Tim and his friend are playing catch in the back yard when Tim intentionally throws the
ball over the fence into the neighbor’s yard. This is trespass to real property, even if Tim
himself does not go onto the property to get the ball.
Where both words and numerals are used to describe the amount payable, the numerals
will be used to resolve any differences.
ABC Corp. is building a new office tower. Ace Plumbing Supplies refuses to provide
plumbing materials on credit to the plumbing subcontractor on the building. ABC
promises Ace that it will pay for the materials if the subcontractor does not. ABC’s
promise is unenforceable unless in writing.
Sureties have a right of exoneration against their cosureties.
A minor can ratify part of a contract and disaffirm another part of it.
A negotiable instrument, such as a check, is not a formal contract.
A conditional promise is a promise the performance of which depends upon the
happening or nonhappening of an event not certain to occur.
A party to a contract may be entitled to relief even if he is contributorily negligent in
relying on a fraudulent misrepresentation.
Hazardous materials are specifically exempted from the jurisdiction of the Consumer
Product Safety Commission.
Infringement is the unauthorized use of the intellectual property of another.
“Electronic agents” are not considered agents despite their name.
Specific lender usury statutes rather than the general usury statute generally apply to
real estate mortgages and small consumer loans.
Under the antifraud provisions of the securities acts, as long as the falsity is not
contained in the prospectus, there is no liability where there is a registered security.
A collateral promise is an undertaking to be primarily liable for the principal debtor’s
debt.
An instrument indorsed “pay any bank” may nevertheless have an individual as a
holder.
Upon dissolution, unlike a general partner, a limited partner can get his capital back
before general creditors are paid.
The suretyship provision has been interpreted to include promises made to a debtor.
Theresa has just started working as a teller for First Bank. A man comes into the bank
with a $100 check that is eight months old. She goes to the manager to ask whether she
should pay it. If you were the manager, what would you advise her? Explain.
Handwritten words supersede inconsistent typewritten words contained in negotiable
instruments.
Until the early 1900s, sales transactions were completely governed by general contract
law, but now sales of tangible personal property are predominantly governed by statute.