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BLAW 2013 Midterm: Norwood Review for test 2

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Business Law
BLAW 2013

Norwood: • Political turmoil associated with the proposal to put a cap on the homestead exemptions • Arkansas exemptions: 1) wearing apparel 2) $200 if single $500 if married 3)homestead exemption (must be married or have family) • Priority Creditors: -Secured Ccreditors -Child and spousal support obligations -administrative expenses -wages and salaries -wages and salaries (when the debtor has employees) up to a dollar maximum -taxes (3 years) Non- dischargeable debts- • -taxes within 3 years -any debt resulting from fraud -liability for willful torts -alimony and child support -any debt not listed -government guaranteed student loans (unless undue hardship) -debts resulting from DWI • denial of discharge (AKA: the death penalty) -destroying or falsifying records -making a false statement under oath -secretly transferring or concealing property -failing to explain loss of assets -having received a discharge in the prior 8 years- former 6 years Ch 12 • know the different types of mortgages • real estate financing: 3 day rule- given debtors 3 days to change their mind (cooling off period) • Acceleration clause- if debtor fails to make payment, credit can make them pay all money right then • deficiency- the bank has repossessed the house and if the home doesn't sell for the right price, the debtor must pay deficiency (Texas) • know subprime- borrower has poor credit rating Test review: Ch. 7: (first 20 question are on contracts) • elements of a contract- agreement, consideration, capacity, and legality • sources of contract law- common law of contracts, restatement of contracts, uniform commercial code • Bilateral v Unilateral • unilateral- carbolic smoke ball company case • express- implied • executory- executed • void- voidable • the agreement- an offer (has legal intent- Lucy v. Zehmer) Offer: -intent -Communicated • Bilateral promise completes the deal • unilateral contract: completed act • the UCC- uniform commercial code, must be a sales contract • mirror image rule • Consideration -a bargained for exchange, but does not have to be of any specific amount • capacity -underage/ minors- voidible by the minor only and must act while still a minor or within a reasonable time -intoxicated -insane • Legality -gambling- legal in ark: dog races, horse races, charitable bingo (no purchase necessary makes it legal) -Failure to obtain a license required by law: only if “regulatory” -exculpatory clause: -Covenant not to compete: basic rule-reasonable business purpose • know vices of consent terms statute of frauds • -sale of land -contract which cannot be competed in one year -promise to stand behind the debt of another
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