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Questions and Answers
If you own something, you have the strongest claim to it, which is a right called ______.
If you own something, you have the strongest claim to it, which is a right called ______.
ownership
Everything that you can pick up and move is classified as ______.
Everything that you can pick up and move is classified as ______.
movable
Possession is defined as a legal fact of ______.
Possession is defined as a legal fact of ______.
control
The owner has the ______ to transfer their property.
The owner has the ______ to transfer their property.
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A ______ is needed to justify the transfer of ownership.
A ______ is needed to justify the transfer of ownership.
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Good faith refers to acting in ______.
Good faith refers to acting in ______.
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After 20 years of bad faith possession, ownership can become ______.
After 20 years of bad faith possession, ownership can become ______.
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A ______-party effect refers to the consequences that affect individuals outside of the contract.
A ______-party effect refers to the consequences that affect individuals outside of the contract.
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A room that has been guarded by a company or any other party is referred to as a __________ cloakroom.
A room that has been guarded by a company or any other party is referred to as a __________ cloakroom.
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The __________ rule states that if a motor vehicle could not prevent the accident, the vulnerable user will be also 50% liable for the costs.
The __________ rule states that if a motor vehicle could not prevent the accident, the vulnerable user will be also 50% liable for the costs.
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____________ liability refers to damage caused by another human, for which one may still be held accountable.
____________ liability refers to damage caused by another human, for which one may still be held accountable.
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A __________ is a promise that a company has made regarding the safeguarding of items.
A __________ is a promise that a company has made regarding the safeguarding of items.
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If an accident occurs with a child under 14, the motor vehicle is __________ liable.
If an accident occurs with a child under 14, the motor vehicle is __________ liable.
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Under __________ negligence, the victim is partly to blame for the incident, which can reduce compensation.
Under __________ negligence, the victim is partly to blame for the incident, which can reduce compensation.
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In cases of __________ liability, the employer is held responsible for the actions of their employees.
In cases of __________ liability, the employer is held responsible for the actions of their employees.
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A person who causes an accident by acting with __________ recklessness is considered fully liable.
A person who causes an accident by acting with __________ recklessness is considered fully liable.
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The owner of the rented property stays the ______.
The owner of the rented property stays the ______.
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Expropriation allows the government to take something away for the public ______.
Expropriation allows the government to take something away for the public ______.
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A company is unable to solve its debts, which is referred to as ______.
A company is unable to solve its debts, which is referred to as ______.
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A ______ becomes the possessor but does not obtain legal ownership.
A ______ becomes the possessor but does not obtain legal ownership.
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The transfer of ownership in a legal context is known as ______.
The transfer of ownership in a legal context is known as ______.
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A direct possessor has the intention to keep the property, whereas an indirect ______ does not.
A direct possessor has the intention to keep the property, whereas an indirect ______ does not.
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People who are neither the owner nor the possessor are referred to as ______.
People who are neither the owner nor the possessor are referred to as ______.
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In order to prove ownership, one must often have ______ of the property.
In order to prove ownership, one must often have ______ of the property.
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An individual who uses a product is referred to as a ______.
An individual who uses a product is referred to as a ______.
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The owner has the ______ of ownership and can make decisions regarding the property.
The owner has the ______ of ownership and can make decisions regarding the property.
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A registered ______ is a legal document that transfers ownership to a new owner.
A registered ______ is a legal document that transfers ownership to a new owner.
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The crime of unlawfully taking someone else's property is known as ______.
The crime of unlawfully taking someone else's property is known as ______.
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An organization formed as a separate legal entity is said to be ______.
An organization formed as a separate legal entity is said to be ______.
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The first requirement for the transfer of ownership is that there must be a ______.
The first requirement for the transfer of ownership is that there must be a ______.
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A written acknowledgment of a debt is referred to as an ______.
A written acknowledgment of a debt is referred to as an ______.
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______ is the act of dishonestly taking or using funds that have been entrusted to you.
______ is the act of dishonestly taking or using funds that have been entrusted to you.
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A ______ limited company gives shareholders ultimate decision-making power.
A ______ limited company gives shareholders ultimate decision-making power.
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The ______ is responsible for managing day-to-day operations on behalf of the members.
The ______ is responsible for managing day-to-day operations on behalf of the members.
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The actual legal act of incorporation is done through a ______.
The actual legal act of incorporation is done through a ______.
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A foundation does not have ______ or shareholders.
A foundation does not have ______ or shareholders.
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To form a private limited company (PRLC), there are four key ______ that must be completed.
To form a private limited company (PRLC), there are four key ______ that must be completed.
