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Business Law Exam 2
Westminster College
37
Business
Undergraduate 4
10/09/2017

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Term
bailor
Definition
individual who turns over possession of property
Term
bailee
Definition
an individual who accepts possession of property for a short period of time
Term
bailments
Definition
relationship that arises when one person delivers possession of personal property to another under an agreement, express or implied, by which the latter in under a duty to either return it, deliver it, or dispose of it as agreed
Term
gratuitous bailments
Definition
a type of bailment in which there is no compensation for the bailee
Term
constructive bailment
Definition
type of bailment in which you gave the bailee permission to take your property because of something you did
Term
elements of bailments
Definition
1) agreement (expressed or implied)
2) delivery of the item & acceptance
3) bailor needs an interest in the property
4) Bailee also has an interest in possession
Term
Duties of the Bailee
Definition
duty to give reasonable care for the property
duty to return the property to the bailor
receiving the charges for storing and repairing the property
Term
Bailee's lien
Definition
this happens whenever the bailee keeps the property until the bailor pays up for the charges
Term
levels of negligence for bailments
Definition
mutual benefit: resonable sole benefit to the bailor: gross negligence sole benefit to the bailee: slight negligence
Term
Personal property
Definition
cell phones, trademarks, etc, smaller scale things that are still property
Term
Real property
Definition
land, buildings, oil tanks, trees, things that are quite a bit larger in scale that belong to someone
Term
5 different ways to transfer gifts
Definition
1)inter vivos gift
2)causa mortis
3) gift to minors
4) conditional
5) anatomical
Term
inter vivos gift
Definition
a gift made while you are living, and you give it to another living person. There has to be intent to make the transfer and must have delivery of the gift
Term
causa mortis
Definition
gifts given by someone who is facing imminent death. Doesn't qualify if the giftor does not die, the giftee dies before, or the gift is rejected
Term
gift to minor
Definition
gift given to a person who is not of age to take it legally, a guardian or custodian will need to take the gift and use it for the person it was actually intended
Term
conditional gift
Definition
can be two different types: precedent (get the gift because you did something) or sebsequent (you get the gift as long as something does not happen)
Term
anatomical gift
Definition
giving your body or organs to someone (giving blood is an example)
Term
Tendency in common
Definition
case of multiple owners where people own a certsin percentage of the property, and if they die, their kids all own the same portion their parent owned, but split equally
Term
Joint Tendency
Definition
case of multiple ownership which includes the right of survivor-ship, the last person alive owns the entire thing
Term
Tendency by the entirety
Definition
(MO when married) with the right of survivor ship, but, if someone tries to transfer ownership in a will, the transfer would not be affective, the surviving spouse would get the whole portion
Term
community property
Definition
between people who are married, SW states mostly, the right of survivorship/transfer through wills or inheritance. If the purchase is made by one person before the marriage happened and the other name is not on there, then it is still the other's property
Term
3 types of carriers
Definition
common (UPS), contract(chooses their jobs), and private (walmart)
Term
Bill of lading
Definition
any time a carrier is taking a new shipment, the carrier produces this document saying the goods were received
Term
Rights of common carrier
Definition
-make reasonable and necessary rules for conducting business
-charge rates for services
-lien on transported good for security
Term
Duties of the common carrier
Definition
-carry lawful good if they have the space
-furnish adequate facilities for transporting freight
-follow shipeer's directions
-load and unload
-deliver goods in accordance with the contract
Term
Exceptions of liability to the common carrier
Definition
1) act of God
2) war
3)Public authority
4)if something is done by the shipper
5)inherent nature of the goods
Term
Theories for product liability cases
Definition
1)express warranty
2)implied warranty
3)negligence
4)fraud
5)strict tort liability
Term
express warranty
Definition
warranty including a statement of fact or promise related to goods that is "basis of buyer's bargain".
Term
implied warranty
Definition
implied by law, you assume that there is something like a warranty because the good should do what its supposed to do
Term
Warranty against encumbrances
Definition
the item being bought cannot have been used for collateral for something else the seller needed to do (implied warranty)
Term
Warranty of fitness
Definition
the warranty stating that what you are buying an item for, it what it has to be able to do (implied warranty)
Term
warranty against infringement
Definition
the item will not get into trouble with any copyrights, trademarks, patents, etc (implied warranty)
Term
warranty of merchantability
Definition
this type of warranty can only be found if you have a sale by a merchant, and it says that the good is going to work for its normal purpose (implied warranty)
Term
full warranty
Definition
warranty that is unconditional and you get the full amount back
Term
limited warranty
Definition
warranty that has conditions in it and may not guarantee that you will get the full amount back
Term
Statute of Limitations
Definition
The Uniform Commercial Code applies this to actions brought for remedies on the breach of a sales contract. This exists because judicial remedies have to have have time period limitations (usually 4 years)
Term
breach
Definition
failure to act or perform in the manner called for by the contract
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