Clara types a letter to David setting forth the terms of their contract that falls within the
statute of frauds. At the end of the letter, she types her name but does not sign her
signature to it. If David wants to use the letter to satisfy the writing requirement, he
may do so.
The federal government alone regulates the sale of securities.
There can be apparent authority where a third party knows the agent has no actual
authority.
Lucille bought a new lawn mower on sale at a local discount store. The mower did not
come with an instruction book, nor did it have warning labels placed near dangerous
parts of the mower. If Lucille injures herself while using this mower, she can claim that
she purchased a defective product.
Estoppel means that a person is prevented by his own conduct from asserting a position
inconsistent with such conduct, on which another person justifiably relied.
A seller may default in three different ways and the Code provides remedies, each of
which is available for any type of default.
The CISG supersedes the UCC in any situation to which either could apply.
A holder in due course would have the right to collect from the original maker of an
instrument even if the maker had a valid personal defense.
In England and in a minority of states, the first of two or more assignees to give notice
to the obligor is entitled to the assigned performance.
The difference between common and preferred stock is that the latter is a debt
instrument, whereas the former represents an equity interest in the company.
Most of the Code’s provisions are not mandatory but allow the parties to vary or
displace them by agreement.
Discuss common problems related to private causes of action with reference to the
environment.
The language of Section 1 of the Sherman Act prohibits every contract that restrains
trade, and the courts have interpreted this prohibition literally so as to invalidate all
such contracts.
The transfer of a negotiable instrument by a person other than the issuer in such a
manner that the transferee becomes a holder is known as negotiation.
Each provisional settlement made in the collection chain is made final when the next
bank takes the check.
Rick has a contract with a home repair company to paint his house and landscape his
yard. When he realizes that he will have some unexpected medical expenses, he calls
the home Repair Company to cancel the contract. Rick’s next door neighbor can sue
Rick to enforce the contract, because if Rick improves his own property, his neighbor’s
property will also be worth more money.
After an amendment to the corporate charter has been approved, it must be filed with
the Secretary of State.
All tying arrangements are per se illegal.
A corporation must notify the shareholders of the existence of dissenters’ rights before
taking the vote on the corporate action.