Property is considered mislaid property when its owner involuntarily places the
property somewhere and then intentionally forgets it.
The right to participate in the management of a business is conclusive evidence for
determining the existence of a general partnership.
If a corporation has not commenced business or issued any shares, it may be dissolved
by a vote of the majority of the incorporators or initial directors.
All states have licensing statutes that require members of certain professions and
occupations to be licensed by the state in which they practice.
The proxy holder is often a director or an officer of the corporation.
In terms of the conspicuous display of a warranty disclaimer, the courts construe
“conspicuous” as noticeable to the plaintiff.
If the principal labels someone an “independent contractor,” then that conclusively
determines whether independent contractor status exists.
An intellectual property licensing arrangement is a method used to transfer certain
rights of use, but not ownership, of intellectual property.
In order to be enforceable, contracts to pay compensation for services rendered in
negotiating the purchase of a business must be in writing.
Cancellation of a negotiable instrument may be accomplished by the holder’s
destruction or mutilation of the instrument with the intent of eliminating the obligation.
A prospectus is a written disclosure document that must be submitted to the Securities
and Exchange Commission.
The United States Treasury Department administers and enforces laws pertaining to
proxies and proxy contests.
The doctrine of intentional tort is commonly referred to as negligence.
An assessment fee is a franchise fee for such things as advertising and promotional
campaigns and administrative costs.
An intermediate appellate court generally provides the parties an additional opportunity
to present evidence.
In a merger, title to property owned by the merged corporation transfers to the surviving
corporation, without formality or deeds.
The infancy doctrine is based on public policy considerations.
Workers’ compensation acts do not bar injured workers from suing responsible third
parties to recover damages.
If the goods conform to the contract, the seller pays for the inspection.
In most states, a state court can obtain jurisdiction in a civil lawsuit over persons and
businesses located in another state or country through the state’s “rubber-arm” statute.
The Uniform Partnership Act provides “gap-fillers” for partnership contract terms,
should a partnership agreement fail to address a crucial issue.
Under the Family and Medical Leave Act, covered employers are required to provide
up to ten weeks of leave for the care of a spouse, child, or parent with a serious health
problem.
The fiduciary duty of loyalty includes the duty not to usurp the limited liability
company’s opportunities, make secret profits, secretly deal with the LLC, secretly
compete with the LLC, or represent any interests adverse to those of the LLC.
An oral stop-payment order is effective for seven days.
The Fifth Amendment privilege against self-incrimination applies only to natural
persons and not to corporations and partnerships.
The Occupational Safety and Health Act imposes record-keeping and reporting
requirements on employers and requires them to post notices in the workplace,
informing employees of their rights under the act.
At common law, someone who pickpockets a wallet would be guilty of robbery.
A justice who agrees with the outcome of a case but not the reason proffered by other
justices can issue a deferring opinion that sets forth his or her reasons for deciding the
case.
The crime of embezzlement is the negligent conversion of property by a person to
whom that property was entrusted.
A condition subsequent exists when a contract provides that the occurrence or
nonoccurrence of a specific event automatically excuses the performance of an existing
duty to perform.
A state can regulate in areas affecting interstate commerce where the federal
government has chosen not to regulate if the state law does not place an undue burden
on interstate commerce.
The preemption doctrine refers to the concept of federal law taking precedence over
state or local law.
Some courts permit the delegation of impersonal duties despite the existence of an
anti-delegation clause.
Each member of a member managed limited liability company has rights in the
management of the business of the limited liability company based upon the amount of
the capital contribution, and those rights may not be modified by agreement.