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Instruments that say nothing about when payment is due are payable on demand.
If a buyer accepts a shipment of goods and later discovers a defect, acceptance cannot
be revoked.
A contract for a sale of goods priced at $501 must be in writing to be enforceable.
Commercial banking practices consider a check that has been outstanding for three
months to be a stale check.
Both employers and employees contribute to help pay for benefits that will partially
make up for the employees' loss of income on retirement.
A copyright is tangible personal property.
A principal has the right to control an agent's conduct in matters entrusted to the agent.
Children must be at least thirteen years old to work in hazardous occupations.
A design defect is not the sort of product defect that will support the imposition of
liability on a strict product liability basis.
If a homeowner defaults, the lender has the right to foreclose on the mortgaged
property.
An opinion that disclaims any liability for false or misleading financial statements is too
general.
An otherwise valid contract may be unenforceable if it is not in writing.
In choosing a form of business organization for a new enterprise, important factors
include the ease of creation.
A divorce revokes an entire will.
Common law is a term for the laws that are familiar to most of us.
A limited liability company must be managed by its members.
According to utilitarianism, it matters how many people suffer a negative effect from an
act.
Predatory pricing involves selling a product at prices substantially above the fair market
value.
