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Some states permit a corporate board to have fewer than three directors.
Stare decisis is a doctrine obligating judges to follow the precedents established within
their jurisdictions.
The Clayton Act prohibits certain classes of price discrimination.
In most states, a person must be sixteen years of age to execute a valid will.
An adhesion contract is a contract drafted by one party and presented to another on a
take-it-or-leave-it basis.
The seller's or lessor's major obligation under a sales contract is to tender conforming
goods to the buyer or lessee.
A bank is not responsible for determining whether a signature on a customer's check is
genuine.
When dissolution takes place by voluntary action, the shareholders are responsible for
winding up the affairs of the corporation.
Any party who does not receive what he or she considers a fair bargain can argue
mistake.
For a tort to be considered intentional, the tortfeasor must have an evil or harmful
motive.
An answer never admits to the allegations made in a complaint.
Most franchise agreements provide that notice of termination of a franchise is not
necessary.
The only requirement for a valid contract is that the parties voluntarily entered into it.
In ethical terms, a cost-benefit analysis is an assessment of the negative and positive
effects of alternative actions on individuals.
A business trust resembles a corporation.
If a corporation has S corporation status, it can avoid the imposition of income taxes at
the corporate level.
