A contract must be in writing to be enforceable if it makes performance possible only
over a period of more than one year.
Today, most checks are processed manually.
A voidable contract is a valid contract that can be avoided at the option of at least one
of the parties to it.
In a joint venture, the parent company in the United States retains complete ownership
and authority over all phases of the operation.
A person cannot become an HDC if a defense against payment is apparent on the face
of the instrument.
Some student loans are dischargeable in a Chapter 7 bankruptcy.
On a trade acceptance, the drawer is also the payee.
A seller’s failure to disclose a serious defect about a product for sale may give rise to an
action for fraud.
A debtor’s car may be exempt from satisfaction of a judgment debt.
In a limited partnership, a limited partner is liable for all partnership debts.
There is federal regulation of employers’ retirement plans for employees.
An offer must be practical to be effective.
Generally, a foreign government cannot sue under U.S. antitrust laws in U.S. courts.
Foreclosures are initiated by the borrower.
When a customer deposits cash into a checking account, he or she becomes a debtor for
the amount deposited.
Consequential damages are foreseeable damages that arise from a party’s breach of a
contract.
Rescission is the remaking of a contract so as to enrich one party at the expense of the
other.
All rights can be assigned.