LEGL 2700 test 3 Epstein UGA Exam Questions With Correct Answers
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Course
LEGL 2700
Institution
LEGL 2700
LEGL 2700 test 3 Epstein UGA Exam
Questions With Correct Answers
Role of Scarcity (property) - answerneed for resources overtakes supply of those resources
State controlled/communism - answergovt controls resources and directs how they're divided
between citizens; control means of production
P...
b. lost - answer✔own it except OG owner can come back for it
c. mislaid - answer✔owner of premises and OG owner can come back for it; intent to relinquish
ownership of it = abandoned/un-owned
d. neglected - answer✔adverse possession: acquiring a property interest by use of somebody else's
property over an extended period of time; wanting to maximize land; without consent of owner
3. confusion - answer✔Fungible (replaceable) goods mixed together
4. accession - answer✔a. Adding something new to/repairing something you acquired
i. If stolen, then original owner gets modified property
ii. If accidentally acquired, then acquirer gets it but must compensate original owner
5. gift - answer✔a. Remember what we learned about the promise of a gift, but intent AND transfer
means you can't take it back
Escheatment - answer✔turn over abandoned property to the state
Private property aids in capital formation; pre-req for a thriving economy - answer✔Put up house on
market to get a loan to start a business
Types of real property Ownership - answer✔fee simple, life estate, leasehold estate, concurrent
ownership
fee simple - answer✔the biggest and best, right to acquire/possess/use/transfer; "to Michelle forever";
can transfer to successor
life estate - answer✔PRESENT INTEREST: Michelle cannot then give the property to someone else (not
same as fee simple); "To Michelle for life..."; does NOT go to successor
FUTURE INTEREST: remainder interest; "...then to Jim"; it can also revert back to OG owner
Leasehold Estate - answer✔a lease; "to Michelle, as a tenant for 12 months"; can't sell it
Concurrent Ownership - answer✔-Tenancy in common: normally followed by percentages of each
person's share; "to Jason and Julie"
-Joint Tenancy: "To Jason and Julie as joint tenants with right of survivorship"; one person dies, other
gets the entire thing
easement - answer✔right to use land of another in a certain way
Easement by Prescription - answer✔similar to adverse possession, but you're not owning it, you're
getting right to use it; out in open, using it over time
natural easement - answer✔one of necessity (ex. Only one way to get to road, have to cross someone's
land)
bailment - answer✔arises when you entrust someone with your property to be returned in the future;
temporary ownership of personal property; can extend for indefinite period of time
Types of Bailments - answer✔-Mutual benefit: reasonable standard of care that bailee must show (ex.
exchanging money)
-Benefit of bailor: slight duty of care; less than reasonable standard (ex. Bailor putting car in bailee's
garage)
-Benefit of bailee: very high duty of care; higher than reasonable standard (ex. borrowing Bailor's car)
intellectual property - answer✔Creations of the mind (inventions, literary works) that are protected
under the law; provides incentive to innovate; Large impact at the micro and macro levels
o Micro: Individual firms
o Macro: larger entities
types of IP - answer✔· Trademark - protects company and consumers
· Copyright
· Patent
· Trade Secret (coke formula)
trade secrets - answer✔· Use it for things with economic value
· Requirement: keep it secret (reasonable measures taken)
Establishing the Existence of a Trade Secret - answer✔1. conduct a trade secret audit to identify
confidential knowledge-based resources
2. preserve secrecy
1. conduct audit - answer✔figure out things they should protect as a trade secret; "data classification"
exercises are more common
2 preserve secrecy - answer✔o Lock written material
o Secure computer-stored knowledge with firewalls and encryption
o Impose confidentiality restrictions
o Regulate visitors
o Ask employees, customers, and biz partners to sign nondisclosure agreement
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