legal aspects semester 2
Terms
undefined, object
copy deck
- adhesion contract
- the back of the form constains a full page of small print terms
- sublease
- when you transfer part of the term of a lease to someone else
- duty to notify
- requires the seller within a reasonable time after the defect is discovered
- lessor
- landlord
- tenancy for years
- right to occupy property for a definite or fixed period of time
- promoter
- carries out the incorporation process by taking the initial steps to organize and finance the business
- share
- is a single unit of ownership
- warranty of merchantability
- merchant warrants the good being sold are merchantable
- Advantades of a Corporation
- 1) large source of capital because of shares 2) shareholders liabilty limited to amount of money he or she paid for shares in the corporation 3) has a continutiy of exsistence
- privity of contract
- people who contract direlctly with each other
- limited warranty
- does not meet the requirements of a full warranty. no promise of free repair and only covers parts not labor.
- usage of trade
- customary ways in which hte parties have dealt in the past
- reposses
- take back
- fixtures
- all items of personal property attached to real property
- medical payments insurance
- pays for medical, funeral expenses resuliting from bodily injures to anyone occpuying the policyholders car in an accident.
- comphrehensive insurance
- damage to your vehicle from sources other than collision like fire theft.
- collision insurance
- covers damage to your vehicle when it is in an accidnet and pays for vehicle repairs.
- warranty
- guarantee
- underinsured motorist insurance
- protects you when another drive has insurace but not engouh to pay any injuries
- periodic tenancy
- tenancy from year to year and is a tenancy that continues for succesive fixed periods
- dividends
- profits
- consumer leasing act
- requires businesses to tell you about all of the terms of a lease of person propery
- De Facto
- if the incorporators made a good faith attempt to incorporate under an existing state corporation few people can attack its exsistence
- waste
- damages to property
- tenancy at will
- interest in real property that continues for an indefinte period of time.
- quiet enjoyment
- your right to undisturbed possesion of property
- dejure
- lawful
- articles of incorporation
- an application for incorporation of a business that describes a corporations organization , power and authority
- limited liabilty company
- offers limited liabity to its owners, escape double taxation,
- bodily injury liabilty insurance
- protets the insured agaisnt claims or lawsiuts for injuries or death caused by negligence
- rent day
- day which rent is due
- buyers guide
- large sticker on each used vehicle offered for sale. explains any specific warranty protect taht is provided and states whter there is no warranty, as is warranty , or implied warranty.
- certificate of incorporation
- is a corporations official authorization to do business in the state. also called a charter
- preffered stock
- no voting rights; receive a fixed dividend first to be paid and there are 2 types. Cumalative must be paid at a later date and noncumalitve does not have this right
- warranty of title
- title being conveyed is good and that the trasnferi s lawful
- eviction
- when landlord depreives tenant of physical possesion of the premises
- tenancy
- leasehold estate
- tenancy at sufferance
- arises when a tenant does not leave the premises after his or her tenancy ahs expired
- used car rule
- requires all used car dealers to place a large sticker
- property damage liabilty insurance
- damage the property of others.
- finance charge
- cost of the loan in dollars and cents
- Disadvatadges of a corportation
- 1) income taxed more than once 2) government regulation 3)
- uninsured motorist insurance
- provides protection when the inusred is injured in an auto accident that is caused by a driver who has no insurance
- annual percentage rate
- true interest rate of the loan
- consequential damges
- losses that do not flow directly from an act but only from some of the consequences or results of the act
- other word for shareholder
- stockholder
- corporation
- body formed and authorized by law to act as a single person distinct from its members or owners.
- lease
- a written agreement between a lessor and a lessee
- lessee
- tenant
- financial responsibilty law
- requires vehicle owners to prove they can pay for damges or injury caused by an auto accident
- full warranty
- promises to fix or replace a defective product at no cost to the consumer
- trade fixtures
- items of personal property attacted to the premises by the tenant that are necessary to carry on the trade or business to which a rental property will be devoted.
- shareholder
- individual who owns a share of a corporation
- constructive eviction
- landlord breaches a duty under the lease
- implied warranty
- is a guarantee of quality imposed by law
- warranty of fitness for a particular purpose
- the seller knows the purpose for which the goods are needed.
- Corporation by Estoppel
- stops people from denying the consequences of their own actions. the party willing to treat a person as a corporation reaping benefit from the relationship.
- piercing corporate veil
- parent company is alter ego and justice is when a corporating violates the law in some way
- no falult insurance
- who caused the accident all drivers involve collecct money from their own insurance companies
- common stock
- basic form of corporate ownership; have voting rights; last to be paid
- express warranty
- oral or written statement , propise or other representation about the quality of a product