Antitrust law prohibits anticompetitive practices.
Aaron owns a certificate of deposit with Beth, his sister, and an apartment building with
Carl, his brother, in both cases as a joint tenant. Aaron, a partner with Debra in Aaron &
Debra Accountants, obtains a life insurance policy with Debra as the designated
beneficiary. Aaron writes a will that gives particular items of personal property, as well
as specific amounts of cash, to his children and his friends. The will leaves the residue
of the estate to Eve, Aarons favorite cousin. Carl dies. Aaron, on his own deathbed,
makes a gift to the United Way. Will the certificate of deposit, the apartment building,
the proceeds from the life insurance policy, and the gift to the United Way become part
of Aarons estate and be distributed under the will? If not, how will these items be
distributed and to whom?
If a bank fails to detect an alteration on a customers check, it is liable to its customer for
the loss.
A buyer has an insurable interest in identified goods.
Laws governing franchising are designed in part to prevent franchisors from
terminating franchises without good cause.
If the partnership agreement does not apportion profits, profits are shared in the same
proportion as a partners investment of capital in the firm.
A sight draft is payable on sight.
In a comparative negligence state, if a plaintiff is found to be 30 percent negligent, the
award against the defendant will be reduced by 70 percent.
Negotiation is the most complex form of alternative dispute resolution.
A contract is always enforceable even if one party is aware that the other party made a
mistake of fact.
If a partnerships liabilities are greater than its assets, the partners bear the losses.
If the meaning of a statutes language is unclear and an agency interprets it, a court must
follow the interpretation as long as it is reasonable.
In mediation, the mediator proposes a solution that includes what compromises are
necessary to reach an agreement.
Administrative agencieslike the Securities and Exchange Commission, the Federal
Trade Commission, and the Food and Drug Administrationmake rules. What are the two
basic types of rules called, and how binding are they? What must an administrative rule
NOT do?
On September 1, Jennings, a used-car dealer, wrote a letter to Wheeler in which he
stated, “I have a 1955 Thunderbird convertible in mint condition that I will sell you for
$13,500 at any time before October 9. [Signed] Jennings. By September 15, having
heard nothing from Wheeler, Jennings sold the Thunderbird to another party. On
September 29, Wheeler told Jennings that he accepted the offer and tendered $13,500.
When Jennings told Wheeler he had sold the car to another party, Wheeler claimed
Jennings had breached their contract. Is Jennings in breach? Explain.