EXAM #3 REVIEW
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What rights are included in property rights
Know the differences between intangible and tangible property
Examples of intangible personal property
Know the difference between real vs. personal property
Definition of inter vivos gift
What is needed to make a valid gift – when does it need to happen?
Under Uniform Gifts to Minors Act, what may a custodian use the money for?
Under UGMA what happens when the minor turns 18
What is a conditional gift
Lost property – finder entitled to a reward ever? (see unilateral contracts)
Wild animals as property
Abandoned property – who acquires title to it?
Validity of Anatomical Gifts
Tenancy in Common, Joint Tenancy, Tenancy by the entireties and Community Property features
Definition of bailment and what it accomplishes
Bailor and Bailee definitions
Rights of Bailee
Standard of Care for Bailees (assume a mutual benefit bailment)
Examples of special bailments
Duties of warehousers
When warehousers are liable for damaged goods
Leins as they relate to warehousers
Definition of documents of title what they are used to accomplish (why would a merchant want to
use them?)
Sale or return and Sale on approval definitions
Types of warehouse receipts and how they differ
When does Article 2 of the UCC govern conduct (what type of transaction/contract)?
When is a warehouse receipt “duly negotiated”?
How are illegal sales treated under the UCC?
In what situation(s) does a good faith purchaser not receive good title to goods?
How was privity of contract traditionally used by the court historically?
When does a sales contract need to be evidenced in writing (for purposes of the exam do NOT use
revised Article 2)
Types of documents of title
What is the transferor of goods called, what is the transferee of goods called?
What are existing goods and how do they differ from future goods?
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What are unidentified goods
Definition of a gift
How to accept an offer for sale of goods
How conflicting terms are governed under UCC article 2
Necessary terms for a contract for the sale of goods
How patterns of doing business are used by the court in interpreting contracts
Methods for transferring title to goods, how documents of title are utilized
When does risk of loss pass from the seller to the buyer
When does title pass from the seller to the buyer
What happens when unidentified goods are destroyed while in the possession of the seller
When does title pass in an auction sale
Who can sue for damages sustained from a defective product?
What is an express warranty
Sales talk v. express warranties
What is a full warranty and how does it differ from a limited warranty?
What is a warranty of merchantability?
How is a merchant treated differently than a non-merchant under the UCC?
What is anticipatory repudiation
What is repudiation
What remedies does a seller have when a buyer breaks a sales contract (resell the goods)
What may a seller do if the buyer wrongfully refuses to accept the goods (sue the buyer for the
purchase price)
When may a seller cancel a sales contract