LB 205

Executory contract

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

Covenants

Promises in the lease to do or not do a certain thing. Money damages rewarded for breaking this.

Conditions

Qualifications or restrictions upon the landlord or tenant. Failure results in forefiture of the lease.

Defamation

Act of harming or ruining another's reputation

Intentional infliction of emotional distress

an intentional tort in which the harm results from extreme and outrageous conduct that causes serious emotional harm

False Imprisonment

restraining an individual or restricting an individual's freedom

invasion of privacy

revealing personal information about an individual without his or her consent

fraud

wrongful or criminal deception intended to result in financial or personal gain

Conversion

Trespass that is a wrongful exercise of dominion and control over personal property of another sufficient to deprive the owner or possessor of the substantial value of the property

Trespass to Chattels

intentional damaging or deprivation of another's personal property

Negligence

careless neglect, often resulting in injury

Comparative Negligence

A theory in tort law under which the liability for injuries resulting from negligent acts is shared by all parties who were negligent (including the injured party), on the basis of each person's proportionate negligence.

Assumption of Risk

A defense against negligence that can be used when the plaintiff was aware of a danger and voluntarily assumed the risk of injury from that danger.

intentional tort

A tort committed by one who intends to do the act that creates the harm.

unintentional tort

negligence or malpractice

Good Samaritan Law

Provides limited protection to someone who voluntarily chooses to provide first aid

Strict Liability

The legal responsibility for damage or injury even if you are not negligent