week 12 in LS 201
week 12 in LS 201 17170
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This 5 page Class Notes was uploaded by Kristi Meyer on Wednesday November 18, 2015. The Class Notes belongs to 17170 at Grand Valley State University taught by Ruth Stevens in Summer 2015. Since its upload, it has received 25 views. For similar materials see Introduction to Law in Law at Grand Valley State University.
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Date Created: 11/18/15
Week 12 in LS 201 Lecture day 22 Remedies for breach of contract o Money damages Compensatory damages – Panera example, if they could prove that burritos were sandwiches, they could collect money for every dime sold at Qdoba o Consequential damages – most contracts use this o Liquidated damages Used when damages may be difficult quantifying Late fees in leases o No punitive or exemplary damages in breach of contract cases o Arbitration clause in contract – may cut off the right to sue for damages Watch J.D. By Rider commercial Equitable remedies o Different type of damages, does not involve the award of money o Specific performance: when money damages are inadequate, a court may use this equitable remedy and order the breaching party to perform his or her contractual obligations o Recession : undoing a contract: like going back in time as if it never happened J.D. By Rider commercial o Reformation of the contract: changing the contract Mitigation of damages o This is the requirement that the non-breaching party take reasonable steps to limit his or her damages Property law o Real property – land or things attached to the land o Personal property – things that is not attached to the land, is tangible,(school desk) or not tangible (money/stock) “severed” from land – taking oil from the ground Intellectual property – a patent, copyright, service mark – use for company that provides service, trademark – grand valley logo – tells you when you can use it Real property – write out the deed Personal property – title for a car (tangible) no title – possession, no legal involvement (intangible) Probate – personal representative Rights of survivorship – whoever lives the longest get it automatically Lecture day 23 Real property o Ownership interest Fee simple absolute (unconditional ownership, owner could have mortgage) o Conditional fee estate (owner must comply with certain conditions in order to retain ownership o Life estate (right to live and use property until death Types of ownership o Joint tenancy o Tenancy by the entireties (husband and wife) o Tenancy in common (own share of the house) Limitations in rights of owner o Restrictive covenant – restrictions to live by the subdivision/township o Easement: right to someone to use part of property for certain purposes Cable, electric company, city government 15ft from the road o Register of deeds Where any restrictions a subdivision are kept Discussion question about Maria and Kip o Pro If anything happens to Maria, then kip is taken care of o Con Kip isn’t contributing to buying the property, so if he and Maria split up, everything would have to be divided equally Leasehold interest o Leaser/lease o Tenancy for a term (1yr) o Periodic tenancy (month to month) o Tenancy at will (can be terminated at any time) o Tenancy at sufferance (tenant enters the land illegally Other protection for tenants o Implied warranty of habitability o Right to quiet enjoyment – use entire property how they want, landlord cannot store things at the house you are renting o Forcible entry and detainer laws – can’t shut off utilities to force you to leave o Security deposit laws Security deposit problem o Deposit is 500 dollars, there is a hole in the wall, roughly 100 dollars in damage, and Joe owes 50 dollars in rent. Joe must provide in writing the forwarding address to where his check needs to be sent. If he does not, then the landlord can keep his security deposit, no questions asked Landlord must survey damages, and put in writing and sent to Joe, joe must respond to either accept cost of damages, or rebuttal the Landlord has 45 days to return security deposit, or Joe can sue for that cost, the cost of the damage, and sue the deposit times two for waiting for it Other protection for tenants o Truth in renting laws o Housing discrimination laws Fair housing center Book Notes chapter 9 Mobile homes are personal property when its wheels are attached, it becomes real property when it is affixed to the land Landlord (leaser), tenant (lease) o Lease is a type of contract allowing tenant to use property in place of paying monthly rent Figure 9-1 summarizes each business type, this is on page 229 in the textbook Bold words from chapter 9 Property – something that is tangible, can be a right or ownership interest Real property – real estate or land, whatever is permanently attached to the earth unless destroyed o Also things that are permanently attached to the house Shelves, fixtures etc. Personal property o Tangible goods that can be physically moved o Intangible: stock/patent o Intellectual: trade secrets, copyright, service marks etc. o oil in the ground is considered real property, when it is extracted it is now personal property joint tenancy – two or more people acquire equal shares or rights to a property tenancy in common – sole ownership by 2 or more people o does not have to be equal ownership tenancy by the entirety : married couples only o if one person dies, the other takes over ownership restrictive covenant : provision in a deed saying restriction on the owner o Paint color must be Okayed through the township before changing the color, or must be neutral color only or fined etc. easement right to use property owned by someone else for a period of time o electric company can do anything on the property where electric poles are quiet enjoyment – landlord cannot tell the tenant how things on the property can be kept while the tenant is paying rent Implied warranty of habitability – minimum requirements that properly can be rented. Owners must repair and maintain a working property constructive eviction – when landlord does something while a tenant is living there to make it inhabitable forcing them to move earnest money – like a down payment real estate closing – exchange of documents to finalize a sale of restate foreclosure – definition is on page 224 in the textbook power of sale clauses – private foreclosure, sales that do not require the courts input/ action homestead exemption – definition is on page 224 in the textbook eminent domain – power of the government to cease private property for public purposes o required to give owner just compensates adverse possession – example in the book is Greg builds a fence on the neighbor’s property, if the neighbor failed to bring the issue to court in 5-20 years, the property leading up to the fence, and the fence is not Greg’s property bailment – temporary transfer of personal property to someone who is not the owner o car repair, dry cleaners bailor (original owner), Bailee (person or business who has the temporary control) sole proprietorship – single owner of a business partnership – 2 or more people as co-owner of business for profit agent – definition is on page 230 in the textbook principal – telling someone, i.e. the agent to act on your behalf corporation – business formed by stockholders limited liability company – members cannot be sued for the negligence of other partners limited liability partnership – members cannot be sued for the negligence of partners, nor sued for their own negligence bankruptcy proceeding – definition is on page 231 in the textbook o chapter 7 liquidation – debtor must sell everything to pay off collectors, rest of debt is forgiven, business closes o chapter 11 reorganization – making a plan to pay debts, but business stays open, makes promises to pay future payments o chapter 13 consumer reorganization – promising to make future payments to collectors, keeps most assets at will doctrine – fire people for a good reason, fire for a bad reason, fire for no reason at all, just that you don’t violate the federal statute Intellectual property – selling music, books, symbols etc. trade secret – knowledge as to how a product is made o KFC chicken Patent – right that people cannot make, sell, use in unintended ways Copyright – definition is on page 234 in the textbook Trademark – a symbol, words that identify a product o GV symbol Service mark – identify service with a service provider o Stanley steamer gets carpet cleaner Living well – expression of a person to be kept alive or taken off life support etc. health care proxies/durable powers of attorney – legal authority to make medical/financial decisions for them if they cannot do it themselves estate planning – plan future financial needs and present financial needs to expedite processes after death trust – legal relationship in which a party holds property for someone else o donor, grantor, settlor – who created the trust o trustee – person who administers the trust probate – process of the court to oversee distribution of property family law – laws about marriage, annulment, separation, divorce, paternity, adoption, guardianship, custody, support, childcare, abuse, neglect
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