MGMT 455 Final Exam

Chance to appeal small claims court ruling

A person who has lost a case has up to 30 days to appeal that decision.

Indiana Lemon Law

A person who has purchased a new vehicle covered by the law must allow the dealer a reasonable number of attempts to fix the vehicle (4x) or (30 cumulative business days within the shop) If the dealer is unable to fix it, the purchaser has the right to demand either the return of his money and the value of expenses incurred by the lemon, or a car of comparable value of the lemon.

Tort Claim act vs breach of contract

A tort claim is not the same action as a suit for breach of contract

Damages that are recoverable

Actual damages that will allow that person to recover "out of pocket" expenses such as lost wages.

When do children switch off parents ACA plan?

Age of 26.

Executory Contract:

Agreement by which something remains to be done by one of both parties.

Executed Contracts:

Agreement that has been completely performed.

Elements of a valid contract

Agreement, supported by consideration, must be between parties with legal capacity, agreement in proper form, and agreement for a legal purpose.

Strict Liability

Another type of tort that imposes liability without regard to whether there was any intent to harm or any negligence occurred.

Indiana Tort Claims Act

Before being allowed to file suit against a governmental agency, a person must first provide written notice of the claim to the agency within a certain amount of time (180 days)

Deliverance of summons or subpoena by the sheriff

By delivering to person, leaving a copy of it at the persons' last known address with a person of suitable age, or by leaving the summons at the last known address and mailing the summons without it returning back.

Violation of ACA by insurance companies

Companies can not set annual or lifetime caps on health insurance benefits.

Defenses to Negligent Tort

Comparative fault and contributory negligence, state can claim the latter

Quasi Contract:

Court imposed obligation to prevent unjust enrichment in the absence of a contract.

Reform of a Contract

Court may reform a contract in order to carry out the intent of the parties to the court.

Elements of Tort

Duty, breach, damages

How to obtain ACA

Either on our own, employer if available, or through government changes for which we pay the premium or have the insurance provided through medicare or medicaid.

Non competition Contract

Enforced by a court if the court finds that the terms of the contract are reasonable in time and an area covered within the terms of the contract.

7 Vignettes of Land Lord Tenant

Eviction, Access, conversion, mitigation, inspection, repairs, security deposit.

Affordable Care Act

Federal law that mandates we all have health insurance, or pay a fine if we do not.

Punitive damage cap

GREATER OF 3x compensatory damages or $50,000. But the person will only recover 25% of that value, the rest goes to Violent Crimes Compensation Fund.

What is a mechanic lien, who may file?

Suppliers, contractors and subcontractors who are not paid for the supplies or work done to improve a home

Indiana Exemptions

Tangible personal property: $10,250 Intangible personal property: $400 Family residence: $19,300 Unlimited dollar amount for a Retirement Account owned by the judgment defendant (the person who owes the money as a result of a judgment)

Miranda Rule of Law

The 5th amendment freeing those from self incrimination

Preferential Payment

The bankruptcy trustee may recover any payments of debts or transfers of property made by a debtor with a certain amount of time depending upon the classification of the person receiving the payment or property from the debtor.

Inspections

The land lord has the right to inspect the property at any time, however if it is unreasonable tenant can refuse to let them in (4am etc).

Difference between employee and independent contractor

The primary limiting factor has to do with the amount of control a principal is asserting over such person, the more control, then the person looks to be an employee, the less control then probably an independent contractor.

collection process in small claims court

The role of the Sheriff is serving a writ of execution to sell a person's property in order to pay the judgment that has been obtained.

Contract

The total legal application that arise from an agreement between two or more parties.

When can security deposit be utilized

To pay rent, pay non normal wear and tear damages, and pay utility charges.

Partnership

Two or more person associated in a business together for the purpose of making a profit.

Eviction

Your lease states you have a right to stay unless land lord has filed for eviction claim, this takes two weeks in advance.

Starting incorporate in Indiana

a person must apply to the Indiana Secretary of State for a corporate charter by filing articles of incorporation with that office.

How can home owner avoid the filing of mechanics lien.

a supplier by paying directly to the supplier the amount that is owed the supplier.

Subpeona

a writ ordering a person to attend a court.

Summons

an order to appear before a judge or magistrate, or the writ containing it.

When can minors cancel contracts

any time before reaching the age of 18, or reasonable time there after, unless the contract is one of necessity.

Repairs

Unless the landlord has agreed to make essential repairs that would otherwise force the tenant to move out, and fails to do so, and the tenant makes such repairs, only then can the tenant deduct the repairs from next months rent.

Independent contractors and their contracts

are liable for their own contracts and their own torts.

Dischargeable student loan in Indiana

based upon a decision by the court that concluded if the repayment of such loans would create an undue hardship based upon the standard that such undue hardship is met by a certainty of hopelessness.

Avoiding liability as shareholder

by "behaving" like a corporation.

