LAW 101: Law Midterm Terms
LAW 101: Law Midterm Terms Law 101
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This 4 page Study Guide was uploaded by Melissa Cirasella on Friday September 18, 2015. The Study Guide belongs to Law 101 at Pace University taught by Adrian Armstrong in Fall 2013. Since its upload, it has received 45 views. For similar materials see Business Law 1 in Law at Pace University.
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Date Created: 09/18/15
Melissa Cirasella Law 101 Oral Exam Terms 1 10 11 administrator person appointed to Wind up and settle the estate of a person Who has died Without a Will agreement a properly executed and legally binding contract atwillemployee employee Who doesn t have a contract and can be fired at anytime for any reason as long as it s not for discriminatory purposes bargainedfor exchange something of value must be given or promised in return for the performance or promise of performance of the other battery the intentional wrongful touching of another person Without that person s consent community property any property that has been obtained by spouses during their marriage condition precedent a condition must be satisfied before any gift or transfer takes place condition subsequent the gift is given before any condition is satisfied but gift can be taken back if condition is not met consideration What each party to a contract gives up to the other in making their agreement contractual capacity ability to understand that a contract is being made and to understand its general meaning cotenancy When two or more people hold rights and interests in the same property 12 13 14 15 16 17 18 19 20 21 22 23 24 25 creditor person seller or lender who is owed money also may be a secured party debtor buyer on credit a borrower decedent person whose estate is being administered due to death donee recipient of a gift donor person making the gift escheat when the owner of property dies intestate and there are no heirs to inherit property the unclaimed property automatically goes to the state government executor person man or woman named in a will to administer the estate of the decedent forbearance refraining from doing an act that an individual has a legal right to do gift title to an owner s personal property voluntarily transferred by a party not receiving anything in exchange gift causa mortis gift made by the donor in the belief that death was immediate and impending that is revoked or is revocable under certain circumstances good faith intent to act without taking an unfair advantage over another person or promise to act in pari delicto equally guilty used in reference to a transaction as to which relief will not be granted to either party because both are equally guilty of wrongdoing inter vivos gift a regular ordinary gift that takes place between living persons and creates rights prior to the death of any of them intestate person who has died without a will 26 joint tenancy form of ownership between two or more people but with a right of 27 28 29 30 31 32 33 34 35 36 37 38 39 survivorship liquidated debt debt not in dispute main purpose exception when the main purpose of promising to pay the debt of another is for your own benefit the oral promise to pay debt is binding monopoly party or parties who try to corner a market where there is no competition moral obligation a duty which one feels the need to complete based on right and wrong but is not legally bound to fulfill noncompetition clause a legal agreement in which one party is restricted from working as a direct rival to the employer for a specific time and place part performance exception validates oral agreements not performed within one year past consideration something that has been performed in the past and which therefore cannot be consideration for a promise made in the present personal property property that is tangiblemovable or intangible preexisting legal contract a promise or performance by someone who is already legally obligated to do so is not considered consideration prenuptial agreement a written contract stating what property rights and obligations will be divided between the party should they get divorced quasi contract courtimposed obligation to prevent unjust enrichment in the absence of a contract quid pro quo an exchange of favors for something in return real property land and things embedded in the land or attached to earth 40 41 42 43 44 45 46 47 48 49 50 right of survivorship if one of the joint tenants dies then the interest and property of the deceased goes to the surviving owners regardless of what the will says severalty when all rights to a property are owned by one person specific performance action brought upon a party to fulfill all obligations according the terms of the contract statute of frauds law enacted to prevent fraud through the use of perjured testimony requires that certain kinds of transactions be evidenced in writing in order to be binding or enforceable suretyship undertaking to pay the debt or be liable for the default of another tenancy by entirety when property is transferred between legally married partners tenancy in common exists when two or more people share ownership of a property and the equal right to enjoy it testate person who has died with a will the 4th Amendment protects against unreasonable search and seizure by the government unliquidated debt debt that is disputed based on how much is owed usury when money is loaned at a higher rate of interest than the law allows
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