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| Article 3 UCC (commercial paper) |
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Definition
| must be written and must a unconditional order or promise to pay signed by the maker, made out to bearer for a certain amount of money |
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| a conditional promise to pay, conditioned on the person receiving signing a release or an event then the person who produced the draft will pay the amount |
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| : Entity that is expected to accept and pay a bill of exchange (check, draft, letter of credit, etc.) on presentation or on a certain date (called due date or maturity date). |
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| person or corporation who puts forward an offer to someone else to make a contract. |
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| person or corporation to whom an offer is made to make a contract |
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| Convention on Contracts for International Sale of Goods(CISG) |
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| *Takes priority over UCC (state law)* -- only applies to goods in commercial sales (between merchants) |
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| experts, great deal of knowledge of product. Can be what they primarily do for a living OR do it for a hobby |
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| 4 types of negotiable instruments |
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| checks, drafts, notes, certificates of deposits |
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| draft drawn on a bank and payable on demand. Considered most commonly used form of draft. Unlike draft, checks must be paid on demand and must have a bank as a drawee. |
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| bill of exchange that involves the drawer who orders drawee to pay the payee. Form of order to pay that is payable at a later date and may use a bank, individual, or corporation as its drawee |
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| A promissory note is legally considered to be a note as identified by the UCC. Form of promise to pay by one party, called the maker, to pay a certain sum of money to another party, the payee. |
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| UCC: “acknowledgement by bank” that is it received money deposited from client with promise that bank will repay the money after a date specified in addition with interest. |
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| seller’s promise as to quality, safety, performance, or durability of goods. |
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| A quality and safety standard imposed by article 2 of the UCC. It is automatically imposed on sellers unless they specifically disclaim them |
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Divided into sections known as Chapters.
Exclusively federal law |
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| Chapter 9 Municipal Corporation |
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Definition
-cities, counties, and states
-most likely wont file, but it is there if they want to |
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Definition
| are cleared, but you can't lose any assets you own under the old law can only be file every 8 yrs the new law you are only cleared from part of your unsecured debt( debt no property attached to it) |
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| Chapter 12 "Family Farmers" |
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Definition
| This type of bankruptcy sets a payment plan between the borrower and the creditor monitored by the court. The homeowner can keep the property, but must make payments according to the court's terms within timeframe specified by statute of limitations, but only applies to family farmers and fishermen |
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Term
| Chapter 13 "natural persons" |
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Definition
| This type of bankruptcy sets a payment plan between the borrower and the creditor monitored by the court. The homeowner can keep the property, but must make payments according to the court's terms within timeframe specified by statute of limitations. |
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| Chapter 11 "for businesses ONLY" |
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Definition
| allows for payment of debts over a period of time not to exceed 60 months. Debtor retains are asset.(payment plan for business only) |
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| 6 Elements required to exist in a contract: prima facia necessary to form a legal, valid, binding contract: I-C-L-A-C-O |
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| Intent, Consideration, Legal subject matter, Acceptance, Capacity, Offer |
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| • Must be clear and definite, as would the clear and definite acceptance of terms within contract signed. Offeror must have intent to be bound by the contract and that intent must be clearly expressed or contract is void |
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| Defines the economic benefit to the promisor or detriment to promisee in effect of contract made. Something of value or something bargained for in exchange for a promise |
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| The subject matter concerned by contract must adhere to laws, therefore ensuring legality with intent of transfer, procure, or deliver. |
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| an offer is a manifestation of assent to the terms thereof made by the offeree in a manner invited or required by the offer, must not change the terms of contract, if something is changed then it must be accepted by other party |
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Definition
| ability to perform the contract. |
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Promise to do something or to refrain from doing a specific thing
• Once an offer is refused, the legal effect is that the offer is gone and only can be revived by the offeror restating the offer. Only then is the offer available again for acceptance or rejection |
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| -Contracts where acceptance is accounted for by performance, One sided. The Offer |
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| Contracts where there is an exchange of promises, two sided. response to the offer/acceptance |
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| Exception to the general rule of contract law in common law countries that acceptance takes place when communicated. The posting rule states, by contrast, that acceptance takes effect when a letter is posted. Acceptance is effective when it is sent and revocation is effective when it is received by the offeree. As soon as the acceptance is mailed, the offeror can not extend that offer to anyone else. |
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| -Unconditional acceptance of the contract as is of the terms and conditions provided in the original offer. offeree must accept the offer as presented by offeror |
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| Contract that does not exist at law, therefore not enforceable. |
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| one party of the contract has the right to void a legal obligation because of lack of capacity |
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Term
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| food, clothing, shelter, and insurance is not being provided by the parent(s) |
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| Contract arising of agreement through actions of both parties |
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| Written/oral expression under intent from both parties |
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| restricts the use of oral/parol evidence in a lawsuit when the evidence is contrary to the terms of the written contract. BUT under UCC oral evidence can be used in a lawsuit |
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| Trade Dress, Lanham Act, Trademark,Copyright, Patents, |
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| Commercial symbol concerning look and feel of a particular product, protected by trademark law and Lanham Act, the form of size, shape, color, texture, graphics, as well as color combinations. |
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Definition
In common law, recognition of right to intellectual property. Allows a person to register a symbol with the patent and trademark office in Washington, D.C.
