Business Law
negotiable instruments, insurance, bankruptcy, real estate, etc
Terms
undefined, object
copy deck
- primarily liable
- unconditionally liable-he must pay unless he has a valid defense
- drawee
- the person (or bank) who is expected to pay a check or draft when it is presented for payment
- Grantor
- The person transferring title to or an interest in real property to a grantee
- requirements of proper presentment
- (1) presented to the proper party (2) presented in a proper way (3) presented in a timely manner
- maker
- a person promising to pay a set sum to the holder of a promissory note or certificate of deposit
- Essential elements of landlord tenant relationship
- (1)tenants can occupy landlords property with landlords consent. (2)tenants righTs to the property are inferior to the landlords (3) Property reverts back to landlords at end of lease (4)Parties must agree that tenant has a right of immediate possession
- acceptor
- a drawee of a draft who accepts an signs the draft to agree to pay the draft when it is presented
- Warranty of Habitability
- An IMPLIED WARRANTY in which the landlord GUARANTEES that the PREMISES are REASONABLY FIT for OCCUPACY and that there are no defects that would impair the health, safety, or well being of the occupants.
- secondarily liable
- only pays if the person with primary liability does not
- Landlords duty to mitigate damages
- A landlord has a duty to make reasonable efforts to reduce their losses resulting from a tenants abandonment. If the landlord fails to make reasonable effort, the tenant would be relieved of their obligation under the lease to pay the rent for the remaining time of the lease
- elements of commercial paper
- must be written (2)must contain certain unconditional promise to pay amount of money (3)payable on demand or at a specific time (4) payable to order/ bearer & must indicate drawerr
- payee
- one to whom payment is made
- accommodation party
- a party who signs an instrument and can sign as makers drawers, acceptors, or endorsers
- Restrictive Endorsement
- RESTRICTION of NEGOTIABILITY of commercial paper (For Deposit Only)
- drawer
- person who signs as the party ordering a payment
- Qualified endorsement
- without recourse & limits liability
- Tenants right to quiet enjoyment
- The RIGHT TO USE the leased premises WITHOUT UNREASONABLE INTERFERENCES from the landlord or 3rd parties
- Landlords duty to mitigate damages
- A landlord has a duty to make reasonable efforts to reduce their losses resulting from a tenants abandonment. If the landlord fails to make reasonable effort, the tenant would be relieved of their obligation under the lease to pay the rent for the remaining time of the lease
- presentment
- making a demand for the drawee to pay
- Restrictive Endorsement
- Uses the phrase "For Deposit Only," written on the back along with a signature. It authorizes the financial institution to accept the check only as a deposit to an account. No one else can cash such a check.
- endorser
- a person who signs an instrument to restrict payment
- lease
- a contract granting use or occupation of property during a specified time for a specified payment
- Grantee
- The person who receives a conveyance of real property from a grantor