LGS 200 QUESTIONS AND ANSWERS SURE A+
✔✔Lost, mislaid, or abandoned property - ✔✔Mislaid property
- Owner voluntarily places property somewhere and then inadvertently forgets it. The
owner is entitled to it until he gets it.
Lost property
- Owner leaves property somewhere because of negligence, carelessness, or
inadvertence. Finder obtains title to the property against every except the true owner.
Abandoned Property
- An owner discards the property with the intent to relinquish his or her rights in it. Finder
of abandoned property acquires title*
✔✔Fee simple - ✔✔The greatest possible estate in the land where the owner has the
right to use it and exclusively posses it. A form of freehold, best type of ownership
owner can do whatever they want
✔✔Adverse Possession - ✔✔Person wrongfully possessing another's real property
obtains title to that property if certain statutory requirements are met.
- Statutorily prescribed time period.
- Open, visible, and notorious.
- Actual and exclusive.
- Continuous and peaceful.
- Hostile and adverse.
Government property not subject to this
✔✔Eminent domain - ✔✔A government's power to take private property for public use,
provided that just compensation is paid to the private property holder
✔✔Non-possessory rights - ✔✔A situation in which a person holds an interest in
another person's property without actually owning any part of the property such as a
common driveway.
, ✔✔Right of survivorship - ✔✔A legal rule which provides that upon the death of one
joint tenant, the deceased person's interest in the real property automatically passes to
the surviving joint tenant or joint tenants
✔✔Kelo vs. City of New London - ✔✔- Case where the government used eminent
domain to take property to promote economic development, public use and public
purpose
- New London used eminent domain in order to take the land from kelo to build a new
highway. Funds for the highway fell through and they sold the property to a different
private ownder who build a shopping mall. Kelo sued, city won because they claimed
shopping mall was build for the public and created economic development
✔✔Tenancy in common - ✔✔-Interests of deceased partner passes by will, not by
survivorship
- Created by express words
✔✔Joint tenancy - ✔✔- A form of co-ownership that includes the right of survivorship
- Deceased partner's property automatically passes to surviving partner
- May sell or transfer interest, which will terminate this
- Words must clearly show intent to create
✔✔ Business Judgment Rule - ✔✔As long as decisions are made in good faith/honest
belief that the action was taken in best interest of the company, company CANNOT be
held liable for losses to shareholders.
✔✔Entrepreneurs - ✔✔A person who forms and operates a new business either by him
or herself, or with others.
✔✔Importance of choosing the right business organization - ✔✔1. Easiest for one
person to own a business, but also riskiest because sole proprietor holds all liabilities
2. Incorporating allows you to protect personal assets (same with LLC's).
✔✔Securities Act of 1933 - ✔✔1. Primarily regulates the issuance of securities by a
corporation, a general or limited partnership, an unincorporated association, or an
individual
2. Applies to initial issues of securities, including IPOs and sales of new securities by
established companies. Includes issues of securities online
✔✔Purpose of laws (Securities Act of 1933) - ✔✔To require full and honest disclosure
of information to investors.
✔✔Security Exchange Commission (SEC) - ✔✔A federal administrative agency that is
empowered to administer federal securities laws.
- Adopts rules and regulations to interpret and implement federal securities laws
- Investigates alleged securities violations and brings enforcement actions
✔✔Lost, mislaid, or abandoned property - ✔✔Mislaid property
- Owner voluntarily places property somewhere and then inadvertently forgets it. The
owner is entitled to it until he gets it.
Lost property
- Owner leaves property somewhere because of negligence, carelessness, or
inadvertence. Finder obtains title to the property against every except the true owner.
Abandoned Property
- An owner discards the property with the intent to relinquish his or her rights in it. Finder
of abandoned property acquires title*
✔✔Fee simple - ✔✔The greatest possible estate in the land where the owner has the
right to use it and exclusively posses it. A form of freehold, best type of ownership
owner can do whatever they want
✔✔Adverse Possession - ✔✔Person wrongfully possessing another's real property
obtains title to that property if certain statutory requirements are met.
- Statutorily prescribed time period.
- Open, visible, and notorious.
- Actual and exclusive.
- Continuous and peaceful.
- Hostile and adverse.
Government property not subject to this
✔✔Eminent domain - ✔✔A government's power to take private property for public use,
provided that just compensation is paid to the private property holder
✔✔Non-possessory rights - ✔✔A situation in which a person holds an interest in
another person's property without actually owning any part of the property such as a
common driveway.
, ✔✔Right of survivorship - ✔✔A legal rule which provides that upon the death of one
joint tenant, the deceased person's interest in the real property automatically passes to
the surviving joint tenant or joint tenants
✔✔Kelo vs. City of New London - ✔✔- Case where the government used eminent
domain to take property to promote economic development, public use and public
purpose
- New London used eminent domain in order to take the land from kelo to build a new
highway. Funds for the highway fell through and they sold the property to a different
private ownder who build a shopping mall. Kelo sued, city won because they claimed
shopping mall was build for the public and created economic development
✔✔Tenancy in common - ✔✔-Interests of deceased partner passes by will, not by
survivorship
- Created by express words
✔✔Joint tenancy - ✔✔- A form of co-ownership that includes the right of survivorship
- Deceased partner's property automatically passes to surviving partner
- May sell or transfer interest, which will terminate this
- Words must clearly show intent to create
✔✔ Business Judgment Rule - ✔✔As long as decisions are made in good faith/honest
belief that the action was taken in best interest of the company, company CANNOT be
held liable for losses to shareholders.
✔✔Entrepreneurs - ✔✔A person who forms and operates a new business either by him
or herself, or with others.
✔✔Importance of choosing the right business organization - ✔✔1. Easiest for one
person to own a business, but also riskiest because sole proprietor holds all liabilities
2. Incorporating allows you to protect personal assets (same with LLC's).
✔✔Securities Act of 1933 - ✔✔1. Primarily regulates the issuance of securities by a
corporation, a general or limited partnership, an unincorporated association, or an
individual
2. Applies to initial issues of securities, including IPOs and sales of new securities by
established companies. Includes issues of securities online
✔✔Purpose of laws (Securities Act of 1933) - ✔✔To require full and honest disclosure
of information to investors.
✔✔Security Exchange Commission (SEC) - ✔✔A federal administrative agency that is
empowered to administer federal securities laws.
- Adopts rules and regulations to interpret and implement federal securities laws
- Investigates alleged securities violations and brings enforcement actions
