<p>Yeah that one is obvious but there are many that are not, i will try to state a few here:</p>
<p>The law specifically Code will allow people to make stupid mistakes and they cant recover. For instance, in contracts- there has to be consideration present, but the consideration does NOT have to be adequate. </p>
<p>I would have to gather a few of my books to write completely coherent interesting topics which i might do in the future on this thread, for now i will just state things that are coming to me as i type...</p>
<p>IF you talked to one of your family members about school. ANd lets say a uncle playfully says to you i will give you $1000 if you get a A in Math Class, if you get that A and he then refuses to pay, you can sue him and probably will win. The reason is consideration was present, the consideration is you studied more than what was required and when you do something that's not required like studying more to get an A, that is consideration. I dont recomend this but im just stating by law, there infact would be a valid case here if someone pursued this....</p>
<p>WHat else?? Oh something you can apply if you ever buy real estate, now you definitly would not know this unless you took some sort of law class because this is not common sense. IF you aspire to own real estate, make sure you get Tenants in Commons ownership. Many times people foolishly get JOint tenant Ownership with someone who they are close, this is the type of ownership where each person owns 50/50 and can do what ever they want with their half while living- sell it, give it away and so on. Its exactly the same as Tenants in Common but the only difference with the 2 and the difference is huge is if you have Joint Tenants and one partner dies, the surviving tenant would get the deceased's half and thus own the property completely. Even if the deceased tenant states in his will that he wants to give it to his son, that would be thrown out and be ineffective. So if you ever have a falling out and dont know this, this could be problematic. So make sure to get Tenants in common, when you die the half goes by your will or if no will by law.</p>
<p>Last, Divorce. What's insurable interest? Insurance at the time the policy was taken out. Lets say a women takes out a $500,000 life insurance policy on her husband while they were married and then they divorce, does that policy automatically become ineffective because of the divorce? NO, If a women took out the policy while she was married thus at the time there was insurable interest for her husband and then got divorced, that policy would still be good after the divorce, and if she continued to pay the payments monthly, the ex wife could theoretically collect 500k when her husband dies even though she did not talk to him for 20 years. You cant take out a policy obviously after the divorce but before is fine. This could potentially lead to corruption, if a women senses her marriage is failing and will end in the near future, she could take out a policy on her husband within a few months precluding the divorce and eventually collect. They dont measure if you were happy while you were married, all that matters is were you married?</p>