LGS 200 University of Alabama FINAL Ruth Ann Hall

life estate

interest in property that last for the life of a specified person//terminates upon death and reverts back to grantor

easement

right to make limited use of someone else's land without owning or leasing it, granted expressly, implied, or created by prescription

fiduciary relationships

trust between agent and principal

civil rights act 1964

outlaws job discrimination based on sex, race, religion, national origin, and color (disabled person, pregnancy, sexual harassment, age now included under)//applies to employers with 15+ employees, all agencies, labor unions with 15+ members, state and local government and agencies, most federal government employment//prohibits discrimination in hiring and firing, work rules, promotion and demotion, availability of training

estates in land

bundle of legal rights that the owner has to process, use, and enjoy the property//type is determined in deed, will, lease, etc.

Americans with disabilities act (ADA)

employers and providers of public transportation, telecommunications, and public accommodations must accommodate individuals with disabilities//employers may not discriminate against qualified individuals with disabilities

OSHA

enacted to promote safety in the workplace, impose record keeping, and reporting requirements on employees//employers required to post notices in the workplace informing employees of their rights under the act

true insider

officers, directors, and employees at all levels of company//lawyers, accountants, consultants and other agents employed by corporation//others who owe fiduciary duty to company

profit

right to remove something from another person's property

business judgement rule

all judgements and decisions made with due diligence to protect themselves from liability

fee simple defeasible

grants owner all of the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur

fee simple absolute

highest form of ownership in real property//is infinite in duration, no limitation or inheritability, does not end upon the occurrence or nonoccurrence event

tenancy in common

create by expressed words, interests of deceased partner pass by will, not survivorship, may encumber, sell, gift, or devise their interest at any time without others permission

family medical leave act

(Clinton) applies to private employers with 50+ workers, federal, state, and local government workers//provides up to 12 weeks of unpaid leave for birth of child, placement of child in adoption services or foster care, serious health problems, care for spouse, child, or parents with serious health problems...employee must be restored to same/equivalent position upon return

short swing profits/trading

profits made by statutory insiders on trades that occur within 6 moths of each other (excludes trades that occur within 6 months before becoming an insider)//corporation may bring legal actions to recover profits

COBRA

terminated employee must be offered the opportunity to continue group health insurance but they bear the cost

lost property

owner leaves property somewhere because of negligence, carelessness, or inadvertence//finder obtains title to property against everyone except true owner

adverse possession

person wrongfully possessing another's real property obtains title to their property if meets certain requirements...statutory prescribed time period, open visible and notorious, actual and exclusive, continuous and peaceful//government property not subject to this

right of survivorship

upon death of partner, deceased partners right in specific partnership property vests in the remaining partners//does not pass to deceased partners heirs or next of kin. they obtain value of partnership interest//upon death of last partner, rights in specific partnership vest in the deceased partner's legal rep

age discrimination act (ADA)

applies to employees 40+ years of age, prohibits discrimination in hiring, promotions, payment and compensation, employee benefits, other terms of employment//prohibits mandatory retirement age

bona fide occupational qualification (BFOQ)

employment discrimination based on a protected class (other that race or color) is lawful if job related/a business necessity

workers compensation statutes

compensate workers and their families when workers are injured in connection with their job (insurance: state requires employers to purchase workers compensation insurance or self-insurance by making payments into contingency fund)

community property

9 states recognize this, only married couples, each spouse owns half of assets acquired by income during marriage, property received by gift or inheritance or held before marriage belongs to that partner alone

concurrent ownership

when 2+ people own real property, co-ownership

freehold estate

an estate where the owner had a present possessory interest in the real property

principal-agent

employer hires employee, giving employee authority to act and enter contracts on behalf, mutual consent between principal and agent//fiduciary relationship

line and scope of employment

frolic and detour, coming and going rule, and dual purpose mission

vicarious liability

a principal becomes liable for the agents torts if committed within the line and scope of the agency or while in the line and scope of employment

frolic and detour

principal may not be liable//on their own accord so not in the line and scope of employment

dual purpose mission

principal generally liable

license

right to enter upon another's property for a specified and short period of time

employer-independent contractors

person not subject to principal's control, worker engaged in distinct occupation with independent business, worker supplied its own tools and equipment, determined by method of payment, degree of skill needed (principal liable if contracted to act as agent, principal generally not liable for their torts)

coming and going rule

principal generally not liable// coming or going to work is not in the line and scope of employment

respondeat superior

(let the master answer) principal benefits from agents actions, says if they can gain from agent then they can take loss from agents actions(liable)

mislaid property

owner voluntarily places property somewhere and then forgets it//owner of the premises where property is mislaid is entitled to take possession of the property against all except rightful owner (must take reasonable care until reclaimed by owner)

affirmative action plans

certain job preferences given to minority, female, or other applicants when employer makes decisions//can be voluntarily adopter, undertaken to settle discrimination action, or court ordered