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A corporation is an example of a legal ______, as it is recognized by law but does not have a physical form.
A corporation is an example of a legal ______, as it is recognized by law but does not have a physical form.
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The ______ of commerce is where a civil-law notary signs you in when establishing a company.
The ______ of commerce is where a civil-law notary signs you in when establishing a company.
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When a board ______, it can be held liable for its actions.
When a board ______, it can be held liable for its actions.
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A corporation is considered a legal ______ since it is not a physical reality.
A corporation is considered a legal ______ since it is not a physical reality.
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In business, a ______ is an organization that has been incorporated and given a legal identity.
In business, a ______ is an organization that has been incorporated and given a legal identity.
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A ______ refers to an individual or group that has an interest in the success or failure of a business.
A ______ refers to an individual or group that has an interest in the success or failure of a business.
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The term ______ is used in economics to describe the ownership share in a company.
The term ______ is used in economics to describe the ownership share in a company.
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A ______ is someone or an entity that supplies goods or services to another business.
A ______ is someone or an entity that supplies goods or services to another business.
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Study Notes
Business Law Terminology
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Rights: Examples include freedom of speech. Rights and responsibilities are balanced.
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Reasonableness: Balance of rights and responsibilities.
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Responsibilities: Duties of care, responsibilities in law.
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Duty of Care: Responsibilities in law.
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Common Law: Based on experience from past cases, not codified, originated in the UK.
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Civil Law: Codified, everything is written down, originated in France.
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Precedent: A written case and how it was solved, used for similar cases.
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Case Law: Describing a civil law case and how it was solved.
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Statute Law: Government defines rules, e.g., tax, criminal, and constitutional law. Big Brother concept, government above citizens.
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Public Law: Government rules and regulations, including tax, criminal, and constitutional law.
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Tax Law: Example of public law.
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Contract Law: Example of public law.
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Constitutional Law: Based on a constitution (ground rules). Applies to all EU countries.
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Regulation: EU laws that countries must strive to comply with, though not obligated.
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Directive: EU law goals for countries.
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Right of Withdrawal: Consumer can change their mind about a purchase, ending the contract.
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Reflection/Cooling-off Period: Consumer can change their mind, no reason needed.
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Exception: Article 16 (example of an exception).
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Product Safety: EU law protects consumers, ensures fair competition and product safety. 3x14 return time only online.
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Consumer Protection: EU law protects consumers, fair competition, and product safety. 3x14 return time, only online.
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Return: EU law protects consumers, fair competition, and product safety. 3x14 return time, only online.
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Inform: EU law requires informing before a return.
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3x14: EU law return period.
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Online Purchase: EU law protects consumers, fair competition, and product safety. 3x14 return time, only online.
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Refund: Returning payment, a term for public law.
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Rechtsstaat: Rule of law.
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Rule of Law: Rechtsstaat, the rule of law.
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Vienna Convention: United Nations convention on international sale of goods.
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CISG (Convention on the International Sale of Goods): Automatic, but exclusions are possible. Used internationally, especially within the EU.
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Apply Automatically: CISG.
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Explicitly Excluded: CISG.
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Treaty: A written agreement between two or more parties.
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Substantive Law: What the law says, a trial definition, trial.
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Legal Proceedings: How the law works.
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Procedural Law: How the law works.
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Criminal Law: Example of Private Law
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Employment Law: Example of Private law
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Private Law: Ensures equality. Examples: employment contract.
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Corporate Law: Example of Private Law
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Capital: In the context of FOUR FREEDOMS (goods, people, services, and capital).
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Services: In the context of FOUR FREEDOMS (goods, people, services, and capital).
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Goods: In the context of FOUR FREEDOMS (goods, people, services, and capital).
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Person(s): In the context of FOUR FREEDOMS (goods, people, services, and capital).
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Employment Disputes: Arbeitsconflicten (German).
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Rental Disputes: Rent disputes.
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Small Claims Court: Court for small claims.
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EUR 25,000: Amount for which court filings may take place without lawyer.
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Regulate: To control.
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Legitimate: To adhere to laws.
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Balance: Equal weighing.
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B2C: Business to consumer.
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Conduct: Behaviour.
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Binding: Compulsory.
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Freedom: Unrestricted.
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Movement: The ability to move.
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Legal Representation: Someone acting on another's behalf in court.
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Personalized Goods: Made specifically for one person.
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Interests: Concerns of the parties involved.
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B2B: Business to business.
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Unless: Except, not.
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Behaviour: Conduct.
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Persuasive: Convincing.
