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Details of performance of a contract not expressly stated in a contract will often be
implied by the court.
The Constitution took certain powers away from the national government and gave
them to the state governments.
A will cannot be modified by merely crossing out a clause and writing in something
new.
A party who in good faith has provided substandard performance of a contract may sue
to recover the payment specified in the contract.
Instruments may not be negotiated if they have been dishonored by non-acceptance.
Taylor, a securities lawyer for a major Wall Street law firm, worked on numerous
successful takeover bids of companies listed on the New York Stock Exchange. Prior to
the public announcement of the takeover bids, Taylor provided information to Rogers
(his stockbroker) and to Price (his mistress) about certain planned takeover bids on
which he had provided legal services. Rogers, who was aware of the relationship
between Taylor and Price, made purchases of the target companies on Rogers' and
Price's behalf, netting them more than a million dollars in profits each. The SEC brings
an action against Taylor, Rogers, and Price under Rule 10b-5 and the Insider Trading
Sanctions Act of 1984. Taylor defends that he is an outsider not subject to the 1984 law
and Rule 10b-5, and that he received no personal benefit. Rogers and Price defend that
they were merely acting on stock market tips received from a person who did not
personally benefit from the disclosure. Decide.
An executed contract is an agreement that has been completely performed.
If a lost negotiable instrument is in bearer form at the time of the loss, the finder is
entitled to enforce payment.
Consumer goods are not subject to perfection of a security interest.
A consent decree is an informal settlement of an enforcement action brought by an
administrative agency.
A deed that has been properly executed and delivered by the grantor, but has not been
acknowledged or recorded, remains binding as between the grantor and the grantee.
The signature on an instrument must appear at the lower right-hand corner of the face of
the instrument.
The burden of proving the existence of an agency relationship rests on the person who
seeks to benefit by such proof.
Little "cyber crime" exists today.
When an accountant makes a contract to perform services, there is a duty to exercise the
skill and care that are common for the accounting profession.
A typical situation where the doctrine of economic frustration applies is when the party
suffers a loss when a gain was expected.
A "tender" occurs when the holder of a check or other consumer transaction
authorization demands payment.
A limited liability company pays federal income tax.
A check is drawn on the assumption that the bank has sufficient funds in the drawer's
account for payment.
