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Business Law
BLAW Cheeseman book test 1
15
Law
Undergraduate 3
02/22/2010

Additional Law Flashcards

 


 

Cards

Term
In personam jurisdiction or Personal Jurisdiction
Definition
Jurisdiction over the parties to a lawsuit
Term
In rem jurisdiction
Definition
jurisdiction to hear a case because of jurisdicitoin over the property of the lawsuit
Term
quasi in rem, or attachement jurisdiction
Definition
jurisdiction allowed a plaintiff who obtains a judgment in one state to try to collect judgement by attaching property of the defendant located in another state
Term
Bailment
Definition

A transaction in which an owner (bailor) transfers his or her personal property to another (bailee) to be held, stored, delivered, or other purpose. 

 

Title to the property does not transfer

Term
3 necessary elements to create a bailment
Definition

1) personal property:  both tangible and intangible

2) Delivery of possession:  Bailee has exclusive control over personal property.  Bailee must knowingly accept personal property 

3)  Bailment agreement:  express (written, oral) vs implied (finding and safeguarding)

 

Term
Bailments at will
Definition
Can be terminated by either party (gratuitious bailees, sole benefitors)
Term
L A W
Definition
a body of rules of action or conduct prescribed by controlling, authority, and having binding legal force.  That which must be obeyed and followed by citizens subject to sanctions.
Term
Contract as a private law between parties
Definition
Voluntarily entered into by parties.  "Contract between parties is the law between them and the courts are obliged to give legal effect to such contracts according to the TRUE INTERESTS OF THE PARTIES"
Term
Agreement
Definition
This requries an offer by the offeror and an accepatnce of the offer by the offeree.  There must be mutual assent by the parties.
Term
Consideration
Definition
The promise must be supported by a bargained for consideration that is legally sufficient.  Gift promises and moral obligations are not considered supported by valid consideration.
Term
Contractual Capacity
Definition
Parties adjudged as insane do not have this.
Term
Lawful object
Definition
Contracts to accomplish illegal object or contracts that are against public policy are void
Term
Genuineness of assent
Definition
No real consent if obtained by duress, undue influence, or fraud
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