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Each bank in a collection chain must pass a check on before midnight of the day of its
receipt.
An offer to form a bilateral contract is accepted only by completing the contract
performance.
One guideline to evaluating the ethics of a particular action is to "let your conscience be
your guide.
Patent infringement occurs only if an invention is copied in its entirety.
A coinsurance clause provides that two or more people will be covered by the same life
insurance policy.
To be negotiable, an instrument must be signed in the lower right-hand corner.
There are no revocable offers.
The first bank to receive a check for payment is the depositary bank.
Identification takes place when specific goods are designated as the subject matter of a
sales or lease contract.
Theoretically, Congress can regulate every commercial enterprise in the United States.
For consideration to have "legally sufficient value, it must consist of goods or money.
In most states, a director cannot be removed from a corporate board without cause.
A certification mark distinguishes products approved, or "certified, by the government.
A courts review of an arbitrators award may be restricted.
A guarantor can be required to pay an obligation only after the principal debtor defaults.
If confusion occurs as a result of the act of a third party, that third party acquires
ownership rights in proportion to the amount confused.
The basic duty of a trustee is to collect and reduce to cash the property in the
bankruptcy estate that is not exempt.
An action may be legal but not ethical.
