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For property insurance, the insurable interest must exist when a policy is purchased.
If a great degree of skill is required, this may indicate that a person is an employee
hired for a specialized job and not an independent contractor.
In most states, a director cannot be removed without cause unless the shareholders have
reserved the right to do so at the time of election.
A holder takes an instrument for value if he or she inherits an instrument.
Discount Retail Warehouse Corporation pays its employees every two weeks. Ethel, a
Discount Retail employee, receives her paycheck and indorses the back ("Ethel
Smith"), but loses the check before cashing it or depositing it. Garth finds it. Has the
check been negotiated to Garth? If Garth signs the back of the check beneath Ethel's
signature, can he cash it? If so, what might Ethel have done to avoid the loss?
A holder takes an instrument for value by promising to perform or give value in the
future.
All federal agencies must follow specific procedural requirements when fulfilling their
basic functions.
eDigital Enterprise Corporation discovers a defect in its newly developed, recently
marketed tablets. eDigital decides to recall the product and replace it with another.
eDigital's insurance policy with Finance & Business Insurance Company will cover any
harm to customers that occurs before the tablets are returned. Is it likely that the policy
will also pay for the recall and replacement? If so, what type of policy does eDigital
have?
Certain federal guidelines significantly constrain and often prohibit mergers that could
result from a purchase of assets.
Few agency rules require considerable compliance reporting from regulated entities.
A straight majority vote of the shares represented at a shareholders' meeting is usually
required to pass resolutions.
The seller's right to cure does not affect the right of the buyer or lessee to reject goods.
The relevant product market includes only products that, although produced by different
firms, have identical attributes.
Merchants are held to a higher standard of performance or duty than are nonmerchants.
The rights that accompany a fee simple absolute include the right to use the land for
whatever purpose it is best suited, not necessarily for whatever purpose the owner sees
fit.
Directors and officers must subordinate the welfare of the corporation to their personal
interests.
It is a violation of federal law to sell a pesticide or herbicide that has a chemical
strength different from the concentration declared on the label.
