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Final Review

by: Dominique Marinelli

Final Review law 101

Marketplace > Pace University > Law > law 101 > Final Review
Dominique Marinelli
GPA 3.6
business law 1

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business law 1
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This page Study Guide was uploaded by Dominique Marinelli on Tuesday December 8, 2015. The Study Guide belongs to law 101 at Pace University taught by barnet in Summer 2015. Since its upload, it has received 15 views. For similar materials see business law 1 in Law at Pace University.


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Date Created: 12/08/15
Law Final Review 12815 540 PM Chapter 17 Writing Electronic Forms and Interpretation of Contracts Statue of Frauds Require that a contract be evidenced by writing in the case of 0 an agreement that cannot be performed within one year after the contract is made 0 an agreement to sell any interest in land 0 a promise to answer for the debt or default of another 0 a promise by the executor administrator of a decedent s estate to pay a claim against the estate from personal funds 0 a promise made in consideration of marriage and o a contract for the sale of goods for a purchase price of 500 or more Part Performance Doctrine Equitable principle that allows the court to enforce an oral contract despite its legal deficiencies except when oral agreement cannot be performed in one year Parol Evidence Rule prevents a party to a written contract from presenting evidence that discloses an ambiguity and clarifies it or adds to the written terms of the contract that appears to be whole Exceptions 0 Does not bar evidence when the writing is incomplete or ambiguous when There are allegations of fraud duress mistake or illegality A contract has been modified 12815 540 PM Chapter 21 Personal Property amp Bailments If the donor dies before doing what is needed to make an effective gift the gift fails Conversion 0 Common aw tort Finder of abandoned personal property is entitled to keep it finder acquires title Escheat transfer to the state of the title to a decedent39s property when the owner of the property dies intestate and is not survived by anyone capable of taking the property as heir If there is no contract the finder is not entitled to a reward Multiple Ownership 0 Tenancy in common 0 relationship that exists when two or more persons own undivided interests in property 0 No right of survivorship need a buyout clause 0 Joint Tenancy 0 Estate held jointly by two or more with the right of survivorship as between them unless modified by statue Right of survivorship the surviving owner automatically absorbs a dying owner39s share of the property Tenancy by entirety 0 Transfer of property to both husband and wife 0 Right of survivorship don t need a will 0 Community property Arizona and California 0 Half the property of the deceased husband or wife shall go to the heirs of that spouse or permit such half to be disposed of by will Conditional gifts valid and enforceable Bailor person who turns over the possession of a property Bailee person who accepts possession of a property Bailments classified in terms of benefit 0 Sole benefit of the bailor o Bailee is required to exercise only slight care and is liable for gross negligence 0 Sole benefit of the bailee o Bailee is liable for the slightest negligence Benefit of both parties mutual benefit bailment o Bailor is under a duty to furnish goods reasonably fit for the purposes contemplated by the parties Bailor may be held liable for damages or injury caused by the defective condition of the bailed property 12815 540 PM Chapter 49 Real Property Real Property Land 0 Buildings 0 Fixtures 0 Rights in the land of another 0 Fixtures 0 personal propriety attached to or associated real property Licenses temporary privilege to use land for a certain reason Liens claim on land to secure a debt 0 Example mortgage The right to use land easement must be written in the deed Attractive Nuisance Doctrine A rule imposing liability upon a landowner for injuries sustained by small children playing on the land when the landowner permits a condition to exist or maintains equipment that a reasonable person should realize would attract small children who could not realize the danger 0 Does not apply if an unreasonable burden would be imposed upon the landowner in taking steps to protect children Race Notice NY State 0 First buyer who files the deed and has good faith gets the property Eminent domain 0 Taking of personal property by the government for the greater good 0 Government offers buyout but its usually less than what its worth 0 5th Amendment Adverse Possession Involves trespassing 0 Result of a mistake 10 years NY deed an instrument by which a grantor transfers an interest in land to a grantee 0 Must be signed or sealed by the grantor and delivered to the grantee in order for the deed to by effective 0 Quitclaim deed Transfers whatever interest the grantor may have in the property without specifying that interest 0 Warranty deed Transfers specified interest and makes certain guarantees 5 steps to buying a house 1 pick neighborhood 2 lawyer survey inspection report abstract of title WP a mortgage must be in writing under the statue of frauds 12815 540 PM Chapter 19 Discharge of Contracts Most contracts are discharged by performance Tender of Performance an offer to perform 0 If wrongfully refused the duty of the tenderer to perform is terminated When the performance called for by the contract is the payment of money it must be legal tender that is offered When a contract does not state when it is to be performed it must be performed within a reasonable time Time of Performance 0 When time is a material term then it is said that time is of the essencequot breach of contract avoid going to court waiver of time 0 liquid damage clause deduct and add on o realestate time is of the essencequot Adequacy of Performance 0 Holds that if a party has performed a contract substantially but not perfectly then that party will be allowed the contract price less set offs if the defects are not intentional nor material Substantial performance 0 A party who substantially performs in good faith in entitled to payment offset by any deflect or damages 0 Examples 0 Defects are material 0 Builder has substantially performed and receives contract price less setoffs A condition subsequent o A condition or event that relieves the duty to thereafter perform Concurrent Conditions 0 Require mutual and often simultaneous performance 0 In most bilateral contracts Discharge by Action of Parties 0 Cannot be discharged by one party 0 Exception Discharge by Unilateral Action 0 Give notice to the other party 0 Cannot be discharged unless authorized by the contract itself or by statue as in the case of consumer protection recession Contract of Novation Signed by three parties then results in 2 parties because they dropped the middle man Replacing an obligation to perform another add or replace Accord and Satisfaction 0 Job not done right change it in a written statement resulting in a new agreement 12815 540 PM Chapter 20 Breach of Contracts and Remedies Direct damages will result from the breach 0 May be recovered on proof of causation and amount Consequential damages 0 Can be recovered only if in addition to proving causation and amount it is shown that they were reasonably within the contemplation of the contracting parties as a probable result of a breach of the contract 0 Right to recover consequential damages is lost if the aggrieved party could reasonably have taken steps to avoid such damages Liquidated damages clause 0 Specification of exact compensation in case of a reach of contract 0 Must satisfy two requirements 1 The situation must be one in which it is difficult or impossible to determine the actual damages 2 The amount specified must not be excessive when compared with the probable damages that would be sustained 12815 540 PM Chapter 16 Legality of Contract and Public Policy When an agreement is illegal void and no contract arises from it 0 Judge cant rule on it because ofjurisdiction Illegality may consist of the violation of a statue or administration regulation adopted to regulate business Illegal 0 Agreement not to compete noncompete agreements 0 When you leave your job one can t open a competitor business Usury 0 Lending money at an interest rate that is higher than the maximum rate allowed by law


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