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Executory contract
a valid contract in which something remains to be done by either or both parties
Executed Contract
a contract that has been performed fully by both parties
Elements of a Contract
offer and acceptance, mutual/ genuine Assent, Consideration, competent parties, legal
Voidable Contract
An agreement that may be legally enforced or may be rejected by a party. For example, a contract between a minor and an adult is voidable or valid at the option of the minor.
Void
Agreement that courts will not enforce or recognize.
Duress, under influence, fraud, mutual mistake are all things that will make a contract void. (illegal)
Unenforceable Contract
contract initially was valid but can no longer be enforced
How to terminate an offer
Expires, revocation, Rejection, Counteroffer, destruction of the subject matter
Listing Agent
A licensed agent who enters into an employment contract with the owner of real property to hunt for a buyer of the property on specified terms.
Foreclosure
Process by which secured real property is confiscated at the direction of the unpaid creditor and sold to the highest bidder.
Promissory note
A written promise to pay to a named person or to the bearer of the note a certain sum of money in the future
Mortgage
The contact in which the buyer of real property typically gives a lender a lien or claim against the real property that serves as collateral for a loan of money, often borrowed to pay part of the purchase price.
Deed of Trust
A deed used by a borrower( called a trustor) to transfer the legal title to real property to a disinterested stakeholder (the trustee) to hold as security or collateral for the benefit of the lender (the beneficiary).
Bilateral Contract
A promise for a promise. An agreement in which both parties exchange binding promises
Unilateral Contract
A promise for an act. A contract in which the promisor seeks performance of a requested act. Upon performance of the act the contract is formed and the promisor is obligated to fulfill the promise.
Formal Contract
agreement that must use prescribed language or be in prescribed form
Informal contract
agreement does not require a specific form or method of creation to be valid
Based on substance rather than form
Duress in a contract
Threat of, or actual, physical harm that derives a person of the freedom of will to choose and decide.
Under influence in a contract
one party to the contract was particularly susceptible to the influence of the other and lacked the free will to make an independent decision. Does not ordinarily apply between parties with a normal contracting relationship
Unilateral mistake in a contract
A situation in which one of the parties to a contract labors under some error about an important fact in the agreement
Bilateral mistake in a contract
an error that involves both parties of the contract having an understanding that is not what the contract terms actually state. There are two types of possible contract mistakes including a mistake of law and a mistake of fact.
Express Contract
an agreement stated in words, spoken, or written
Implied contract
a contract that comes about from the actions of the parties. Contractural agreement manifested by conduct or body language
Uniform Commercial Code (UCC) regarding contracts
A uniform code drafted by the National Conference of Commissioners of Uniform State Laws governing that the conduct of business, sales, warranties, and other commercial matters
State Common Law regarding contract
The Uniform Commercial Code (UCC) and the common law governs them. Common law is in charge of transactions with intangible assets, real estate, employment, services, and insurance. Contractual transactions with tangible objects, such as buying a car, and goods are governed by UCC.
Promisor vs. Promisee
Person who makes the promise Vs. person to whom the promise is made
Offeror
A person who makes an offer.
Offeree
A person to whom an offer is made.
unconscionable contract
Something that is against public policy or otherwise so offensive that is shocks the conscience.
Statue of Frauds
A state statue requiring certain types of contracts to be evidenced by writing and to be signed by the party to be charged, or by her or his authorized agent.
Parole Evidence Rule
A contract doctrine that presumes that the contracting parties have included all previous desired oral or written understanding in their final, integrated written agreement.
Specific Performance
an equitable remedy allowing a buyer to get possession and title to real property and to goods that are unique when the seller refuses to deliver under a valid sales contract
Remedies if someone breaches a contract (if it doesn't qualify as a discharge)
Any failure of performance not qualifying as a discharge allows for remedies including Money damages, compensatory damages, consequential damages, incidental damages, and nominal damages.
Latent V. Patent Defects
A latent defect is a fault in the property that could not have been discovered through a reasonably thorough inspection before the sale. Patent defects are those which can be discovered through reasonable inspection.
Elements of Fraud
False representation (a lie), Material (a reasonable person would rely), Fact, Known to be false, intent to deceive the victim to contract, Victim is deceived and contracts in reliance on the lie, Injury occurs (Actual harm must occur for money damages)
copyright infringement
is the use of works protected by copyright law without permission for a usage where such permission is required, thereby infringing certain exclusive rights granted to the copyright holder, such as the right to reproduce, distribute, display or perform
piracy
is the unauthorized duplication of an original recording for commercial gain without the consent of the rights owner. It includes illegal copying and distributing such things as software, music and movies.
