The Sarbanes-Oxley Act (SOX) made minor adjustments to penalties and prison
sentences for executives of companies.
An owner ordinarily is not liable for harm caused a third person by the negligence of an
employee of an independent contractor.
A revocation of an offer is ordinarily effective only when it is communicated to the
offeree.
When a surety pays a claim that it is obligated to pay, it automatically acquires the
claim and the rights of the creditor which is known as subrogation.
A provision in a lease giving the landlord the right to terminate the lease by notice is
strictly construed against the tenant.
A corporation must have at least two shareholders.
The parol evidence rule generally excludes words spoken before or at the time a written
contract was executed from contradicting the terms of the contract.
The attorney general of a state may bring a class action suit to recover damages for
those injured by an antitrust violation which raised prices.
Tucker and Hankey were adjoining property owners. Tucker claimed that the fence
separating their properties was not located properly and that it should be moved back
onto Hankey’s land. Hankey claimed that he owned the strip between the fence and the
alleged boundary line by adverse possession. He proved that for forty (40) years there
had been on the strip in question a barn with a cement floor, which had been built by the
person from whom he purchased his land, and that he had been told by the former
owner that the fence was the boundary line. The fence consisted of five-foot-high
barbed wire set in cement. Did Hankey own the strip by adverse possession?
Renewal provisions in a lease are strictly construed against the tenant.
Defenses raised in a suit based on a sales contract differ greatly from defenses used in
regard to any other type of contract.
If a debtor is about to leave the state, the surety may call on the creditor to take action
against the debtor.
Stealing trade secrets can result in fines, but not imprisonment.
A warranty may be express or implied.
In an action by a third party against the buyer that is based on the seller’s breach of
warranty, the buyer must give notice of the action to the seller.
An employer can assign to another employer the right to have an employee work.
Ordinarily, the management of a corporation is not liable to third persons if the
managerial policies cause loss to such third persons.
Offers, acceptances of offers, and revocations of offers are all effective when mailed in
a properly-addressed envelope bearing the proper amount of postage.
A party who in good faith has provided substandard performance of a contract may sue
to recover the payment specified in the contract.
Malpractice is both a form of negligence and a tort.