Comprehensive Business Law Exam Review Flashcards

118 question-and-answer flashcards covering constitutional scrutiny, property law, intellectual property, torts, criminal law, and business organizations for comprehensive exam preparation.

Define “property” in the legal sense.

The right to exclude others from resources that are originally possessed or acquired without force, theft, or fraud.

What is ‘real property’?

Land and interests in land, including buildings attached to the land.

Personal property is divided into what two categories?

Tangible (physical things) and intangible (non-physical, e.g., securities, intellectual property).

What are ‘air rights’ with respect to real property ownership?

The owner’s right to control, use, or sell the airspace above the land to a reasonable height.

Explain the Rule of Capture for subsurface resources.

The first landowner to capture migrating minerals, oil, or gas owns them, provided no trespass occurs.

Briggs v. Southwestern Energy Production Co. stands for what subsurface principle?

Hydraulic fracturing that does not physically invade a neighbor’s land is not trespass under the Rule of Capture.

What is a ‘fixture’ in property law?

Personal property so attached to real property that it becomes part of the realty and passes with the land unless otherwise agreed.

Define a Fee Simple Absolute estate.

Complete ownership with no limitations or conditions attached.

How does a Fee Simple Defeasible differ from Fee Simple Absolute?

Ownership is subject to a condition; violation can cause the estate to terminate or revert.

A Life Estate lasts for how long?

For the lifetime of the identified measuring person (e.g., 'to Sally for life').

In a life estate, what is a ‘reversion interest’?

The grantor’s future interest that reverts back on the life tenant’s death if no remainder is named.

What is a ‘remainder interest’ in a life estate?

A future interest held by someone other than the grantor that becomes possessory upon the life tenant’s death.

What rights does a tenant receive under a Leasehold Estate?

Qualified right to possess, use, and transfer the land for the term, with a duty not to commit waste.

Give an example of ‘waste’ by a tenant.

Ripping up carpeting, breaking walls, or otherwise reducing property value.

Name two key features of Joint Tenancy.

Equal ownership shares and a right of survivorship.

How does Tenancy in Common differ from Joint Tenancy?

Owners can hold unequal shares and there is no right of survivorship.

What is an easement?

A non-possessory right for someone other than the owner to cross or use the land.

Define a Natural (easement by necessity).

Easement allowing landlocked owner access to the nearest public road.

What is a Negative Easement?

An easement preventing an adjoining landowner from doing something that would harm your land.

List the three elements of an Easement by Prescription.

Open (visible), wrongful (without permission), and continuous use for the statutory period (often 20 years).

Define ‘bailment’.

Voluntary transfer of possession of personal property to a bailee who must return it later.

Who is the ‘bailor’ and who is the ‘bailee’?

Bailor = owner of the property; Bailee = person temporarily possessing it.

Duty of care in a bailment for the sole benefit of the bailor?

Bailee owes only slight care.

Duty of care in a mutually beneficial bailment?

Bailee owes reasonable care.

Duty of care in a bailment for the sole benefit of the bailee?

Bailee owes a high (extraordinary) duty of care.

If a bailee cannot return goods, what does the burden-of-proof rule presume?

That the bailee breached the applicable duty of care.

What is the Rule of First Possession?

The first person to capture previously unowned resources becomes the owner.

Define ‘abandoned property’.

Property the original owner intentionally relinquishes; first to possess after abandonment owns it.

Who owns a lost item after statutory procedures are followed?

The finder, provided statutory notice requirements are met.

Where must mislaid property be delivered?

To the owner or possessor of the premises where it was found.

List the five elements of Adverse Possession.

Open & notorious, actual & exclusive, continuous, wrongful, and for the statutory period (10–20 yrs).

In cases of confusion of identical goods, how is ownership allocated when mixing was innocent?

Each owner receives a proportional share of the combined mass.

What is ‘accession’ in property law?

Ownership of improvements made to raw materials (the improver may own the finished product).

What two things are required for a valid gift?

Donative intent and delivery (actual or constructive).

What is the difference between a ‘title’ and a ‘deed’?

Title = evidence of ownership (often registered); Deed = instrument transferring real property ownership.

What protection does a Warranty Deed provide?

Seller guarantees good title and will defend against future claims.

How does a Special/Limited Warranty Deed limit seller liability?

Seller only warrants against title defects arising during the seller’s ownership period.

What risk does a buyer take with a Quitclaim Deed?

Buyer receives whatever interest the grantor has, if any; no title promises.

In Georgia, what is a Security Deed?

A document pledging real property as collateral for a loan, allowing non-judicial foreclosure on default.

Distinguish judicial and non-judicial foreclosure.

Judicial requires court action; non-judicial allows lender to foreclose per deed terms without court.

Define ‘deficiency’ after foreclosure.

Unpaid loan balance remaining after sale proceeds are applied; borrower may remain liable.

What is the ‘right of redemption’?

Borrower’s statutory right to reclaim foreclosed property by paying full debt plus costs within a set time.

When does an Artisan’s Lien arise?

When someone improves personal property and is unpaid; lien is possessory until paid.

What is a Mechanic’s Lien?

Lien on real property for unpaid construction or repair services; perfected by filing written notice.

Differentiate public and private nuisance.

Public affects community at large; private substantially interferes with use/enjoyment of a specific owner.

What is ‘zoning’?

Government regulation dividing land into districts (residential, commercial, industrial) with usage rules.

Purpose of a ‘variance’ in zoning law?

Permission to deviate from zoning requirements for a particular parcel.

Define a ‘trade secret’.

Valuable business information not generally known, kept secret through reasonable measures.

