In an express contract, the terms are fully stated in words.
A person must have contractual capacity to be an agent.
Many remedies are available for confiscation of property by a foreign government.
Joan signs a note that states, “Payable in thirty days. The note is dated March 2. Kent
buys the note on April 3. Is Kent an HDC of the note? Explain.
Flossy promises to pay her cousin Garth, who is dangerously obese, $10,000 if Garth
loses 100 pounds within the next two years. Garth agrees, performs his part of the bar-
gain, and asks for the money. Flossy refuses to pay, saying that she forgot about the
deal, but that even if she did make such a pledge, there was no valid consideration for
it. Garth files a suit against Flossy. In whose favor is the court likely to rule, and why?
A drawer is secondarily liable on an instrument.
In contract law, “consideration refers to the courtesy that one party shows another in
negotiating a deal.
Anything less than complete performance is a material breach of contract.
An innocent misrepresentation is not a basis for rescinding a contract.
A person who finds mislaid property acquires title to the goods.
A credit-cardholder is liable for all unauthorized charges made before the creditor is
notified that the card has been lost.
Marble Meats Corporation (MMC) proposes to combine with Natural Farms, Inc., and
asks MMC shareholders to vote on the proposal. Omar, an MMC shareholder, votes
against it, but is outvoted by the other shareholders. Is there an action that Omar can
take to avoid being forced to go along with the transaction? If so, what can he do? After
the combination, Natural Farms ceases to exist. MMC is the surviving firm. What type
of combination is this?
If a lender fails to provide certain material disclosures, a borrower has no more than
seven days to rescind the mortgage.
Generally, a corporation that purchases the assets of another corporation is
automatically responsible for the liabilities of the selling corporation.
An executory promise does not constitute sufficient value to make the promisor a
holder.
The Small Corporate Offering Registration can be used for large offerings of shares for
purchase by members of the public.
A power of attorney can be given only to a notary public.