• A private citizen can be allowed a search and seizure order in a courtroom once they prove someone has imitated their product
• Trade names cannot be registered under Lanham act |
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| Design, logo, phrase, distinctive mark, name, or word that a manufacturer prints on their products to readily identifies itself in the marketplace |
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Form of protection provided by the laws of the United States (title 17, US Code) to the authors of "original works of authorship," including literary, dramatic, musical, artistic, and certain other intellectual works. It can be on a book poem, card, drawing, and etching.
gives owner 5 rights: Reproduce, Publish,Display, Perform, Prepare derivative works based on original |
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| Grant from the government to an inventor for “the right to exclude others from making, using, offering for sale, or selling” the invention for twenty years after filing of patent application |
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| One year and one day rule |
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| if you invent something and dont patent before 1 year and one day your not allowed to patent it |
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| A contract, which protects an original idea from unauthorized disclosure |
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| Contracts for which performance remains due to some extent on both sides, examples include franchise or license agreements |
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| A contract in which all parties have fulfilled their promises or contract that has been fully performed |
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| Damages awarded to compensate an injured person for the actual (proven) injury or loss; considered an award, usually monetary, that is intended to compensate the claimant for injury sustained. |
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| awarded in addition to actual damages when the intent is to punish the guilty or liable party for an action. |
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| a small amount of money awarded to a plaintiff in a lawsuit to show he/she was right, but suffered no substantial harm. |
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| Under context of common law, claim protection for unjust enrichment at the expense of another. |
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| Common law doctrine, Injury based on defendant’s negligence and therefore presumed at fault. “the thing speaks for itself”. |
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| The binding legal document that must be signed by the borrower before loan funds are disbursed by the lender. The promissory note states the terms and conditions of the loan, including interest rate, and cancellations. The borrower should keep this document until the loan has been repaid. |
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| Statue of common law enacted by every state, which govern the time frame when a lawsuit must be filed before it becomes unenforceable or void |
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| Intended motives or acts knowingly |
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| most common tort, injury due to careless conduct |
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| 1st amendment to the constitition |
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| Judge can order someone who is not doing what they are legally required to do, and vice versa. |
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| you have 3 days from the time you make a purchase from someone who comes to your door to cancel the purchase(contract) |
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| If one person intends to strike another, but the person moves out of the way to avoid being struck, causing the blow to hit a third person, both an assault (against the second person) and a battery (against the third person) have occurred, in both criminal and civil law. |
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| Civil rights act of 1964 title 7 |
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Definition
| equal opportunity employment |
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| Buy beware, foreseeability of someone hurting themselves due to misuses of your product |
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| a lawyer will try to negotiate and try to settle your case, lawyer must certified by Supreme court; no verdict given |
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| case goes before a panel of lawyers(3) and settle your case with a verdict |
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| you can appeal and take it to trial |
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Term
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I. A gives B a life estate for and during her natural life. B must pay taxes on the realty and maintain it, or such estate will be taken away and revert back to the owner;
II. A gives to B a life estate pur autrie vie, which is measured by the life of C. When C passes on, the life estate reverts back to A |
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Term
| Personal property/Real property |
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Definition
| All property that’s not real property is personal property, personal property can become real property under certain circumstances and real property can become personal again under certain circumstance |
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