Legal Test 3

What elements are present in a lottery?

Consideration, Chance, Prize.

what is the difference between a lottery and a sweepstakes?

Sweepstakes lacks consideration

how are goods identified?

Existing Goods. Fungible, and Future Goods

why are good identified?

to have an insurable interest.

how are goods transferred?

Bills of landing, warehouse receipts

What is a contest?

You must have a skill

what is an illusory promise?

Must be definite. A promise that does not impose obligation on the promisor.

What is a exculpatory clause?

Limits the liability of the owner

What is promissory estoppel?

A promise made but not kept by the owner of property. Contract is made.

What is an forbearance?

Legal right given up. Allows to extend Contract.

In the FOB destination contract when does the risk of loss pass to the buyer?

Once they receive it at the designated destination

when does the title transfer when there’s a sale on approval?

Not till the buyer tenders the goods.

What are escheat laws?

laws that are given in each state to obtain unclaimed property.

Real property

Land and all attachments. Immovable.

personal property

Movable items that can be legally removed.

What is tenants in Common?

goes according to their will.

What is joint tenancy?

go to the other partner upon death.

what is tenancy by the entirety with the right of survivorship?

Spouse partnership upon death.

what happens to property acquired during a marriage in a community property state?

It is split 50-50 if separated.

what are the three types of gifting?

Inter vivo, Causa mortis, testamentary

what are the three elements of gifting that must be present to enforce gifting?

Intent, delivery, acceptance.

What must you do if you find personal property in a public building?

Return it to the manager of the facility.

an FOB shipment contract when does the risk of loss pass to the buyer?

Deliver to the shipper.

what is the difference between FOB shipment and FOB destination?

Destination- title transfers once it goes to the destination. Shipment- titles transfers once the shipper gets it.

What are usury laws?

State laws regarding the ceiling rate on interest with regard to loans that fall under FDIC.

what covenant is implied in every contract?

Good faith, and a fair dealing

what is substantive unconscionabilityand procedural unconscionability.

contracts of the courts were not uphold due adhesion terms that are unfair or contracts that are one-sided. substantive deals with the terms within the contract. procedural is at the formation.

what is an adhesion clause?

Take it or leave it terms.

what is a noncompete clause?

The employer is protected against employee becoming competition.

what is an example of promissory estoppel?

Real estate transaction that they were gonna close the contract but they decided not to.

what are community property laws?

In some states marriage, the business will be split 50-50.

eminent domain laws

Take property for the betterment of the community