ERISA

applies to employee-offered pension plans, designed to prevent fraud and abuses in private pension plans- record keeping and disclosed requirements, requirements for vesting, no more than 10% of assets can be invested insecurities of the sponsoring employer

real property

immovable or attached to immovable land or buildings//land and buildings(surface rights), subsurface rights(beneath land, minerals), plant life and vegetation(sold with land considered real until harvested), fixtures (cannot be separated from building without causing damages, included unless otherwise agreed upon)

joint tenancy

words must show intent, right of survivorship: deceased partners property automatically passed to surviving partner, contrary provisions will be ineffective, joint tenant may sell or transfer interest which terminates

statutory insider

any person who is an executive officer, a director, or a 10% shareholder of an equity security of a reporting company

abandoned property

owner discards the property with the intent to relinquish rights to it/owner of mislaid property gives up in attempting to find it//finder acquires title even against true owner

sexual harassment (types)

lewd remarks, touching, intimidation, posting pinups, other verbal or physical conduct of a sexual nature (hostile work environment, loss of economic wages)

tenancy by entirety

only used by married couples, created by expressed wording, surviving spouse has right of survivorship, neither spouse can transfer without other's consent

SEC (securities exchange commission)

federal administrative agency empowered to administer federal securities laws//adopts rules and regulations to interpret an implement federal securities laws, investigates alleged securities violations and brings enforcement actions, regulates activities of securities brokers and advisors

non-possessory rights

easement, license, profit

eminent domain

the right of a government or its agent to expropriate real property for public use, with payment of compensation

"material" information

buy or sell based on the information they hear that that information is material

securities act or 1933/purpose

primarily regulates the issuance of securities by a corporation, a general or limited partnership, an unincorporated association, or an individual. applies to initial securities, including IPO's and sales of new securities, and online

purpose: requires full and honest disclosure of information of investors

bailments

owner of personal property(bailor) transfers the property to another(bailee) to be held, stored, delivered, or for another purpose//title of property not transferred

duty owed by bailor/bailee

bailee must follow bailor's directions concerning the property, bailee has exclusive control over the personal property, bailee must knowingly accept the personal property

U.S. v. Baghat (case)

NVIDIA corporation won a contract to develop the x-box and the CEO notified employees of the trading blackout. Baghat purchased stock and tipped off a friend to purchase stock before public info...Baghat found guilt of insider trading

ziva jewelry v. car wash headquarters, Inc. (case)

argue bailment because thief stole jewelry in trunk of car when going through car wash...not bailment because car wash didn't know they had the jewelry

Kelley v. Coca-Cola Enterprises (case)

(horseplay case) someone body slammed at Coca-Cola event...argued engaged in horseplay and not at work. valid worker's compensation claims because Coca-Cola consented to it

Bosse v. Brinker dba Chili's Restaurant (case)

parents of teenagers that ran out without paying bill, agent of chili's chased them down, parents tried to say caused wreck...lost because couldn't prove that chili's consented to chase (not in line and scope of employment)

defenses for employer/principal

principals are not considered liable for the torts of their independent contractors

discriminating impact/as applied

a form of discrimination that occurs when an employer discriminates against an entire protected class. An example is discrimination in which a racially neutral employment practice or rule causes an adverse impact on a protected class

disparate treatment discrimination

a form of discrimination that occurs when an employer discriminates against a specific individual because of his or her race, color, national origin, sex, or religion

employment discrimination (types/defenses)

RACE: broad categories such as black, Asian, Caucasian, Native Americans//COLOR: color of person's skin//NATIONAL ORIGIN: country of a person's ancestry or cultural characteristics//SEX: gender, pregnancy, same sex discrimination//RLIGION: person's religion or practices (employer has to reasonably accommodate the practices, observances, and beliefs if don't cause undue hardship)

Sarbanes-Oxley act/how it applies to securities analysts and investment banks

a section of a federal statute the eliminates conflicts of interest by establishing rules for the separation of the investment banking and securities advice functions of securities firms. securities firms must now establish walls between their investment banking and securities analysts areas

insider trading (sec. 10(b)(5)

a provision of the securities exchange act of 1934 that prohibits the use of manipulative and deceptive devices in the purchase or sale of securities in contravention of the rules and regulations prescribed by the SEC