Copyright of a “work made for hire” runs for the life of the creator of the work plus 50
years.
A person has an insurable interest in property if destruction of that property would
cause a monetary or pecuniary loss to that person.
The Racketeer Influenced and Corrupt Organizations (RICO) Act authorizes both
criminal and civil actions.
Contract provisions that limit the remedies of the parties are generally unenforceable.
A promise to grant a mortgage on real property does not require written proof because it
is not a transfer of land.
A corporation generally may avoid a transaction because of a director’s secret
disqualification, such as a conflict of interest.
The issuer of a letter of credit must verify that the underlying transaction has been
performed.
Theo, a member of TGI partnership, withdrew from the partnership and duly notified
the other members. The firm was an at-will partnership and the parties parted amicably,
posting a notice in the local newspaper of the dissolution of their firm. Cosmo, a
customer who had conducted business with Theo several times, did not see the
newspaper notice and was not informed of the dissolution. Later, Theo approached
Cosmo concerning a transaction similar to those Cosmo had engaged in before with
Theo acting on behalf of TGI. Cosmo placed an order, gave a substantial down payment
to Theo, and received a receipt on TGI stationery from him. Theo thereafter absconded
with the down payment, and TGI failed to honor the contract. Cosmo sued the other
members of TGI partnership. Discuss their potential liability.
A person who makes a promise is the promisor, while a person to whom the promise is
made is the promisee.
A warehouse receipt is not considered a document of title.
A deed is not effective to pass title unless it is properly recorded.
Bills of lading for intrastate shipments are governed by the UCC, while those for
interstate shipments are regulated by the Federal Bills of Lading Act.
Until a transfer is recorded on its books, a corporation is entitled to treat the person
whose name is on its books as the owner of its stock.
Limited partners may contribute cash or property as their capital contributions.
Anyone promoting the sale of a real estate development that is divided into fifty (50) or
more parcels of less than five (5) acres each must file a development statement with the
secretary of Housing and Urban Development.