Blaw 3310 dowdy final review
petition
A formal message requesting something that is submitted to an authority
Chapter 7 Bankruptcy
Chapter of the Bankruptcy Code providing for liquidation of the debtor's assets in order to repay the creditors; certain assets or aggregate value of assets of the debtor may be exempt based on state law.
If a minor enters into a contract in Texas,
The adult has not choice
Commerace Clause
The clause in the Constitution (Article 1, Section 8, Clause 1) that gives Congress the power to regulate all business activities that cross state lines or affect more than one state or other nations.
if Chapter S wants to accept foreign investment
The will have to reorganize into a C corp. they will lose the passthrough immunity. if they want to keep S chapter, the will have to become a limited liability corp.
tangible good
a computer. NOT a patent or copywrite
limited partnership
a general partners liability exposure is the same as a partner in an ordinary partnership
the appointment of an agent by principal gives the agent authority to
bind the principal contractually
debtor in position
chapter 11 and 13, debtor who continues to operate and remains in possession of assets that would be liquidated under chapter 7
limited liability
company profits and losses pass through the members
recordation of real estate is
constructive notice, not actual
partnership
investors are personally liable for debt. you can also sue one investor instead of having to sue the entire partnership
punitive damages are recoverable in cases
involving intentional tort
a corporation
is a separate entity
limited liability
is a separate entity for all purposes an dis not similar to an S corp nor treated as a partnership under any circumstance.
damages recoverable for the tort of defamation
is an intentional tort: actual and punitive damages
aa contract for the sale of goods
is governed by article 2 of the uniform commercial code and will occasionally involve a rule of law which departs from common law contract law
partnership
is not a separate entity
an employment contract that calls for an employment for 5 years
is void
Exempt assets
Assets which are exempt from creditors' claims, such as secured assets the value of which does not exceed the amount of debt secured by them.
respondent superior doctrine
If an agent hurts someone in the course and scope of doing their job, both the principal and agent have liability for it
Vicarious Liability
Legal responsibility placed on one person for the acts of another.
a creditor woh holds a promissory note secured by a lien on real estate is
a secured creditor
parole evidence is admissible to show
a subsequent integrated mutually agreed or modified contract
discharge
all debts that can be eliminated by the bankruptcy court are eliminated or reorganized plan is complete
antitrust violation
all that is shown is that it has an affect on commerce clause
most employments
are at will
consumer protection statues
are found in both at the state an federal law
gender, race, and age employment decisions
are not always illegal
money damages
are not automatic and must be proved by a preponderance of the evidence, just because there is a tort doesnt mean there are damages. even in breach of contract
limited liability
are separate entities
layla is an agent for arian and beth and enters a contract for arian
arian and beth are the contractually binded parties
constitutional bases for securities reg statues
article 1 commerce clause
fraud is a
contract related tort
chapter 11 bankruptcy
creditor wants protection
debtors prison
debtors were locked up in jail until someone could bail them out has been eliminated
a deed to real estate must be acknowledged before a notary republic
does not have to, to transfer title, you need constructive notice
negligence in the course and scope of employment will result in vicarious liability
employee
which does not violate the parole evidence rule
extrinsic evidence of a prior or comptemporaneous oral agreement while altering a provision in an integrated contract
Chapter S
gets passthrough treatment for tax purposes. no more than 100 chair holders have to be a us citizen must have a specific type of trust
copywrite
giving inventor life term monopoly
patent
giving inventor limited time
when a plaintiff can seek equitable remedy
he must first prove that the remedy at law is inadequate
Chapter 13 Bankruptcy
permits debtors with regular incomes to pay all or a portion of their debts under the protection and supervision of the court
Partnership law is an extension
principal agent law
corp is NOT an extension of
principal agent law
Automatic Stay
prohibits creditors from collecting debts that the bankrupt incurred before the petition was filed
Chapter 11 Bankruptcy
protects an insolvent firm from creditors during a period of reorganization to restore profitability
employer / employee
respondent superior does
employer/ independent contractor
respondent superior does not apply
car sales man lies about car being in flood
she can make a case from constructive fraud
consumer protection is
statue, common law, state and federal. mostly in legislation
if a party fails to perform an absolute duty owed under contract
that party has breached the contract
limited contract is not created by contract only
the contract requires approval
in a voluntary chapter 13 bankruptcy case
the debt is asking for wage earners plan
Bankruptcy
the legal proceeding by which a bankrupt person's assets are distributed among those to whom he or she owes debts
title to land is transferred at
the time the seller signs and delivers a deed to the buyer
it is NOT possible for a principal
to be held liable on a contract based under respondent superior
tort of strict liability has been expanded
to defective products
punitive damages
tort damages
S corp, partnership, and limited liability ALL
treat income and expense as being passed through to the partners shareholders or member as the case. they do not pay tax
breach of contract
will not always include a tort