ACCT 324 Real Final Study Guide
ACCT 324 Real Final Study Guide ACCT 324 002
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This 0 page Study Guide was uploaded by Maddi_Jones on Saturday December 5, 2015. The Study Guide belongs to ACCT 324 002 at University of South Carolina taught by Julius David Johnson (P) in Fall 2015. Since its upload, it has received 129 views. For similar materials see Survey of Commercial Law in Accounting at University of South Carolina.
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Date Created: 12/05/15
ACCT 324002 Final Study Guide EXAM 3 REVIEW TOPICS Bailment contracts and duties of parties in bailment relationship 48 0 Relationship when a bailor transfers possession of property to a bailee to be used by the bailee in a certain way they agree on Ex Coat checks valet drivers etc 0 Rights of Bailor Right to expect bailee to take care of their property and return it in the same condition or compensate them if need be 0 Duties of Bailor Duty to compensation and reimbursement Pay them for their services Duty to provide bailee with property that s defect free even the hidden ones 0 Show proof that there s already damages done before the bailee takes possession of it 0 Rights of Bailee Right to use property in the agreed upon way Right to be compensated unless it39s gratuitous o Duties of Bailee Duty of care of the property Duty of obedience can only use it in the agreed upon way Must return good in the same condition Restrictive Covenants 49 o Promises to use or not use their land in a certain way Ex quotPlanned communitiesquot where people have to maintain their yards to a certain standard to keep its value 0 Voluntary and involuntary transfer of personal property 48 0 Voluntary purchase or gift Purchase needs consideration Gift doesn39t need consideration but needs delivery donative intent and acceptance lnter vivos gifts gifts made during the donor39s lifetime they gotta be alive Gift causa mortis needs delivery donative intent and acceptance BEFORE the death of the donor 0 lnvoluntary abandoned lost or mislaid Whoever nds the lost or mislaid property automatically gains the title to the property above all others except the original owner 0 Zoning issues 49 0 Must not quotencroach on private property rights of landownersquot without having a clear tie in with a legit governmental health or safety purpose 0 Must have a reasonable relationship with one of the purposes above o Restricts owners from using their land as they please if they please to use it outside of its best economical contribution Some properties should be made for houses and some for industrial use and some for agricultural Wills and codicils and revocation and amendment of wills 52 0 Will legal document that says how someone wants their property to be distributed after they die Ambulatory which means you39re able to change them 0 Codicils a separate document with the new changes that will be enforced in your new will Just a way to change your will basically o Revocation of a Will a cancelation of your will 0 Uniform Anatomical Gifts Act 52 0 Anyone 18 or older can give any or all parts of their body to a done when they die 0 Hospitals surgeons medical or dental schools organ banks a speci ed person or those in need of an organ transplant are eligible to receive the quotanatomical giftsquot Usually states on a person39s driver39s license if they39re a donor 0 Living wills durable powers of attorney health care powers of attorney 52 0 Requirements for a will testamentary capacity writing testator39s signature attestation 0 Grounds for contesting a will Oral will that the testator declares verbally in their nal moments of life in front of witnesses who then write down what they said Holographic a will the testator writes in their own handwriting but doesn39t require witnesses Mutual a will that 2 people make that leaves the property to each other as long as the survivor agrees that when they die whatever39s left will be distribute however everyone in the agreement sees t 0 Living will document saying what you would want your family to do for you in case of an accident or illness that prevents them from making medical decisions on their own 0 Durable power of attorney a written document executed when a principal is in good mental health that allows an agent to make their medical decisions for them 0 Health care proxy document that shows the relationship between the principal and their agent in a medical situation Covenant of quiet enjoyment of property 50 o A promise to the tenant that they have the right to quietly enjoy the land The landlord won t interfere with their ability to quietly enjoy the property they39re using Embezzlementlarceny 7 o Larceny stealing personal property intentionally just so the true owner can39t have it o Embezzlement unlawfully convert money that they already possess but haven39t earned to their personal checking as if they owned it The same as larceny but they already physically have the money Ex Your attorney puts some money in escrow but takes it out before the job is complete and uses it to buy new shoes Documents of title 48 o A document when you39re transporting or storing goods that says that the goods must be claimed by or addressed to the bailee So somebody has to claim them 0 Types Bill of lading issued by a person in the business of transporting the good that veri es receipt of the goods for shipment Warehouse receipt receipt issued by the person that is storing the good for compensation Types of bailments and liability under each 48 0 These special bailments impose additional obligations on the bailee 0 Common carriers provide public transportation like UPS or FedEx They39re liable for any harm done to the property while it39s in their possession Only exception is when the damage done is due to an act of God so some sort of natural disaster has gotta come save your soon to be sued butt 0 lnnkeepers provides lodging to others like hotels and motels Held to very high standards Some states allow that their innkeepers can avoid strict liability for their guests personal property You know how a lot of places say we can39t be responsible for any lost or damaged items Yup that39s this Generally the innkeeper doesn39t have responsibility for a guest39s car but if they provide parking then they gotta provide reasonable care ie put lights in the parking lots and security cameras Liability of common carriers 48 0 Covered in the bullet point above D Rights associated with real property ownership 49 0 Owners have a right to the real property house 0 Water rights on owned land by house 0 Mineralsubsurface rights kind of selfexplanatory 0 NO AIR RIGHTS unless you want to pay an arm and a leg Easements appurtenant in gross by necessity by prescription licenses pro ts 49 o Easement right to use a portion of another person39s land for a speci c purpose without taking anything from it 0 Pro t right to go on someone else39s land and take part of it or products of it away Appurtenant when the pro t or easement runs with the land adjacent to the principal property By Necessity an easement where a piece of land is divided up and one of the portions is landlocked because of the division ln Gross easement or pro t that39s not dependent on owning property right next to the primary one An example is running a gas line through your yard Types of real property ownership and coownership 49 0 Ownership when only one person has the property rights Fee simple absolute most complete estate you can get it gives you exclusive rights to ownership and