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Definition
| individual who turns over possession of property |
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| an individual who accepts possession of property for a short period of time |
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| relationship that arises when one person delivers possession of personal property to another under an agreement, express or implied, by which the latter in under a duty to either return it, deliver it, or dispose of it as agreed |
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| a type of bailment in which there is no compensation for the bailee |
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| type of bailment in which you gave the bailee permission to take your property because of something you did |
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Definition
1) agreement (expressed or implied)
2) delivery of the item & acceptance
3) bailor needs an interest in the property
4) Bailee also has an interest in possession |
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Definition
duty to give reasonable care for the property
duty to return the property to the bailor
receiving the charges for storing and repairing the property |
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Definition
| this happens whenever the bailee keeps the property until the bailor pays up for the charges |
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| levels of negligence for bailments |
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| mutual benefit: resonable sole benefit to the bailor: gross negligence sole benefit to the bailee: slight negligence |
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Definition
| cell phones, trademarks, etc, smaller scale things that are still property |
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Definition
| land, buildings, oil tanks, trees, things that are quite a bit larger in scale that belong to someone |
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Term
| 5 different ways to transfer gifts |
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Definition
1)inter vivos gift
2)causa mortis
3) gift to minors
4) conditional
5) anatomical |
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Term
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Definition
| a gift made while you are living, and you give it to another living person. There has to be intent to make the transfer and must have delivery of the gift |
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| gifts given by someone who is facing imminent death. Doesn't qualify if the giftor does not die, the giftee dies before, or the gift is rejected |
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Term
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Definition
| gift given to a person who is not of age to take it legally, a guardian or custodian will need to take the gift and use it for the person it was actually intended |
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| can be two different types: precedent (get the gift because you did something) or sebsequent (you get the gift as long as something does not happen) |
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Definition
| giving your body or organs to someone (giving blood is an example) |
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Definition
| case of multiple owners where people own a certsin percentage of the property, and if they die, their kids all own the same portion their parent owned, but split equally |
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Definition
| case of multiple ownership which includes the right of survivor-ship, the last person alive owns the entire thing |
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Definition
| (MO when married) with the right of survivor ship, but, if someone tries to transfer ownership in a will, the transfer would not be affective, the surviving spouse would get the whole portion |
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Term
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Definition
| between people who are married, SW states mostly, the right of survivorship/transfer through wills or inheritance. If the purchase is made by one person before the marriage happened and the other name is not on there, then it is still the other's property |
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Term
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Definition
| common (UPS), contract(chooses their jobs), and private (walmart) |
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Term
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Definition
| any time a carrier is taking a new shipment, the carrier produces this document saying the goods were received |
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Term
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Definition
-make reasonable and necessary rules for conducting business
-charge rates for services
-lien on transported good for security |
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Term
| Duties of the common carrier |
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Definition
-carry lawful good if they have the space
-furnish adequate facilities for transporting freight
-follow shipeer's directions
-load and unload
-deliver goods in accordance with the contract |
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Term
| Exceptions of liability to the common carrier |
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Definition
1) act of God
2) war
3)Public authority
4)if something is done by the shipper
5)inherent nature of the goods |
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Term
| Theories for product liability cases |
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Definition
1)express warranty
2)implied warranty
3)negligence
4)fraud
5)strict tort liability |
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Term
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Definition
| warranty including a statement of fact or promise related to goods that is "basis of buyer's bargain". |
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Term
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Definition
| implied by law, you assume that there is something like a warranty because the good should do what its supposed to do |
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| Warranty against encumbrances |
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Definition
| the item being bought cannot have been used for collateral for something else the seller needed to do (implied warranty) |
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Definition
| the warranty stating that what you are buying an item for, it what it has to be able to do (implied warranty) |
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| warranty against infringement |
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Definition
| the item will not get into trouble with any copyrights, trademarks, patents, etc (implied warranty) |
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| warranty of merchantability |
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Definition
| this type of warranty can only be found if you have a sale by a merchant, and it says that the good is going to work for its normal purpose (implied warranty) |
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Definition
| warranty that is unconditional and you get the full amount back |
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| warranty that has conditions in it and may not guarantee that you will get the full amount back |
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Term
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Definition
| The Uniform Commercial Code applies this to actions brought for remedies on the breach of a sales contract. This exists because judicial remedies have to have have time period limitations (usually 4 years) |
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Term
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Definition
| failure to act or perform in the manner called for by the contract |
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