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The warranty liability of a qualified indorser is the same as that of an unqualified
indorser.
A sale of goods or services for $25 or more made to a buyer at home may be set aside
without cause within five (5) business days.
Creditors who hold security for payment, such as a lien or a mortgage on the debtor's
property, are less affected by the debtor's bankruptcy.
The rights of an employee with respect to compensation are governed in general by the
same principles that apply to the compensation of an agent.
Misrepresentation and fraud on the Internet raises a variety of new legal issues.
A bank's customer whose signature has been forged may be barred from holding the
bank liable if the customer's negligence substantially contributed to the making of the
forgery.
Administrative regulations are a type of law.
A provision giving a corporation the right to purchase a shareholder's shares on the
death of the shareholder is invalid.
Third persons are prohibited from recovering from an accountant who commits fraud.
Ordinarily, every party to a contract is presumed to have contractual capacity until the
contrary is shown.
A claim of undue influence will be unsuccessful unless the contracting parties have a
close relationship of trust.
A price reduction to one customer is lawful when it is made because of the deteriorated
condition of the goods sold to that customer.
Trademarks may be used to protect the exclusive right to identify either products or
services.
Howard bought goods from Williams. Howard sent Williams a draft covered by a letter
of credit issued by First National Bank. Is the bank required to investigate to determine
whether the goods sent by Williams conform to the contract?
The law gives certain holders of a negotiable instrument a preferred standing by
protecting them from all defenses when they sue to collect payment.
A new state law mandates that all employers must prohibit smoking on employer
premises. The law further provides that any employer who allows an employee or a
client/ customer to smoke on its premises is subject to a court order requiring the
employer to enforce the law. Describe this statute in terms of all possible classification
methods.
For an agency to be terminated by operation of law because of the principal's death, the
agent must be notified of the death.
Article 3 of the UCC establishes a four year statute of limitations for most actions
involving negotiable instruments.
As a general rule, the nondisclosure of information that is not asked for does not impose
fraud liability or impair the validity of a contract.
