a case.
What is jurisdiction?
This is the right to possess, use, and enjoy property.
What is ownership?
This duty requires loyalty and care when managing another’s property.
What is fiduciary duty?
This written statement is filed to give public notice of a secured party’s interest in collateral.
What is a UCC financing statement?
This element requires a bargained-for exchange of value.
What is consideration?
This is the party who initiates a lawsuit.
Who is the plaintiff?
This is the legal power to bind oneself to a contract.
What is capacity?
This is property that is movable and not attached to land.
What is personal property?
This term refers to the person who conveys property into a trust and establishes its terms.
Who is the grantor?
This term refers to property pledged as security for repayment of a debt.
What is collateral?
This occurs when one party fails to perform a contractual duty.
What is breach?
This is the party against whom a lawsuit is filed.
Who is the defendant?
This principle requires courts to follow previously decided cases.
What is stare decisis?
This type of property includes land and anything permanently attached to it.
What is real property?
This person holds legal title to property in a trust arrangement and manages it according to the
trust’s terms.
Who is the trustee?
This party holds a security interest in collateral to secure payment or performance.
Who is a secured party?
This remedy places the injured party in the position they would have been in had the contract been
performed.
What are expectation damages?
This is a court order requiring a person to do or refrain from doing something.
What is an injunction?
This term refers to a violation of a legal duty imposed by law.
What is a tort?
This is the transfer of rights or property from one party to another.
What is assignment?
This type of trust generally cannot be revoked once properly established and may be structured so
that it does not distribute interest and is treated as a separate entity for tax purposes under applicable law.
What is an irrevocable trust?
This term refers to the person who owes payment or performance under a secured transaction.
Who is a debtor?
This statute requires certain agreements to be in writing to be enforceable.
What is the statute of frauds?
After his death in 2009, this entertainer’s estate remained in probate court for over a decade due in
part to asset titling and tax disputes.
Who is Michael Jackson?