possession of the realty Buying a house Conditional estate same as fee simple absolute but if a speci ed prohibited event happen or fail to happen then the interest will be terminated Life estate granted for the person s whole life and when they die the property will be passed to a designated person Leasehold estate right to possess a property for a certain amount of time o CoOwnership when more than one person has the same property rights as the other Tenancy in common each owner has the right to sell their share without the consent of others They own unequal share portions Rights automatically passed down after death Joint tenancy same as tenancy in common but they all own equal shares and when death of one owner comes the assets are divided equally among the surviving partners Tenancy by the entirety for married couples where one owner can39t sell their stuff without the other39s consent If the owner dies the spouse gets all the stuff Condominium gives holder exclusive ownership rights of a unit within the complex Cooperative person is a shareholder in the corporation owning usually an apartment and receives permanent lease on a unit when they buy stock Types of deeds 49 0 General warranty deed contains general promises by the grantor like the promise that they own the interest they39re talking about and they have a right to convey it 0 Special warranty deed promises only that they haven39t done anything to lower the value of the property 0 Quitclaim deed last desirable deed from the grantee39s point of view It carries no warranties so the grantor just tells the grantee what interests they have Undue in uence fraud negligence in creation of estate planning documents 52 o Undue in uence When the testator wrote the will under circumstances in which a person they trusted took advantage of their weak state of being for their own personal bene t regarding the will Fraud when the testator relied on false information that s in the will 0 Intestacy statutes if a person dies without a will the state lists their property and how it will be distributed They would have died quotintestatequot Nature of insurance agreements and types of clauses in insurance contracts 51 o Insured party makes payments called a premium 0 lnsurerUnderwriter receives payments from insured party They pay the bene ciary o Bene ciary person that39s named to receive the insurance in addition to the insured 0 Policy document with agreement between insured and insurer saying this is all good 0 Clauses gives insured a little more power lncontestability clause ensures that after an insurance policy has existed for usually about two years the insurance company can39t contest any statements made in the application This way they can39t delay payments because they want to investigate for fraud Antilapse clause provide a grace period of about 30 days if you forget to pay your premium Appraisal clause if you and your insurance company can39t agree on how much the damage is worth you can hire a 3rd party appraiser to put their 2 cents in Arbitration clause helps quickly settle arguments between the insured and insurer Types of property leases and landlordlessee premises liability 52 0 Types of leases De niteterm lease automatically expires at the end of the term Periodictenancy lease created for a recurring term like month to month Tenancyatwill lease can end the lease whenever they want Tenancyatsufferance lease only created when the tenant refuses to leave the property after the lease has already ended o Landlord39s Liability Liable if the injuries occur in common places like hallways elevators and stairwells Liable if they39re responsible for xing something that might cause harm but neglect to x it Liable when they know there39s something potentially dangerous about or on the property but hides it from the tenant o Tenant39s Liability Must keep their space that they made for the public and have control over in a safe condition So if a restaurant owner doesn39t put up a wet oor sign in a place they just mopped where the O public has access to and someone slips and falls the tenant is liable Fair Housing Act and discrimination under the Act 50 O The landlord cannot discriminate against a potential tenant with regard to race color sex religion national origin familial status or disability Corporate of cer liability issues 7 O 0 They are held liable if the act was for their own personal bene t or for the bene t of the company Even if the corporate of cer had nothing to do with and knew nothing about the crimes the court is still allowed to assess them because it39s their duty to make sure everyone obeys the law within the workplace and if they failed to do so they can be investigated Vicarious liability courts have held employers liable for the crimes of their employees if the employer told them to do so or aided them in their acts Federal Acts combating white collar crime RICO Sarbanes Oxley etc 7 O RICO protects legit businesses from serving as covers for racketeering Because anyone who incurred damages from such acts can sue it39s a federal crime to conduct racketeering actions or pro t in any way from them SarbanesOxley Act new set of rules for accounting rms to lower white collar crime after so many business scandals in the early 200039s Makes it illegal for accounting rms to provide nonaudit services to an audit client False Claims Act used to sue employers for fraud against the government Because one or only a few employees are going up against a big company that the act provides protection for them Types of intentional torts and applicable defenses 8 0 Assault when someone puts another person in fear of immediate bodily contact with the intentions of harming them Battery actually harming the other person by bodily contact Defamation intentionally publishing false information about someone False light close to defamation but just provides characteristics or supporting evidence to paint someone in a different color rather than just providing a false accusation False imprisonment when someone is con ned or restrained against their will for a period of time Intentional ln iction of Emotional Distress when someone engages in outrageous intentional conduct that is likely to cause extreme emotional distress to someone else Ex If a persona calls his former employer and falsely says their son was just arrested for murder Abuse of process legal procedure in criminal or civil matters is misused to achieve a different goal than that clearly dictated by the law Private nuisance when a person uses their property in an unreasonable manner that harms their neighbor s use Ex Playing excessively loud music next door Trespass to personalty temporarily assuming control over another person39s personal property like going on a joy ride but then returning it Conversion when someone permanently removes personal property of another Disparagement like defamation but this one is designed to protect your property interests rather than your reputation Unfair competition when someone enters an industry just so they can drive their competitor out of business Fraudulent misrepresentation when a party intentionally deceives someone to facilitate personal gain Defenses Compensatory damages compensation for the victim harmed by the tort Nominal damages small amount of money that s given to recognize that a defendant actually did commit the crime Punitive damages awarded to punish the person who committed the tort to show others that this certain act is punishable and has consequences
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