Aviation Law and Ethics- Final Exam guide latest updated

Aviation Law and Ethics- Final Exam guide latest updated Under contract 4 common defenses - Answer ️️ -Mistake, fraud, under the influence, andduress Three most common instances of incapacity to contract - Answer ️️ -Minority age, mental incompetence, and intoxication. For mutual agreement (two brains coming together), to exist in a contract. - Answer ️️ -There must be a valid offer and acceptance Three types of contracts that have to be In writing - Answer ️️ -Transferring interest in land (real property), the contract cannot be performed within the time frame of one year or anytime the sell is more than 500$. Real property - Answer ️️ -Land, houses, trees, bushed, attached to the ground. Ownership rights - Answer ️️ -sole ownership, 4 basic forms of concurrent ownership. tenancy, tenancy in common, community property, tenancy in entirement. Three of the most common ways to transfer real property - Answer ️️ -Sales, gift and inheritance, adverse possession (20). Agency relationship: two types - Answer ️️ -employer-employee (common); employer- independent contractor) independent contractor do their own thing company does not pay taxes on that person. Three primary duties a principal owes to a agency: - Answer ️️ -compensation, re- imbursement, indemnification( assume liability for getting in trouble). Independent contractor vs employee - Answer ️️ -axes employee yes , federal and state protections for employees, and liability indemnification for employee bonded for contractor. Two basic forms of property - Answer ️️ -Real property and personal property