Leb 323 exam 1 - Study guides, Class notes & Summaries

LEB 323 Exam 1 Questions with Revised Answers What are the two basic types of future interest? - Answer-1. Reversion - exists when owner of a fee simple transfers a lesser interest and retains the residence 2. Remainder - exists when owner a fee simple transfers a lesser interest and provides that the ownership will pass to third person upon expiration What is a tenancy in common? - Answer--Co-owners are called tenants in common or cotenants What is the most important distinction betw...

LEB 323 Exam 1 Questions with All Correct Answers Nature of Warranty for Sale of Goods - Answer-- average or medium grade quality at least - pass without objection in the market for goods - adequately labeled and packaged - conform to promises made on container or label Fitness for a particular purpose - Answer-A warranty, imposed on any seller/lessor who knows that the buyer/lessee is relying on the seller's/lessor's skill and judgment to select suitable goods, that the goods being ...

LEB 323 Exam 2 Questions with Revised Answers with 100 % Pass Guarantee Where does moral judgement come from? - Answer-Evolutionary based System One vs. System Two - Answer-90% of our mind's actions are quick and intuitive 10% stem from the cognitive parts of our brain Who won Nobel Prize for System One vs. System Two? - Answer-Daniel Kahneman Moral intuition? - Answer-sudden appearance in consciousness of moral judgement...without any conscious awareness of having gone through s...

LEB 323 Exam 3 Questions with All Correct Answers What is the moral minimum? - Answer-all human life is equal and valuable, any violation of the 4 components and society will break down What are the 4 components of the moral minimum? - Answer-1. Honesty (the truth) 2. Loyalty (mostly reciprocal, familiarity and trust built over time) 3. Keeping commitment (not renegotiating) 4. Doing no harm (responsible whether intentional or not) What is "secondary meaning" in regards to a tradema...