LENB- El Jourbagy Final Exam Review, LENB- El
Jourbagy Final Exam Part 2, LENB- El Jourbagy Final
Part 3, LENB- El Jourbagy Final Exam Part 4 (Qs & As)
general warranty deed Correct Ans-Contains covenants in which the grantor formally
guarantees that good and marketable title is being conveyed. Highest deed - 5 covenants.
quick claim Correct Ans-person signs off all claims to property
adverse possession Correct Ans-when the land of another private person is adversely and
exclusively possessed in an open and notorious way
zoning Correct Ans-refers to gov't restriction on property use
intellectual property Correct Ans-fruit of one's mind
injunction Correct Ans-can not get money if trademark is not registered but can make
an_______
10 years Correct Ans-how often do you have to renew trademark?
fair use doctrine Correct Ans-Allows a user to make a copy of all or part of a work within
specific parameters of usage, even if permission has not been granted.
subject of patent Correct Ans-3 criteria: must be novel (new), useful, and non obvious
offeror Correct Ans-person who offers something in contract
,offeree Correct Ans-A person to whom an offer is made.
consideration Correct Ans-bargain for exchange
misunderstanding Correct Ans-a failure to understand or interpret someone's words or
behavior correctly
executory contract Correct Ans-contract not fully performed on both sides
executed contract Correct Ans-A contract that has been completely performed by both
parties.
quasi contract Correct Ans-An obligation or contract imposed by law (a court), in the absence
of an agreement, to prevent the unjust enrichment of one party.
sole proprietorship Correct Ans-A business owned by one person - start a business without
any formality
partnership Correct Ans-voluntary association with two people
creation is easy, income is personal, business losses can be deducted from taxes Correct Ans-
advantages of partnership
each partner has personal liable for all losses including those of another partner Correct Ans-
disadvantages of partnerships
limited partnership Correct Ans-partnership in which only one partner is required to be a
general partner
, non profit Correct Ans-start corporation but avoid double taxation
corporate entity Correct Ans-the governing body of the organization
S corporation Correct Ans-A unique government creation that looks like a corporation but is
taxed like sole proprietorships and partnerships
domestic business Correct Ans-acquires all of its resources and sells all of its products or
services within a single country
shareholders to board of directors to officers Correct Ans-order in which corporation entity is
selected
Alien business Correct Ans-foreign company
1. fiduciary duty to other partners 2. duty of obedience 3. duty of care Correct Ans-duties
that partners owe to each other
personally liable for debts of partnership Correct Ans-liability of partners
no liability beyond invested capital Correct Ans-liability of limited partnership
conditional estate Correct Ans-an ownership interest in which the holder has the same
interest as that in a fee simple absolute except that this interest is subject to a condition
lease hold estate Correct Ans-possessory interest, but not an ownership interest, transfer by
contract
Jourbagy Final Exam Part 2, LENB- El Jourbagy Final
Part 3, LENB- El Jourbagy Final Exam Part 4 (Qs & As)
general warranty deed Correct Ans-Contains covenants in which the grantor formally
guarantees that good and marketable title is being conveyed. Highest deed - 5 covenants.
quick claim Correct Ans-person signs off all claims to property
adverse possession Correct Ans-when the land of another private person is adversely and
exclusively possessed in an open and notorious way
zoning Correct Ans-refers to gov't restriction on property use
intellectual property Correct Ans-fruit of one's mind
injunction Correct Ans-can not get money if trademark is not registered but can make
an_______
10 years Correct Ans-how often do you have to renew trademark?
fair use doctrine Correct Ans-Allows a user to make a copy of all or part of a work within
specific parameters of usage, even if permission has not been granted.
subject of patent Correct Ans-3 criteria: must be novel (new), useful, and non obvious
offeror Correct Ans-person who offers something in contract
,offeree Correct Ans-A person to whom an offer is made.
consideration Correct Ans-bargain for exchange
misunderstanding Correct Ans-a failure to understand or interpret someone's words or
behavior correctly
executory contract Correct Ans-contract not fully performed on both sides
executed contract Correct Ans-A contract that has been completely performed by both
parties.
quasi contract Correct Ans-An obligation or contract imposed by law (a court), in the absence
of an agreement, to prevent the unjust enrichment of one party.
sole proprietorship Correct Ans-A business owned by one person - start a business without
any formality
partnership Correct Ans-voluntary association with two people
creation is easy, income is personal, business losses can be deducted from taxes Correct Ans-
advantages of partnership
each partner has personal liable for all losses including those of another partner Correct Ans-
disadvantages of partnerships
limited partnership Correct Ans-partnership in which only one partner is required to be a
general partner
, non profit Correct Ans-start corporation but avoid double taxation
corporate entity Correct Ans-the governing body of the organization
S corporation Correct Ans-A unique government creation that looks like a corporation but is
taxed like sole proprietorships and partnerships
domestic business Correct Ans-acquires all of its resources and sells all of its products or
services within a single country
shareholders to board of directors to officers Correct Ans-order in which corporation entity is
selected
Alien business Correct Ans-foreign company
1. fiduciary duty to other partners 2. duty of obedience 3. duty of care Correct Ans-duties
that partners owe to each other
personally liable for debts of partnership Correct Ans-liability of partners
no liability beyond invested capital Correct Ans-liability of limited partnership
conditional estate Correct Ans-an ownership interest in which the holder has the same
interest as that in a fee simple absolute except that this interest is subject to a condition
lease hold estate Correct Ans-possessory interest, but not an ownership interest, transfer by
contract