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Hotel Bookings: Accommodation reservations.
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Public Authority: Government.
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Zoning Plan: Land use restrictions.
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Administrative Law: Focuses on government decisions.
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Liability: Responsibility for something.
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Municipality(ies): Local government.
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Grant: Providing or consenting to.
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2-stage/3-stage Rocket: Administrative process, includes appeal.
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Objection: Disagreeing with a decision.
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Appeal: Formal request to a higher court.
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Exemption: Legal exception to a rule.
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Notify, Apply: To inform and seek a response.
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Refuse/Reject: Decisions against a request.
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Official, Necessary Permission: Legal authorization.
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Permit: Official authorization to do something.
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Private Limited Company: Business structure. Examples: BV, Ltd, GmbH, SARL
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Public Limited Company: Business structure. Examples: NV, Plc, AG, SA
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Registered Broker: NV.
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Foundation: Fonds.
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Registered Share: NV.
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Legal Person(ality): An entity that is recognized as having rights and duties under law. Can sue or be sued.
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Natural Person: Human being.
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Public-law Organization: Legal entity created by government.
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Minimum Capital: Minimum amount of money needed to start a company.
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Private/Public Trading company: Business entity.
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Notary: Legal professional.
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Bearer Share: Title-based security.
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Shareholder Permission: Authorization from shareholders.
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General Legal Issues: Basic legal areas
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Promise(s): Agreements made (legal).
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Agreement: An agreement
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Consideration: Worth that is being exchanged in agreement.
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Public Order: Essential legal principle.
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Acceptance: Agreement to an offer.
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Public Decency: Ethical standards accepted by society.
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Stated Offer: A formalized offer.
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Age: Minimum legal age.
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Typo: Spelling mistake.
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Compensation: Payment for damages.
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Void(-able): Unenforceable contract.
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Offer: Proposal by one party to another
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State Facts: To clarify the circumstances of a situation. Evidence for a situation.
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Be of Sound Mind: Mentally capable of making decisions.
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Force Majeure: An unforeseen event beyond one's control.
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Exemption Clause: A clause that eliminates liability.
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Misrepresentation: False statements.
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Mistake: Errors in understanding.
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Honest Mistake: Errors made in good faith.
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Undue Influence: Coercive tactics.
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Duress: Violence.
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In/Valid: Acceptable or not permissible
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Breach of Contract: Violation of a contract.
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Conduct/Behavior: Actions.
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Exoneration Clause: Clause releasing liability despite breach.
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Damages: Monetary compensation.
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Vitiation/Invalidation: Making a contract invalid.
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Party: Side of the issue/case.
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Grey List: Preliminary list of issues/cases.
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Knock-out Rule: Last response on the issue wins.
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SCT (Standard Contract Terms): Standard terms for contract.
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Battle of Forms: Contract issues resulting from differences in terms between parties.
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First-shot Rule: First presented terms in a contract will be binding.
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Essential Element: Critical part of a contract.
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Blacklist: List of prohibited terms or parties.
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Last-shot Rule: Last set of terms presented usually wins.
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Good Faith: Trustworthiness.
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Interests: Concerns.
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Regulate: To regulate.
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Allocate Risks: Identifying potential risks.
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Common/Civil Law: Legal systems (differences).
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Take into Account: Important aspect that must be in consideration for decisions.
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Intended Offer: Proposal with the aim of a contract.
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Guarded Cloakroom: Secure area in a business.
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Non-committal: Not giving a definite answer.
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Legitimate: Recognized as legally valid.
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Legal Capacity: Right to enter into agreements.
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Negotiate(ions): Discussions to reach agreement.
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Contract of Safe-keeping: Agreement for protection of something.
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Justified Trust/Expectations: Legitimate expectations.
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Verify/Check: Confirming details
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Vicarious Liability: Liability for actions of another party.
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Risk/Strict Liability: Legal responsibility for risks.
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Comparative Negligence: Partial responsibility for an incident.
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Product Liability: Responsibility for product defects.
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Employer Liability: Employer's responsibility; for products or situations created by employees
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50% Rule: Shared liability in certain incidents.
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Vulnerable Road User: Pedestrians and cyclists.
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Deliberate Recklessness: Actively reckless behaviour
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Road Traffic Liability: Legal responsibility for traffic incidents.
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Intentionally: Acts with intent.
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Duty of Care: Obligation to act with caution.
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Unlawful Act: Violation of law.
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Breach of Duty of Care: Failure to uphold obligations
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Causality: Cause-and-effect relationship.
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Relativity: Relationship; how the issues relate to each other.
