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A right to receive damages on a breach of a contract for a sale of goods may be
assigned.
Courts do not apply the business judgment rule to analyze whether the directors acted
reasonably in resisting a takeover attempt.
Under the UCC, a sale of goods will be considered valid only if the goods are paid for
with money.
A covenant not to sue is an agreement to substitute a contractual obligation for a legal
action.
Under the Restatement (Second) of Torts, accountants can be held liable for negligence
to any third parties.
In contracts involving a carrier, a seller can complete performance only through a
destination contract.
A licensed professional can employ an unlicensed agent to perform professional
actions.
Officers are required to exercise a reasonable amount of supervision over the corporate
directors.
In the United States, a patent is given to the first person to invent a product or process.
A bank is obligated to pay an uncertified check presented less than six months from its
date.
A deceased joint tenant's interest in jointly held property passes to his or her heirs.
A franchisor can suggest retail prices but cannot mandate them.
To be negotiable, an instrument must be signed in the lower right-hand corner.
Some promises are not legally binding contracts.
A group boycott against a supplier for political reasons can be legal.
A person acquires title to fungible goods by mixing them.
A promise by one party to pay another for refraining from an act is enforceable.
A buyer has an insurable interest in identified goods.
Corporate governance can be defined as the relationship between a corporation and its
shareholders.
A limited liability company is required to have an operating agreement.