Trademarks
"Any word, name, symbol, or device, or any combination thereof...used to distinguish ...goods, including a unique product, from those manufactured or sold by others and to indicate the source of the goods, even if that source is unknown"
All symbols for intellectual property
Trade Mark ™ Use of the ™ symbol indicates an assertion that a word, logo or slogan is a Trade Mark. ...
Service Mark ℠ ...
Registered Trade Mark ® ...
Copyright © ...
Copyleft (ↄ) ...
Phonogram Copyright ℗
Patent and Trademark Office
is an agency in the U.S. Department of Commerce that issues patents to inventors and businesses for their inventions, and trademark registration for product and intellectual property identification.
Patents/ how long there good for / example
A patent is an intellectual property right granted by the federal government to an inventor "to exclude others from making, using, offering for sale, or selling the invention throughout the United States or importing the invention into the United States" for a limited time in exchange for public disclosure of the invention when the patent is granted. GOOD FOR 20 years.
Logos/ how long there good for / example
Cannot be patented. can be protected in a similar way by a trademark or service mark. Trademarks protect logos attached to products while service marks protect logos attached to services. you can trademark logos. GOOD FOR 10 years.
Copyright/ how long there good for/ example
Protects all works fixed in a tangible medium of expression, Provides protection for the life of the author plus 70 years, or 95 years for non-author copyright holders. A song, a book.
Fair Use Doctrine
is a defense to claim of copyright infringement, that is, an exception in the copyright law that allows you to use someone else's copyrighted material without their permission.
Trade secrets/ how long there good for/ example
Information protected by the law of trade secrets must confer on the owner a competitive advantage and generally be unknown
Measures must be taken to keep the information secret, can last forever (indefinite)
EX: formulas, recipes, customer lists, designs, patterns
Real property
Land and everything permanently attached to it. Includes airspace above, surface water, subsurface waters, gases, and minerals
Personal Property
All property not permanently attached to land, such as vehicles, merchandise in stores, food products, and backpacks
Service mark/ example
a trademark used in the United States and several other countries to identify a service rather than a product. The standard registration symbol ®. Uber symbol.
Collective mark/ example
a trademark or service mark that identifies members of a union, cooperative, or other collective organization. CPA", used to indicate members of the Society of Certified Public Accountants
How to get security deposit back/ requirement of landlords
If the landlord intentionally and flagrantly violates the law, in some states, a tenant may recover the entire deposit -- sometimes even two or three times this amount -- plus attorneys' fees and other damages. Includes any amount held as last months rent, Landlord is expected to detail in writing any deductions kept from deposit, No part of the deposit can be treated as non-refundable.
Covenant of Quiet Enjoyment
promises that the grantee or tenant of an estate in real property will be able to possess the premises in peace, without disturbance by hostile claimants.
Implied warranty of habitability
A requirement that a landlord maintain livable premises for their tenants. Failure to provide habitable housing may allow a tenant to withhold rent, repair, sue landlord or vacate the premises. Roofs and walls must not leak, Doors and windows must not be broken, Plumbing and gas must work, Hot and cold water must be provided
eviction
Failure to pay rent
How to evict a tenant
Step 2: Have a Valid Reason for Eviction. ...
Step 3: Try to Reason with Your Tenants. ...
Step 4: Give a Formal Notice of Eviction. ...
Step 5: File Your Eviction with the Courts. ...
Step 6: Prepare for and Attend the Court Hearing. ...
Step 7: Evicting the Tenant. ...
How to abandon lease premise/ what happens when you do that
Prove That the Situation is Out of Your Control.
Look for Loopholes in Your Lease Agreement.
Help Your Landlord Make More Money by Letting You Leave.
Help Your Landlord Improve Their Leasing Schedule.
Evict Yourself from the Unit.
Claim Illegal Entry.
Check for Illegal Lease Terms.
If the tenant surrenders the property by abandonment, the landlord has to be sure that they've left before renting out the property to somebody else.
Pros of subletting apartment
cons of subletting apartment
When can a landlord enter your leased premises
Move out inspection, to perform repairs, decorations, alterations or improvement, to provide services, to show the apartment, under court orders, tenant has abandoned the premises, tenant violated health or safety codes, and to issue eviction notice.
Utility Patent
granted for a new and useful process, machine, article of manufacture, or composition of matter. Last up to 20 years.
Plant Patent
granted for the invention or discovery and subsequent asexual reproduction of any distinct and new variety of plant. Can last up to 20 years.
Design Patent
granted for a new, original, and ornamental design for an article of manufacture. Can only last up to 14 years.
Periodic Tenancy
Tenancy for successive periods of time often determined by frequency of rent payments. Automatic renewal unless proper notice
Tenancy at Will
Tenancy for as long as both parties agree; no termination notice required
Tenancy at Sufferance
A tenant who remains without permission after expired lease. Legal process required to remove tenant