Non Dischargable debts of Chapter 7 bankruptcy

malicious injury to property, child support or alimony, court fines, property settlement debts

Partnership debt liability

may be personally liable if the partnership assets are not sufficient to pay such debts.

What happens if wages aren't paid.

they have a right to sue for double the wages plus attorney's fees

Writ of Execution

to recover property from a judgment defendant who owes money to another person. A judicial order that a judgment be enforced

Are parents liable for minors contract

unless they co-signed the contract.

Effective Offer

when offer has been accepted by the offeree.

Articles of Incorporation

will include such information as, the name of the corporation, registered agent name and address, number of authorized shares and name of incorporator.

How many employees must a company have to require giving healthcare?

50 or more full time employees.

Access

A landlord may not legally lock out a tenant just because a tenant is behind in rent, landlord must pursue legal remedies in court.

Miranda is applicable if...

A person is in custody, a person is being interrogated by police, the person provides answers to the police questions, answer to the question is incriminating.

How can bankruptcy be voided?

A person may have their entire bankruptcy thrown out of court if they have concealed assets, lied in court, or filed a chapter 7 within the past 8 years.

File affidavit of Assumed Business Name

If a partnership is doing business under a name other than their own individual names

Dissolution of Partnership

If partners are unable to agree upon issues affecting the partnership business

Antitrust laws

In place to regulate certain business, such as national basketball and national football associations, but labor unions are exempt from these labor laws, aka the MLB.

Conversion

Inkeeper's lien law applies to transient tenants (overnight guests etc) not apart of lease. When a land lord converts a tenants property to their own use, the tenant can sue for 3x the value of the property as well as attorney fees.

Express Contract:

Is a contract in which the terms of the agreement of the parties are manifested by their words, whether spoken or written.

Garnishment Order

LESSER OF 25% of disposable income, or 30x the federal minimum wage.

Mitigation

Land lord must mitigates lose of rent, if it takes a month to rent, the tenant owes that amount, but the landlord must mitigate.

Security Deposit Law

Landlord must reimburse tenant for any portion of unused security deposit within 45 days of the following 3 completions. 1. End of lease, 2. Given written notice of forwarding address to landlord, 3. Surrender your key. Upon the completion of all three, the 45 day period begins.

Court Refusal of Contract

May be refused to be enforced if court deems unconscionable or a clause within the contract.

Process of filing a suit in the small claims court

No lawyers allowed, self-representation Disputes in which the damages are $10,000 or less Ex. Judge Judy

Intentional Tort:

Occurs when wrongdoers engage in intentional conduct

Security Deposit

Only applies to private landlords.

Who can become Subchapter S corporations?

Only small business corporations may make the election to decide who

Shareholders

Owners in a corporation

Child Support and Contracts

Parents may not contract away their child's right to receive child support, if their marriage has been dissolved.

Profit share with partnership

Partners will generally share in the profits and losses in an equal share.

Ward of the Court

Person without legal capacity to enter an enforceable contract.

Miranda Rule

Prevention of incriminating oral statements while under interrogation. Without being read their Miranda rights.

Tort

Private wrong for which a person will seek money for such wrong

Plan for payment in chapter 13 debt

debtor may include in their plan for payment to the trustee any monies owed to the bank for mortgage arrearages, thus paying this amount of money over the life of the plan instead of in a lump sum.

What constitutes "small businesses"

does not have more than 100 shareholders and only has one class of stock.

Shareholders liability of debts

if they have "behaved" like a corporation

Implied Contracts:

is a contract in which the agreement is shown not by words, written or spoken, but by the acts and conduct of the parties.

Chapter 13 bankruptcy

is one in which a debtor who has regular income will pay something to all creditors and the debtor will keep all property. The debtor must present a plan that calls for the payment of his net disposable income each month to the Trustee.

Chapter 9 bankruptcy

is one in which a municipality will file bankruptcy and present a plan by which the municipality will restructure its debts.

Chapter 7 bankruptcy

is one in which the debtor will not pay any money to the creditors and will lose all property that is in excess of the exemptions to the trustee. Many debts are not dischargeable.

Chapter 13 "paid in full"

providing a debtor successfully pays all the money proposed in the plan

Corporation tax exemption

qualify to make an election to become a Subchapter S corporation. In that even, any corporate income tax is passed through to the shareholders who pay tax on the income of the corporation.

Income tax on shareholders

requires shareholders to pay income tax on monies received from the corporation as a distribution of dividends.

Negligent Tort:

requires that the defendant's actions be the proximate cause of the damage and that the damage would have been foreseeable

What happens when overtime is not paid?

the employee has a right to sue for double the wages plus attorney fees.

Chapter 13 definition of "Disposable income"

the gross amount of money earned by a debtor each month minus income taxes and minus living expenses. It is paid to the trustee for the trustee to pay out to creditors who file claims in the proceeding.

What happens when mechanic lien is forclosed

the homeowner will have their home sold in order to pay the bill, which would also include attorney fees incurred by the supplier, contractor or subcontractor.