Beware Of Geeks Bearing Gifts: The Law Of Inter Vivos Gifts And How Not To Get Burned
The law recognizes several different kinds of gifts. An inter vivos gift is a gift that I make while I'm still alive, not planning on dying any time soon, and that takes effect immediately (instead of after I die). An inter vivos gift must also be unconditional and irrevocable. In order for it to be enforceable, I must intend it as a gift, I must actually deliver the gift, and the recipient must actually accept it. This can result in some fairly non-intuitive consequences:
(1) I promise my...
Contract Boilerplate: Some Sample Clauses
Here are some examples of contract boilerplate. As a disclaimer, this article is not legal advice, and the author accepts no liability for the use thereof.
Third Party Beneficiaries
Nothing contained in this Agreement shall be construed to confer upon any individual or entity other than the parties hereto any rights, benefits or causes of action, except as expressly set forth in this Agreement.
This prevents a non-party from suing a party as a "third party beneficiary".
Relationship...
Home Studio On A Disc - Midi Musc-making Software
Over the last few years a not-so-silent revolution has been taking place in the music industry. Advances in technology mean it is now possible for any body with a halfway decent computer to set up a home studio for under a thousand bucks, allowing Mr. Anybody to compose and record their own original music. The music making software is as complex to use as it is versatile, and without a doubt the learning curve for the beginner is steep. Nevertheless, once you learn how it works, it all becomes...
Landlord And Tenant Liability For Injuries Caused By Hidden Dangerous Conditions
If you're a landlord, what risk of liability could you face for "latent defects" (dangerous conditions that are hidden or not obvious)on your property? What about if you're a tenant?
If you're a landlord, you can be sued by your tenant injured by a latent defect on the rented premises if you knew about it but didn't tell him (if you want to sound like a lawyer, the legalese translation here is "fraud by ommission"). Once you've told him about it however, then depending on the circumstances...
Law Without Legalese: Tenants' Right To A Rent Reduction
Disclaimer: The following is intended for reference only and not as legal advice.
A tenant may be entitled to reduce his rent or even withhold it altogether under limited circumstances:
(1) The landlord fails to meet his duty to repair the premises
Not all duties of repair fall on the landlord; some of them may fall on the tenant depending on local law and the terms of the lease. Nevertheless, to the extent that the landlord does have a duty to repair, the tenant may NOT repair the...
Legalese Explained: Finders, Keepers, Or How A Thief Can Sue To Get Back The Stuff He Stole
DISCLAIMER: The following is intended for reference only, and not as legal advice.
If you own it, it's yours. But what if you found it, or even stole it? Believe it or not, this is the way the law works in most states:
(i) I find a wallet on the street, and you steal it from me. As you might expect, my legal right to the wallet is superior to yours, even though I will have to give it back to the owner if he can be identified.
(ii) I find a wallet on the street, lose it, and then you find...
Legalese Explained: Obligations Of A Lease Assignment And Covenants Running With The Land"?
If you are a tenant and you assign your house lease to somebody else (a "third party"), your assignment of your lease contract does not relieve you of your obligations to the original landlord. If, for example, you assign your lease to Ralph and Ralph doesn't pay the rent, the landlord can come after you for the money even though you don't live there anymore. Whether she can come after Ralph or not (she may want to if Ralph has more money than you do) depends on the nature of the obligation....
Legalese Explained: What Is A "Bailee", And Are You One?
A bailee is someone who has possession of someone else's property. There are two kinds of bailees:
(1) A "true bailee" or a "bailee under a bailment transaction": This is someone who takes possession of another's property with the owner's consent - you borrow someone's car, for example. When you take your car to the mechanic, the mechanic is a true bailee, and when you check your coat in the coat check at a nightclub, the nightclub is a true bailee.
If you are a true bailee, you are...
New Bankruptcy Law Makes It More Difficult To Go Bankrupt
Disclaimer: The following article meant for reference only, and is not intended to be legal advice. Be sure to consult a lawyer for a full explanation.
The Bankruptcy Abuse Prevention and Consumer Protection Act was became effective on October 17, 2005 (except for a few provisions). This amendment to the Bankruptcy Code is a major revision of the 1978 Bankruptcy Code and deals mainly with consumer bankruptcy. It was passed in response to rising bankruptcy filings and is based on a concept of...
Online Futures Trading For Novices
Futures trading, like any lucrative earning opportunity, involves high risks. Online futures trading is no different - its convenience tempts many people to treat trading like a Vegas casino instead of a legitimate investing opportunity. With this in mind, following are some pointers on succeeding in the online futures trading jungle:
Are you a long-term investor or a day trader? If you decide you're a day trader, then keep up with your trading account on an hourly basis. If you decide you're...
Rent Control
Many cities have passed ordinances restricting the amounts by which landlords can increase a tenant's rent. These local laws are generally held valid even in the face of contrary state law.
Rent control normally covers only residential housing (and not office space, shopping mallls, etc.) Since it is usually designed to assist low-income tenants, it is rarely applied to luxury housing, and sometimes does not apply to single family homes. In some cases the tenant will have to prove that the...
The Law Of Condominium Ownership
When you buy a condominium, what are you actually getting? In a typical condominium arrangements, each "tenant" owns his/her individual unit outright and owns the common areas as a "tenant in common" together with the other tenants. Since you have ownership rather than mere leasehold rights, you can sell your unit and build up equity in it.
A tenant in common is a fractional owner of the common property, meaning, for example, that if the property is sold he is entitled to a certain percentage...
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