The RMBCA has adopted a net assets test for the issuance of dividends.
The anthropology department of Towers University is doing an excavation on property
that belongs to Farmer Brown. If in the process of excavation the university finds some
valuable lost items, they will belong to Farmer Brown and not to the university.
The Food and Drug Administration is the oldest federal consumer protection agency.
Sunset Properties, Inc. hires William to manage its 48-unit apartment complex. Nothing
is said as to expenses. William purchases fuel to heat the apartments and arranges for a
repairman to do ordinary maintenance. William will be personally liable for these
expenses, because he has no authority to incur them.
The Elm Street Accounting Partnership has ordered two maroon office chairs for its
waiting room from the Quality Office Supply Company. Quality sends two
burgundy-red office chairs that the Elm Street partnership rejects. What, if any, rights
does Quality have under the circumstances? Explain.
A registration statement becomes public immediately on filing with the SEC, but a
prospectus only becomes public upon signature of the chief financial officer.
Jim promises to marry Cynda if she will buy him a new Ferrari for his birthday. This
promise must be in writing to be enforceable.
Ratification and adoption of contracts have the same effect; they are both retroactive
and both release the purported agent.
What is the definition of a Subchapter S Corporation?
A limited liability company is a form of unincorporated business association that blends
the advantages of both general and limited partnerships, because all its members may
have limited liability and all may participate in management and control without loss of
limited liability.
In most states, children under a certain age cannot make valid wills.
Edward writes to Judy, who is in the business of purchasing goods for others, telling her
to purchase certain goods and ship them to him. Before answering Edward’s letter, Judy
does as directed and charges the goods to Edward. Judy was not authorized to do this
because an agency relationship did not yet exist between Edward and Judy.
An employer can be liable for an agent’s negligence, but he will never be liable for his
intentional torts.
Courts usually will require evidence of what factors for a transaction to be usurious?
The Lanham Act protects a generic or descriptive mark.
Michael is the maker of a note which states that it will be due on March 10, The note
contains a clause stating that “payment will be limited to the proceeds of the sale of the
contents of freight car No. 1234.” Is the note negotiable? Why or why not? Explain.
An increasing number of Americans enjoy French truffles and are willing to pay a
premium price for the product. If the three leading French truffle firms meet in Paris
and decide to raise prices in the American market by 15%, does this act violate the
Sherman Act?
One type of restraint of trade is a covenant not to compete.