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Damage(s): Harm.
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Commercial Loss: Economic loss.
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Blame: Fault/ responsibility.
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Purpose: Reason.
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Protect: Safeguarding.
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Victim: Affected party
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Prevent: To stop something from occurring; or to prevent a person or thing from harming someone or something else.
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Violated Rule/Norm: Act that violates a legal principle
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Reduce: To lessen the burden/impact
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Liability: Responsibility for something.
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Fault: Responsibility; error.
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Force Majeure: Uncontrollable event.
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Damage Suffered: Harm experienced.
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Financial Interest: Monetary gain.
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Owner(-ship): Possession of property.
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Immovable: Fixed property, such as land/building(s).
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Movable: Property that can be moved (e.g., car).
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Possession: Control over an item.
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Justify: To explain reasons to support an argument.
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Power: Legal power.
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Legal Basis: Legal justification.
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Good/Bad Faith: Honest faith or not acting honestly
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Good Faith (Contractual): Acting in good faith in contracts
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3/10/20 Years: Time-related legal concepts; time periods for actions, ownership, presumptions
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Time-barring Period: Time limits for legal action.
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Negative/Extinctive Prescription: Loss of rights due to lapse of time.
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Acquire/Acquisition Obtaining ownership
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Positive/Extinctive Prescription: Gaining rights due to time.
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Prescription: Time limits on actions or rights in law.
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Contractual Right: Right related to a contract.
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Third-Party Effect: Impact on unrelated parties.
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Consequences: Outcomes of actions.
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End: Ending of transaction or business relation.
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Rental/Lease Contract: Contract to use a property.
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Expropriation: Taking property from someone.
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Theft/Thief: Illegal acquisition of something.
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Direct/Indirect Possessor/Holder: Persons in possession; in control of property
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Pretended/Presumed Ownership: Ownership claims.
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Holder: Someone in physical possession.
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Owner has Power: Ownership to have the power over the property
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Delivery/y: Transfer of ownership or possession of property.
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Registered Deed: Recorded legal document.
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Contract of Sale: Legally binding agreement of sale.
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Transfer: Passing of rights or ownership.
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Administrator: Person appointed to manage assets.
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Insolvency: Inability to pay debts.
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Bankruptcy: Legal status of insolvency.
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Most Recent Buyer: Last legal owner in a sale.
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Property: Assets (land, house, etc.)
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Fact: Proven or accepted reality.
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Tangible: Physical.
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Proprietary Right: Right of ownership.
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Privity/Relativity of Contract: Contract's effect only on parties involved.
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Everyone Else: All other people.
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Consideration: Value exchanged in a contract.
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Third-party Protection: Legal protection to non-parties.
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ID Assist Duty: Duty to confirm someone's identity.
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Unregistered: Not Officially registered.
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Consumer Sale: Sale to a consumer.
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Consumer: Person buying product/ service.
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Handover: Transfer of something.
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Private Law: Specific, interpersonal laws
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Exclude: To not include; prevent something
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Borrow: To take something for a certain period
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Cash/Ready Money: Funds readily available
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Professional Seller: Seller qualified to provide products/services
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Statement: Declaration
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Steal: Theft
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IOU/Promissory Note: Acknowledgement of debt.
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Physical Store: A retail location; typically a bricks and mortar store
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Public Register: Official record of public information
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Permission: Consent; approval
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Nine-tenths of the Law: Ownership easier with possession
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Embezzlement: Cheating; theft; misuse.
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Incorporate(d): To formally establish a legal entity/company
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Separate Legal Entity: Legal distinction from people forming/running the company.
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Corporate: Company
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Business(es): A company.
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Legal Person: A legally recognized entity.
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Sole Trader/Proprietor: Self-employed person.
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Co-sign: To sign agreement as part of agreement
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Personally Liable (contract): Legally responsible for payment in contracts.
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Partnership(s): Association of people to operate a business entity
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Individuality: Unique identity.
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Agent: Person acting on behalf of another.
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Public Limited Company (PULC): Shares can be sold/traded to public; e.g., NV, Plc, AG, SA
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Association: A group of people coming together (non-legally defined) to operate a business entity.
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Province: State administrative division.
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Shareholder: Person who owns shares in a company
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Independent(-ly): Not reliant on others; not controlled by anyone or anything.
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Supplier: Person/company supplying goods.
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Criminal Offense: Illegal act.
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Description
Test your knowledge on the fundamentals of property law, including key concepts such as ownership rights, possession, and liability. This quiz covers important legal terms and principles that define property ownership and the responsibilities that come with it.
