Every limited partnership must have at least one general partner.
When Gordon told Hanson that he was considering selling his house, Hanson offered to
buy it. Gordon and Hanson entered into a contract in which Hanson paid Gordon
$1,000 in cash for the right to buy Gordon’s house for $150,000 in the event Gordon
decided to sell it. Two weeks later, Jones offered Gordon $200,000 for his house, and
Gordon agreed to sell it to her for that amount. Hanson sued Gordon to force Gordon to
sell the house to him for $150,000, rather than to Jones for $200,000. Identify the
probable result of the action. What type of contract, if any, was entered into between
Gordon and Hanson?
Whenever a contract is intended to benefit a third person, this person is referred to as a
delegator.
When a security interest in property is inferior to other interests and claims to the
property, it is said to be perfected.
The person who turns over the possession of bailed property is the bailor, and the
person who accepts possession is the bailee.
A seller’s duty to deliver goods requires the seller to transport the goods to the place
designated by the buyer.
A probate court is an example of a general trial court.
The Overseas Private Investment Corporation (OPIC) offers asset protection insurance
against risk of loss to plant and equipment, as well as loss of deposits in overseas bank
accounts, to companies that qualify on the basis of the involvement of a ‘substantial
U.S. interest.”
Nonprofit corporations are exempt from involuntary proceedings.
An innocent person convicted of a crime is never able to receive compensation for the
wrong.
When a person purports to act as an agent for a principal, an implied warranty arises
that such person has authority to do so.
The manner in which ideas are expressed in literary, musical, dramatic, and other
artistic works may be copyrighted.
Under the Litigation Reform Act of 1995, issuers of forward-looking statements that
were not knowingly false when made have a safe harbor from related lawsuits if
appropriate cautionary language was included.
The United States Constitution provides that we have a right to be free from intrusions
by others.
State governments may regulate business in all of its aspects, even if such regulation
imposes a burden on interstate commerce.
An express warranty is basically any statement of fact or promise made about the goods
that becomes part of the basis of the bargain.
All courts have original jurisdiction.
The parol evidence rule does not apply to changes made after the signing of the
contract.
The vested rights of partners are not extinguished by dissolving the firm, and the
existing liabilities remain.