MBE Missed ?s

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MBE Missed ?s
2012-07-05 23:54:57

Missed questions on full day MBE
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  1. Shipment vs. Destination Contract
    • Shipment* = FOB (city where buyer or goods are)
    • Destination = FOB (any other city) 

    *Most are shipment ks

    Shipment: Seller completes obligation when (i) gets goods to common carrier, (ii) makes reasonable arrangements for delivery, AND (iii) notifies the buyer.

    Destination: Seller does not complete delivery until goods arrive at destination. 
  2. Risk of Loss:
    (1) on Buyer
    (2) on Seller
    4 Rules:
    • ROL on buyer: must pay full k price
    • ROL on seller: no obligation on buyer, possible liability on seller for nondelivery.  

    • 4 Rules:
    • (1) Agreement: agreement on parties controls.
    • (2) Breach: breaching party liable even if breach unrelated to problem.
    • (3) Common Carrier: ROL shifts from S to B at time S completes delivery obligations.
    • (4) "Catch All": Is S a merchant?
    • Yes - ROL shifts from a merchant-seller to B on B's "receipt of goods."
    • No - ROL shifts from nonmerchant-seller when S "tenders" goods. (Tender = making goods available). 
  3. K Law:

    Define novation
    Novation is: "the substitution of a new obligation for an old one."

    [Tip to remember: the introduction of something new; innovation.] Innovation = Novation  
  4. Prop Law:
    Define defeasible
    Define alienable 
    Define determinable 
    Define Executory Interest
    • Defeasible: interest with future interest attached
    • Alienable: Transferable inter vivos (during one's life)
    • Determinable: Possibility of reverter 
    • Executory Interest: Any future interest created in somebody other than the grantor.  
  5. Prop Law:
    • Applies to:
    • Contingent remaniders
    • Executory interests
    • Class gifts

    • Does NOT apply to:
    • Vested remainders
    • Future interest created in a grantor.

    Rule: A future interest covered by RAP is void UNLESS it is certain to vest or fail within 21 years after a "life in being"