The seller of a painting is not bound by the sales contract if the painting purchased was
considered of little value and only later discovered to be valuable to the surprise of both
buyer and seller.
The Bill of Rights provides protection for corporations.
Consumer protection statutes may require a writing that is more detailed than the
writing required by the statute of frauds provision of the Uniform Commercial Code.
Bylaws are typically adopted by the managers of a corporation.
If a debtor with multiple debts specifies the debt to which a payment is to be applied
and the creditor accepts the money, the creditor is bound to apply the money as
specified.
A holder who is neither a holder in due course nor a holder through a holder in due
course is subject to every defense, just as though the instrument were not negotiable.
A provision in a contract that gives what the court believes is too much of an advantage
over a buyer may be held void as unconscionable.
Both general partnerships and limited partnerships are created only through the process
of executing a certificate.
The bank that tells the beneficiary that a letter of credit has been issued is known as the
correspondent bank.
To collect on property insurance, an insurable interest in the property must exist at the
time that the loss is suffered.
Presentment occurs when the primary party refuses to pay an instrument according to
its terms.
James Smith, a health inspector for the state of Missouri, inspected a restaurant owned
by Salley Slick. Smith found numerous health violations in the restaurant and fined
Slick accordingly. When Smith notified Slick of the infractions, Smith strongly
suggested that $5,000 “would sure prove handy in the Spring” when he planned to
purchase a new fishing boat. Slick understood Smith’s obvious hint and offered Smith
$5,000 if he would lose the paperwork concerning the failure of the restaurant to meet
proper inspection guidelines. Smith accepted the $5,000 and lost the paperwork. One
month later, Smith returned to the restaurant and told Slick that he would reappear
every month and find violations unless Slick produced $1,000 each month to go toward
the purchase of a fleet for Smith. Slick agreed to make the $1,000 payments. What
crimes have been committed by Smith and Slick?
Because the power to regulate interstate commerce has been interpreted broadly,
Congress has great power to adopt regulatory laws affecting the economy.
A disparate impact exists when an employer’s facially neutral employment practices
have a significantly adverse impact on a protected group and the practice is not shown
to be job-related and necessary.
In most bilateral contracts, the performances of the parties are concurrent conditions.
Jared agrees to purchase twelve computers from Zack Enterprises, Inc. for sale in
Jared’s department store. Twelve boxes from Zack Enterprises have just arrived at the
department store. What are Jared’s rights and responsibilities?