Define the term
.docx
School
SUNY Delhi**We aren't endorsed by this school
Course
BUSI 280
Subject
Law
Date
Dec 19, 2024
Pages
1
Uploaded by CommodoreCraneMaster384
1.Define the term “gatekeeper” liability as used in this course and give an example.The legal responsibility that is placed on individuals or entities that are in position to prevent wrongdoing but fail to do so. For example, a bank that fails to prevent fraudulent activity on acustomer’s account could be held responsible for financial losses. 2.What is a “limited liability partnership”?A type of business structure that provides limited liability protection for partners. The personal assets of partners are shielded from the partnership’s debts and obligations, or negligence and misconduct of another partner. Mainly used for lawyers and accountants. 3.What is a secured transaction and when is it relevant in commercial transactions? Give an example. A secured transaction occurs when a borrower grants a security interest in collateral to a lender as a guarantee for a loan or obligation. It is relevant in commercial transactions, particularly when businesses need financing and lenders require assurance of repayment.Example: A housing developer secures financing for a construction project by granting a security interest in the property being developed as collateral4.What is the “principle of remoteness” in the law of contract and why is it important? The principle of remoteness in contract law limits the recovery of damages to those that are a foreseeable consequence of the breach. Damages cannot be claimed if the losses are too remote or unrelated to the breach. This principle is important as it restricts the breaching party's liability to reasonable and predictable losses, ensuring fairness in awarding damages5.What does the term “escheat” mean?When the ownership of property is reverted to the crown when a person dies and does not leave a valid heir. 6.What are the “liquidated damages” and what are their limits? A term in a contract where the parties agree in advance to the amount to be paid in damages ifthere is a breach. Their limits are that the amount of liquidated damages must be a reasonable estimate of the actual damages that would be suffered by the non-breaching party if a breach were to occur. 7.What is “prescriptive easement” and give an example. When a landowner requires easement over adjoining land without a grant or contract. Example: a neighbor driving over a portion of someone’s driveway every day for multiple years.
