CH. 14
This is a body of suggested rules adopted by almost all of the states to guide the sale of goods and leases, among other things
What is the Uniform Commercial Code?
If you do not bring a lawsuit for breach of contract within the _______________ _____ __________, then you will lose your ability to recover damages in that lawsuit.
What is statute of limitations?
This is a person who (1) deals in goods of the kind involved in the transaction or (2) someone by his or her occupation holds themselves out as having knowledge or skill peculiar to the goods involved in the transaction.
Who is a Merchant?
When property is titled this way, the interests or property would pass to someone's heirs, as opposed to a joint-tenant.
What is a tenancy in common?
This is an amendment to a will.
What is a codicil?
This is when, under certain situations, the employer is liable for an employee/agent's tortious conduct.
What is respondeat superior?
These three types of individuals are presumed not to have capacity:
What are minors, insane persons, and extremely intoxicated persons?
This is the right to use another person's land without owning it.
What is an easement?
This is the person who OWES the duty of performance under the contract.
Who is the Obligor?
This is an offer by a merchant who offers to buy/sell and (2) gives written assurances that the offer will be held open for a certain period of time, cannot revoke that offer during that time period.
What is a firm offer?
If a person wants to use their property in a way that does not comply with the zoning rules, they would ask for a:
What is an variance?
This is the name of the proceeding in Surrogate's Court when the decedent did not leave a will.
What is an administration?
Here, an employee is liable because an agent does something during the course of his or her employment to further his or her own interests rather than the principal’s.
What is a frolic and detour?
This is the time when a minor is under the age of 18.
What is the period of minority?
In a contract that falls under the UCC, some terms may be left open to be filled in later, this is known as the _______ ______ rule.
What is the gap filler rule?
When someone owns a landlocked piece of real property and has to cross over another person's property to access a road, etc.
What is an easement by necessity?
If my last will and testament appoints a female to carry out the wishes of my will, this is her title(yes, the law is 50 years behind the times):
What is an executrix?
This is a fiduciary duty owed by an agent, not to act adversely to the interests of the principal
What is the Duty of Loyalty?
These are examples of food, clothing, shelter, medical care.
What are the necessaries of life?
This rule requires that certain contracts must be in writing.
What is statute of frauds?
This is where a party can transfer their obligation to perform a duty under a contract.
What is a delegation of a duty?
This section of the UCC covers lease contracts.
What is section 2A?
This is the best type of ownership, because the owner has total and complete legal rights to the property.
What is a fee simple absolute?
This type of trust leaves personal property (usual a bank account, etc.) to another person as a beneficiary, only to be accessible to the beneficiary when the trustee dies.
What is a totten trust?
This unincorporated business entity that combines the most favorable attributes of general partnerships, limited partnerships, and corporations. It is also a legal entity that can sue or be sued.
What is a Limited Liability Company?
This is a mistake made by one party to a contract.
What is a unilateral mistake?
This is the rule that states all agreements made contemporaneously or prior to a completely integrated agreement cannot be used as evidence to alter the existing agreement
What is the Parol evidence rule?
This is an event or occurrence, required by a contract that must take place BEFORE a party is obligation to perform the contract.
What is a condition precedent?
This is the person who acquires the right to possess or use goods under a lease.
Who is the lessee?
In this type of deed, the person signs transfers only the part of the property that they own, even if it is nothing.
What is a quit claim deed?
This act requires that a beneficiary under a will must outlive the testator in order to inherit. This is also known as the 5 day rule.
What is the Uniform Simultaneous Death Act (USDA)?
Unless they elect otherwise, an LLC is taxed as a:
What is a partnership?
This is an event that occurs when one person consciously decides to induce another person to rely and act on a lie.
What is fraudulent representation?
This is the Article of the UCC applicable to sale of goods.
What is Article 2?
This is when a party tenders inferior performance on a contract (aka they do not complete an important or large part of the contract)
What is a material breach?
Mineral rights, air rights, fixtures and some vegetation are classified as this type of property.
What is real property?
This type of will is completely handwritten by the Testator.
What is holographic?
This is the first document you file to create a LLC.
What are the Articles of Organization?
Fraud that occurs if a person is deceived as to the nature of his or her act and does not know what he or she is signing.
What is Fraud in the Inception?
Under the "one year rule" for the statute of frauds, this is the only type of contract that is subject to the rule.
What is an executory contract?
This is an award of money intended to compensate a non-breaching party for the loss of the bargain.
What are compensatory damages?
This type of legal action is brought in court to settle the ownership (usually property lines) of real property.
What is a quiet title action?
Lineal descendants are also known as heirs and also known as:
What is issue?
What must be filed with the Secretary of State to officially terminate a LLC?
What are Articles of Termination?
This is a situation in which one party threatens to do a wrongful act unless the other party enters into a contract.
What is duress?