An agreement that does not specify the time for performance is not binding because it is
too indefinite.
A consumer may waive all defenses otherwise provided for by law.
A holder through a holder in due course is subject to all defenses.
The fact that there has been a series of contracts between the parties and that one party’s
offer has always been accepted before by the other does not create any legal obligation
to continue to accept subsequent offers.
If one party to a contract breaks the contract, the other party generally is under a duty to
stop any further performance to avoid sustaining greater damages.
If a prospective employee with a “foreign accent” offers a driver’s license and a Social
Security card to verify employment eligibility in the United States but the employer
requires a certificate of U.S. citizenship or a “green card” instead, the employer has
committed an unfair immigration practice.
The Litigation Reform Act of 1995 provides for proportionate liability, as opposed to
joint and several liability, for defendants who are found not to have knowingly
committed a violation of the security laws.
The Foreign Corrupt Practices Act applies to businesses with their principal offices
located in the United States.
The pattern of rules that society uses to control the conduct of individuals in their
relationships is called law.
Unless restricted in the lease, a tenant may generally use the premises for any lawful
purpose for which they are adapted.
An executory contract is an agreement by which something remains to be done by one
or both parties.
A payee or endorsee whose name is misspelled may endorse the wrong name, the
correct name, or both.
A buyer who cancels a sales contract because the seller fails to deliver the goods is
entitled to recover as much of the purchase price as had been paid.
An incidental beneficiary is the same thing as a third-party beneficiary.
The creditors of Sara Delano have petitioned for involuntary bankruptcy proceedings
against her. Delano has been consistently late in paying her obligations for the past year.
Two months before the petition was filed, a custodian was appointed to protect Delano’s
property. In her statement contesting the bankruptcy petition, Delano pointed out that
she had dealt in good faith and could not be shown to be guilty of any act of
misconduct. In addition, she cited her willingness to allow a custodian to be appointed
as an indication of her intention to avoid bankruptcy and honor her obligations. Can she
prevail?
Manufacturers who prepare goods to the buyer’s specifications are under exceptionally
stringent warranty obligations for fitness for a particular use.
Under the Revised Uniform Limited Partnership Act, limited partners may engage in
certain ‘safe harbor” activities without losing their protection from liability. These
activities include being a contractor for, or an agent or employee of, the limited
partnership or of a general partner.
A qualified endorsement qualifies the effect of a blank or special endorsement by
disclaiming or destroying the liability of the indorser to answer for the default of the
maker or drawee.
A lease provision requiring a tenant to obey regulations that may be subsequently
adopted by the landlord is void because it is unconscionable.