Revised UCC Article 3 refers to drawers, indorsers, and accommodation parties as
‘secondary obligors.”
Employers may avoid liability for “hostile work environment” sexual harassment by
following a program that includes expressing strong disapproval of such conduct,
advising employees how to inform the employer of complaints, and disciplining
wrongdoers.
In a bankruptcy case, after all creditors have been paid, any balance is turned over to
the debtor.
The Willett Seed Company stored its goods with the Augusta Warehouse Company and
received a negotiable warehouse receipt. The Willett Seed Company then borrowed
money from the Georgia Railroad Bank and pledged the warehouse receipt as security.
The seed company defaulted, and the bank demanded the goods from the warehouse.
The warehouse stated that it already had delivered the goods to the seed company on
the strength of that company’s promise that it would surrender the receipt shortly
thereafter. The bank sued the warehouse for the value of the goods. Will the bank win?
In most bilateral contracts, the performances of the parties are concurrent conditions.
A shareholder may make an absolute transfer of stock or may transfer it merely as
collateral to secure the payment of a debt.
An option contract is a binding promise to keep an offer open for a stated period of time
or until a specified date.
“Tort” comes from the Latin term “tortus,” which means “crooked, dubious, or twisted.”
If a buyer refuses to pay for goods after an acceptance that was not revoked, the seller
may bring action to recover the purchase price and any incidental damages.
Bon, located in Florida, desires to enter into a contract with Jon, a resident of Maine.
Neither wishes to meet face-to-face, as both are busy with a variety of business
interests. Instead, they wish to form a contract over the Internet. Would a contract
formed over the Internet be valid?
Grund, a night club performer, financed the purchase of a drum set to be used in his
night club act. The collateral is classified as a consumer good.
Appropriation involves taking an image, likeness, or name for purposes of commercial
advantage.
Spot zoning may result in such inequality as to be condemned by the courts.
An involuntary bankruptcy case is commenced by creditors filing a petition with a
bankruptcy court.
The types of provisions that make contracts unconscionable include clauses that award
excessive damages or the application of credit payments across purchases over time so
that the consumer is never able to pay off any goods.
Tucker and Hankey were adjoining property owners. Tucker claimed that the fence
separating their properties was not located properly and that it should be moved back
onto Hankey’s land. Hankey claimed that he owned the strip between the fence and the
alleged boundary line by adverse possession. He proved that for forty (40) years there
had been on the strip in question a barn with a cement floor, which had been built by the
person from whom he purchased his land, and that he had been told by the former
owner that the fence was the boundary line. The fence consisted of five-foot-high
barbed wire set in cement. Did Hankey own the strip by adverse possession?
A contract of indefinite duration may be terminated by notice from either party to the
other party.
In states that follow the community property tradition, property acquired after the
marriage belongs solely to the party who acquired it.
Discriminatory and punitive incapacities have largely disappeared.