The Federal Reserve System acts as a clearinghouse where banks exchange checks.
If a sale involves crops that are to be harvested within twelve months, identification
takes place when the crops are planted.
Counteradvertising requires a company to focus its marketing on point-of-sale displays.
Quality Computer Company agrees to sell one hundred hard drives to Retail
Electronics, Inc. The hard drives, which Retail Electronics expressly requires to have
certain amounts of memory, are to be shipped “F.O.B. Retail Electronics distribution
center in Memphis, TN.” When the drives arrive, Retail Electronics rejects them and
informs Quality Computer that the drives do not conform to Retail Electronics’ memory
requirement. A few hours later, the drives are destroyed in a fire at Retail Electronics’
distribution center. Will Quality Computer succeed in a suit against Retail Electronics
for the cost of the goods?
A state constitution is supreme within the state’s borders so long as it does not conflict
with the U.S. Constitution or a federal law.
An accountant’s violation of generally accepted accounting principles is prima facie
evidence of negligence.
Oral evidence of the modification of a contract after its making can be introduced at a
trial.
If a third party will be affected by a contract, the parties to the contract are in privity
with the third party.
Labels must be accurate.
Much franchise litigation involves claims of wrongful termination.
A party normally satisfies its duties under a contract by novation.
The bank on which a check is drawn is the payor bank.
Punitive damages are never awarded in breach of contract actions.
No offer can be accepted by silence.
When there is a direct conflict between a federal and a state law, the state law is
rendered invalid.
When the drawee of an unaccepted draft or check pays to a holder the amount due in
full, all parties to the instrument are discharged.