If corporate directors or officers steal a corporate opportunity for themselves, this is
known as usurping a corporate opportunity.
Facilitating planning is a function of the law.
If goods are already in transit when a buyer fails to make payment when due, the seller
can stop them only if they amount to a larger shipment such as a truckload or carload.
The duration of a general or limited partnership must be for a fixed term.
Battery is unauthorized and harmful or offensive physical contact with another person
that causes injury.
A fee simple defeasible is also known as an unqualified fee.
If the goods or tender of delivery fail in any respect to conform to the contract, the
buyer or lessee may opt (1.) to reject the whole shipment, (2.) to accept the whole
shipment, or (3.) to reject part and accept part of the shipment.
If a buyer or lessee rightfully repudiates a sales or lease contract, the buyer or lessee
may recover the difference between the contract price (or original rent) and the market
price (or rent) at the time the buyer or lessee learned of the breach, but incidental
damages may not be recovered.
In order for the bankruptcy court to confirm a plan over the objection of a class of
creditors, at least one class of creditors must have voted to accept the plan.
A defect in packaging would exist where a package easily allows a child to access a
dangerous medicine or poison.
A surety is secondarily liable for paying the principal debtor’s debt when it is due.
Under the foreseeability standard, an accountant’s liability does not depend on his or her
knowledge of the identity of either the user or the intended class of users.
In a robbery, the taking is the mens rea.
Local government corporations are often called municipal corporations.
When the “personal satisfaction test” is used for determining a condition precedent of
satisfaction, the person can reject the performance even if a reasonable person would
accept it.
Unless otherwise provided for in the articles of incorporation, if a majority of shares
entitled to vote are represented at a shareholder’s meeting in person or by proxy, there is
a quorum to hold the meeting.
Separate property includes property owned by a spouse prior to the marriage, as well as
inheritances and gifts received during the marriage.
The dissolution of a marriage is ‘stayed” by the filing of a voluntary or involuntary
bankruptcy petition.
In all states exculpatory contracts are void as to minors.
Under the Lilly Ledbetter Fair Pay Act of 2009, an EEOC “right to sue” letter gives the
state attorney general of the state where the discriminatory pay decision occurred the
right to bring suit against the employer on the complainant’s behalf.
Regardless of whether it is commercially reasonable to do so, a party making a demand
for assurance of performance may suspend his or her performance until adequate
assurance of due performance is received from the other party.
A buyer acquires goods through a sale or return contract. The buyer defaults on a loan
owed to its creditors. The goods acquired through the sale and return contract are
subject to the creditors claim.
In rem jurisdiction means jurisdiction over the property of the lawsuit.
Under the “Superfund” legislation, persons are liable for the costs of cleaning up
hazardous waste only if they were negligent.
Strict liability applies to products or services.
The first stop in registering a domain name is to determine whether any other party
already owns the name.
Several types of monetary damages are recoverable in a breach of contract action,
including conciliatory, exponential, liquidated, and nominal damages.
A power of attorney is one of the most formal types of implied agency agreements.
The United States Supreme Court has not ruled on the issue of whether the United
States Constitution provides the right to refuse medical treatment.
A finance lease is a three-party transaction.
The United States Constitution, as amended, serves only one (1) function: It creates the
three (3) branches of government (i.e., the legislative, executive, and judicial branches)
and allocates powers to these branches.
Most states have enacted laws that permit certain types of professionals, such as
accountants, lawyers, and doctors, to operate as limited liability partnerships.