A letter of credit cannot extend for a period of more than five (5) years.
Ames, an agent for Baker Antiques, had the authority to purchase early 20th-century
American furniture costing a maximum of $1,500 per piece. Ames bought a
19th-century French desk for $3,000 from Carter. Baker was furious when she saw the
desk, and she fired Ames. Nevertheless, she put the desk on display in the shop with a
$5,000 price tag. When the best offer she got for the desk was $2,500, Baker returned
the desk to Carter. Baker told Carter that Ames had exceeded his authority in
purchasing the desk, and she demanded that Carter refund the $3,000 that Ames had
paid for the desk. Will Carter have to do so?
To be effective, checks must be executed on forms that are printed expressly for that
purpose and issued by a bank or other financial institution.
A contract provision requiring that suit be brought within one (1) year does not violate
public policy, although the statute of limitations would allow two (2) years in the
absence of such a contract limitation.
A person entitled to receive money may generally assign that right to another person.
Under the Uniform Simultaneous Death Act, if survivorship cannot be established, the
property of each person is disposed of as though each had survived the other.
A letter of credit must be in writing and signed by the issuer.
The purpose of the first ten amendments to the Constitution was to enlarge the power of
the federal government.
Real property includes land, buildings and fixtures, and rights in the land of another.
Upon the debtor’s default, the creditor may sell the collateral at a public or private sale,
or lease it to a third party.
When one party commits a non-material breach of contract, the other party may rescind
the contract.
A holder can recover from any of the parties who are liable on the instrument,
regardless of the order of the signatures on the instrument.
Title VII of the Civil Rights Act of 1964, as amended, is the principal law regulating
equal employment opportunities.
Directors are usually allowed to vote by proxy.
Only direct losses from a breach of contract may be recovered by an injured party.
An implied contract is one in which the agreement is shown not by words, written or
spoken, but by the acts and conduct of the parties.