Contract Law
This type of contract is created through spoken or written words
What is an express contract?
Who is responsible for goods lost in transit if the seller has shipped them?
Who is the seller.
This legal concept gives a person the right to possess and use a property
What is ownership?
What document must a debtor file to start the bankruptcy process?
What is a bankruptcy petition?
This form is used by individuals to file their annual income tax return
what is form 1040?
This type of contract is implied by the actions or conduct of the parties involved
What is an implied contract?
This determines who bears the risk if goods are damaged during shipment?
What is the risk of loss
This term refers to the legal document that transfers ownership real property from one party to another
What is a deed?
This is the meeting where creditors can question the debtor under oath.
What is the 341 meeting?
This type of tax is based on the value of property owned by an individual or business
What is property tax?
This type of contract involves one party making a promise in exchange for an action by the other party
What is a unilateral contract?
If a buyer receives damaged goods, what can they seek as a remedy?
What is a replacement
This doctrine allows a person to acquire ownership of land by occupying it openly and continuously for a certain period.
What is adverse possession?
What is the name of the court that handles bankruptcy cases?
What is the bankruptcy court?
This term refers to income that is not subject to taxation
What is tax-exempt income?
This type of contract is a promise made by one party in exchange for a promise made by the other party
What is a bilateral contract?
The seller must notify the buyer of this to avoid liability for damages?
What is a breach of warranty
This legal right gives a person the authority to use another person's property for a specific purpose
What is an easement?
This is a legal stay that stops creditors from pursuing debts once bankruptcy is filed.
What is an automatic stay?
This type of tax is levied on the transfer of property upon the owner's death
What is estate tax?
This type of contract involves a promise to keep an offer open for a specified period
What is an option contract?
This can be a remedy for a breach of contract where the court orders the breaching party to fulfill their obligations.
What is adverse possession?
This legal action involves the forced sale of a property to satisfy a debt or obligation
What is foreclosure?
What is the term for the trustee's role in managing the bankruptcy estate?
What is fiduciary duty?
This tax is imposed on goods and services at each stage of production or distribution