MIE 305 Final Exam Study Guide with Complete Solutions, Exams of Advanced Education

Download MIE 305 Final Exam Study Guide with Complete Solutions and more Exams Advanced Education in PDF only on Docsity! MIE 305 Final Exam Study Guide with Complete Solutions 2024 Possession - ANS-Bundle of Right that is the right to claim title over the property, one exerts dominion and ultimate power over it Control - ANS-Bundle of Right that is the right to decide how the property is to be used, or employed Enjoyment - ANS-Bundle of Right that is the means by which the rights-holder can decide how to use the property. Others can violate this through the law of nuisance. Exclusion - ANS-Bundle of Right that gives the rights holder the legal ability to determine who or what is not allowed on the property Alienation/Disposition - ANS-Bundle of Right that is the right to dispose of any or all of the rights one holds in property through sale, gift, or lease Encumbrance - ANS-Bundle of Right that is the right to encumber the property (servitudes, easements, mortgages, collateral, etc.) Real Property - ANS-The legal interests in land and things attached to or growing on land Chattel Property - ANS-Personal property (car, boat, etc.) Tenancy in Common - ANS-Most usual method of 2+ people owning property at the same time, no formalities required. Do not require equal ownership % Joint Tenancy - ANS-Similar to TIC, but interest of a deceased owner automatically passes to the surviving joint owner(s) Life Estate - ANS-Enables landowners to provide for those they desire while reducing both income and estate taxes by will or deed Freehold - ANS-A permanent and absolute ownership of land with freedom to dispose of it at will Leasehold - ANS-The holding of property by lease Time - ANS-First unity of joint tenancy, each co-tenant's interested vested or was acquired at the same time as the others' Title - ANS-Second unity of joint tenancy, each co-tenant acquired his or her interest in the same deed or will as the others' Interest - ANS-Third unity of joint tenancy, each must have identical interests as to their share and quality of title Possession - ANS-Fourth unity of joint tenancy, all co-tenants have rights to possess the entire undivided property Tenancy for a Stated Period - ANS-A type of lease that lasts for a specific time state in the lease Tenancy from Period to Period - ANS-A type of lease that can run year to year unless terminated by the parties Tenancy at Will - ANS-A type of lease that has no fixed period and can be terminated by either party at any time upon giving the prescribed statutory notice Tenancy at Sufferance - ANS-A type of lease that occurs when a tenant holds over without consent of the landlord Eviction - ANS-An action by a landlord to expel a tenant Lien - ANS-The right of one person to keep possession or control of the property of another for the purpose of satisfying a debt Distress for Rent - ANS-The taking of personal property of a tenant in payment of rent Patent - ANS-A set of rights granted to an inventor that provides the inventor exclusive ability to make, use, and sell an invention for a limited time Utility Patent - ANS-A type of patent granted for a useful innovative item or process, or an improvement to an existing item 20 years - ANS-How long utility patents last Design Patent - ANS-Provide protection to the appearance of a product 14 years - ANS-How long design patents last Plant Patent - ANS-A patent given to a person who invests or discovers and then asexually reproduces any distinct and new variety of plant 20 years - ANS-How long plant patents last Illusory Promises - ANS-Gratuitous, don't reflect an obligation. "If I buy an iPod, I promise to buy yours." Promises to fulfill a Pre-existing Duty - ANS-The detriment already exists. "I know I owe you $1000. If you give me a week extension, I promise I'll pay you back." Promises based on Past Consideration Given - ANS-Lawyer helps friend. Friend offers lawyer $1,000, doesn't pay. Lawyer can't hold responsible. Peppercorn Theory - ANS-Not court's job to look into adequacy of consideration as long as both parties happy with exchange Consequential (Special) Damages - ANS-Damages incurred by the non-breaching party as a foreseeable consequence of the breaching party. Lost profits/revenues/inventories Reliance Damages - ANS-Damages that involve specific expenses the non-breaching party incurred in relying on the contract being fulfilled Liquidated Damages - ANS-Damages that are agreed in advance by the parties to a K, used for something where a specific value would be hard to calculate Mistakes of Fact - ANS-Mistakes in a K where parties mean two different things Mistakes of Value - ANS-No protection for either side if these mistakes happen Bilateral Mistake of Fact - ANS-Mistake