Anything that an agent obtains by virtue of the employment or agency relationship is
his or hers to keep.
In sales law, a warranty is an assurance by the seller or lessor about the quality and
features of the goods being sold or leased.
Someone who finds abandoned property acquires title to it and that title is good against
the whole world, including the original owner.
Under a shipment contract, if the seller does not make a reasonable contract for
transportation or notify the buyer of the shipment, the buyer can reject the goods if a
material loss results.
In most states, statutes require leases for terms exceeding one year to be in writing, and
state or local law often dictates permissible lease terms.
With respect to negotiability, a mere reference to another writing or record makes a
promise conditional.
If a franchisor’s decision to terminate a franchise is made in the normal course of
business and reasonable notice is given, it is less likely that the termination will be
considered wrongful.
Under a destination contract, the risk of loss passes to the buyer when the goods are
duly delivered to the carrier.
A member of a limited liability company (LLC) has the power and the right to
dissociate from the LLC at any time.
Finola, a certified public accountant, provides accounting services to Global Trade
Corporation. The services include preparing Global Trade’s financial reports and issuing
opinion letters based on the reports. In 2014, Global Trade falls into serious financial
trouble, but neither Finola’s reports nor her opinion letters indicate this situation.
Relying on Finola’s portrayal of Global Trade’s financial situation, the firm borrows a
large sum of money to build a new shipping facility. In lending Global Trade the
money, Harbor City Bank relies on Finola’s opinion letter. Finola is aware of this
reliance. If Finola did not engage in intentional fraud but was negligent, what is her
potential liability?
The primary responsibility for implementing air-pollution standards established under
the Clean Air Act rests with state and local governments.
A limited partnership cannot be dissolved by court decree.
The checks that you wrote are negotiable instruments that act as substitutes for cash.
There are no significant differences between a trial and an administrative hearing.
A seller who makes a statement that relates to the value or worth of the goods creates an
express warranty.
A joint stock company is generally treated as a partnership.
A bailment must be in writing to be valid.
On a certificate of deposit, the bank is the maker and the depositor is the payee.
The most common way to acquire personal property is to produce it.
A purchaser can become an HDC of an instrument even if it is so incomplete that an
element of negotiability is lacking.