Two things a plaintiff must prove to win a trade-secret case.

The information was a trade secret and it was misappropriated.

What is ‘misappropriation’ of a trade secret?

Improper acquisition, disclosure, or use of secret information.

Criminal penalties under the Economic Espionage Act for individuals?

Fines and up to 10 years imprisonment.

Define a ‘patent’.

A statutory right to exclude others from making, using, selling, or importing an invention for a limited time.

How long do Utility Patents last?

20 years from the filing date.

Design Patents protect what and last how long?

Ornamental design of an article; 15 years from the issue date.

What key change did the America Invents Act (2011) make?

Shifted U.S. system from first-to-invent to first-to-file for patent priority.

Patent requirement of ‘novelty’ means what?

The invention is new and different from prior art.

Define ‘non-obviousness’ in patent law.

Invention is not an obvious variation to a person of ordinary skill in the field.

What is a ‘trademark’?

Any mark, word, or symbol used to identify and distinguish goods or services and indicate their source.

Name four special categories of marks besides trademarks.

Service marks, certification marks, collective marks, and trade dress.

How often must a federal trademark owner file maintenance documents?

Between years 5–6, and every 10 years thereafter to keep registration alive.

Give one reason the PTO may deny trademark registration.

Mark is merely descriptive or is generic for the product or service.

What must a plaintiff prove to win a trademark infringement case?

Defendant’s use creates a likelihood of confusion among consumers.

The Federal Trademark Dilution Act protects what kind of marks?

Famous marks from blurring or tarnishment even without likelihood of confusion.

Three requirements for copyright protection.

Work is original, fixed in a tangible medium, and shows creative expression.

Length of copyright for an individual author?

Life of the author plus 70 years.

List two factors courts consider in a Fair Use analysis.

Purpose and character of use; amount and substantiality of portion used (others: nature & market effect).

In music, what are the two separate copyright components?

Composition (lyrics/music) and Master (sound recording).

What treaty does TRIPS belong to and what does it do?

Part of WTO agreements; sets minimum IP protection standards for member nations.

Define a ‘tort’.

A civil wrong (other than breach of contract) causing harm, for which the law provides a remedy.

In intentional torts, what level of intent must plaintiff prove?

Defendant intended the act that was substantially certain to cause harm.

Difference between Assault and Battery.

Assault = creating apprehension of harmful contact; Battery = actual unauthorized touching.

Elements of Intentional Infliction of Emotional Distress (IIED).

Outrageous conduct that intentionally or recklessly causes severe emotional distress plus physical symptoms.

Name one form of invasion of privacy.

Using someone’s name/likeness without consent; intrusion; or public disclosure of private facts.

Define False Imprisonment.

Intentional, unjustified confinement of a non-consenting person.

Trespass to land vs. trespass to chattel?

Land = entering or remaining on land without consent; Chattel = interfering with personal property.

What distinguishes ‘conversion’ from trespass to chattel?

Conversion is a substantial, serious interference warranting full value damages (civil theft).

Slander vs. Libel?

Slander is spoken defamation; libel is written or published defamation.

List four elements of Fraud.

False statement of material fact, knowledge of falsity, intent to induce reliance, actual reliance causing injury.

What is ‘injurious falsehood’?

False statements disparaging a business’s product, causing economic loss.

Define Tortious Interference with Contract.

Intentional inducement of a contracting party to breach an existing contract.

Name the five elements of negligence.

Duty of care, breach, causation in fact, proximate cause, actual injury.

What is the ‘reasonable person’ standard?

Objective measure of how an ordinary prudent person would act in similar circumstances.

What is professional negligence called?

Malpractice; measured against a reasonable professional standard.

Explain foreseeability in Breach of Duty.

No breach if the risk of harm was not reasonably foreseeable.

State the ‘But-For’ test.

But for defendant’s conduct, the injury would not have occurred.

What does proximate cause limit?

Liability to harms that were reasonably foreseeable results of the conduct.

Contributory vs. Comparative Negligence?

Contributory bars all recovery if plaintiff partly at fault; comparative apportions damages by fault.

When does Assumption of Risk bar recovery?

Plaintiff knew of a specific risk and voluntarily proceeded anyway.

Strict Products Liability applies to whom?

Any commercial seller of an unreasonably dangerous defective product that causes injury.

Give an example of an ultrahazardous activity.

Transporting explosives or keeping wild animals.

Difference between compensatory and punitive damages.

Compensatory restore the plaintiff; punitive punish and deter egregious conduct.

Felony vs. Misdemeanor?

Felony punishable by ≥1 year imprisonment; misdemeanor by <1 year and/or fine.

Define White Collar Crime.

Non-violent business-related offenses committed for financial gain.

What are Mail and Wire Fraud?

Schemes to defraud using postal service (mail) or electronic communications (wire).

List the elements of criminal conspiracy.

Agreement between two or more, intent to commit unlawful act, and an overt act in furtherance.

What constitutes Obstruction of Justice?

Intentional acts that impede legislative, judicial, or agency proceedings (e.g., destroying evidence).

Making a false statement to a federal agency is illegal when?

The statement is material, knowingly false, and within agency jurisdiction.

Differentiate larceny, robbery, burglary, and embezzlement.

Larceny = theft; robbery = theft by force; burglary = unlawful entry to commit felony; embezzlement = theft by one in lawful possession.

What is RICO aimed at?

Eliminating organized crime by imposing liability for engaging in a pattern of racketeering in an enterprise.

Define ‘cybercrime’.

Unauthorized access to computers or data to steal information, commit fraud, or disrupt systems.