that can be rescinded by either party or the court Unilateral Mistake of Fact - ANS-Mistake where contract is enforceable unless other party should've known or mistake was due to gross mathematical error False Misrepresentation - ANS-A form of voluntary consent that must include a wrong material fact with an intent to deceive and the innocent party must "detrimentally rely" on the misrepresentation Duress - ANS-A form of voluntary consent that must render that target incapable of substantial free will (blackmail, physical threat); economic need not adequate, economic pressure adequate Undue Influence - ANS-A form of voluntary consent where free will is compromised; an individual in a dominant position places substantial stress on a person for a K Contract of Adhesion - ANS-A K in violation of public policy; "take it or leave it" K that is grossly and unconscionably one-sided, was true consent present? Contracts in Restraint of Trade - ANS-A K in violation of public policy; if purpose of K is to restrain trade unreasonably Non-Compete Agreements - ANS-A K in violation of public policy; some are permissible if protect business interests Contracts Disclaiming Liability - ANS-A K in violation of public policy; exculpatory clauses not favored by court Contract by Statute of Frauds - ANS-A K in violation of public policy; applies to sales of land, goods over a certain amount, sureties, marriages Intended Beneficiary - ANS-A 3P is allowed in a K Incidental Beneficiary - ANS-A 3P is somehow affected by a K A new contract - ANS-The only way a 3P is allowed into a contract Assignments of Rights - ANS-B owes A money, A assigns right to collect to R. Once R's duties completed, they're out of contract Delegation of Duties - ANS-A has contractual duties to B, she gives some of them to R. If R doesn't perform duties, B sues A, A sues R. Complete Performance - ANS-Party performs exactly as agreed Substantial Performance - ANS-Performed in good faith, performance must not vary greatly, and performance must create substantially same benefits as in the contract Contracted minus Received - ANS-Damages in Substantial Performance Material Breach - ANS-A failure to fulfill a critical element of a K, resulting in the failure of Substantial Performance Anticipatory Repudiation - ANS-When a party makes it unmistakably clear it won't perform on a its material obligations despite the other party being ready to perform, non- breaching party can immediately sue Mutual Rescission - ANS-A form of discharge by agreement where parties make another agreement that specifically excuses pre-existing obligations under the old K Settlement Agreement - ANS-A form of discharge by agreement; Results from disputes between the original parties and both sides have modified obligations, new agreement should specifically replace the old one Novation - ANS-A form of discharge by agreement, Parties to a K agree to substitute a 3P for one of the original parties, transferring all rights and duties to that party Accord and Satisfaction - ANS-A form of discharge by agreement, Alters one party's performance obligation. New consideration is ___, completion of this is ___ Original, New - ANS-If duty not performed in Accord and Satisfaction, beneficiary may sue for either the ___ or ___ consideration Material Alteration of the Contract - ANS-A form of discharge by law, this discourages "after the fact fiddling", entitles other party to immediate discharge Statutes of Limitations - ANS-A form of discharge by law, in NC it's 3 years on both oral and written contracts Bankruptcy - ANS-A form of discharge by law, creditors receive possible payment where possible Frustration of Purpose - ANS-A form of discharge by law, events occurring after signing of K destroy a party's purpose in entering the K. Performance is still possible, but futile Impossibility - ANS-A form of discharge by law, K becomes literally impossible for anyone to perform Waiver of Breach - ANS-An evidentiary issue in K claims; via words, conduct, or absence of objection; look at conduct of parties and what they knew and didn't know Parol Evidence Rule - ANS-An evidentiary issue in K claims; Cannot introduce evidence from negotiations or other documents other than the discussed K Uniform Commercial Code - ANS-UCC Common Law - ANS-Wherever there is something not covered by the UCC, ___ applies Law of Agency - ANS-Deals with a set of fiduciary relationships that involve an agent who is authorized to act on behalf of a principal to create legal relations with a 3P Express Actual Authority - ANS-Authority specifically given by the principal Implied Actual Authority - ANS-Authority which is incidental to an individual's position within a business Equal Dignities Rule - ANS-Agent's agency must be in writing in order to bind the principal