An agent is authorized to act on behalf of a principal in doing business with third
parties.
Concurrent jurisdiction exists when both federal and state courts have the power to hear
a particular case.
A consumer lease is exempted from coverage under the UCC.
Certified checks are instruments that have been accepted for payment by the institutions
on which they are drawn.
The incompetence of a customer revokes a banks authority to pay an item.
The chief aim of the World Trade Organization and other trade agreements is to
maximize trade barriers among their members.
The death of a customer revokes a banks authority to pay an item.
The first security interest to be perfected is the last in priority over any other perfected
security interests.
Florence and Grady pool their money and talents to form Happy Home Builders, Inc.
They are the firms only shareholders, directors, and officers. After five years of
declining home prices, they decide to cease business. Can they simply dissolve their
corporation at will? If so, what are the steps in the process?
The Environmental Protection Agency may ban the use of a toxic substance altogether.
A right to receive damages on a breach of a contract for a sale of goods may be
assigned.
In contracts involving a carrier, a seller can complete performance only through a
shipment contract.
Any crime that requires knowledge of computer technology for its prosecution is a
computer crime.
No special form is required to create a delegation of duties.
A small difference in job content can justify higher pay for one gender.
Size alone determines whether a firm is a monopoly.
Before a principal can ratify a contract, the agent must withdraw from the deal.
The test for whether an ad is deceptive is whether a reasonable consumer would be
misled.
“Blue sky laws are state securities laws.