Generally, rights under an option contract are not assignable.
Federal regulation prohibits a credit seller or lender from obtaining a nonpossessory
security interest in household goods if the interest is not a purchase money security
interest.
The Foreign Corrupt Practices Act makes it illegal for an American company to pay
money to a foreign official to influence a decision of that person in his official capacity.
Although wagering is generally illegal, some states permit certain kinds of regulated
gambling, especially wagering conducted by governmental agencies.
Intoxicated persons are liable in quasi contract for necessaries purchased during their
incapacity.
Whether a person is an employee or an independent contractor makes a difference in
whether the principal has obligations under certain federal and state statutes.
The purpose of reliance damages is to place the injured party in a position as good as he
would have held had there been no contract.
The UCC requires that all contracts for the sale of goods must be in writing.
Parties to an international sales contract may expressly exclude CISG governance from
their contract.
Roy is the promoter of a new corporation that has not yet been organized. On behalf of
the as-yet unincorporated business, he enters into a three-year lease agreement for
office space and personally signs the lease in his own name. The corporation is liable on
the contract, because Roy is its agent.
As a result of the Sarbanes-Oxley Act, the lead audit partner having primary
responsibility for the audit and the audit partner responsible for reviewing the audit
must rotate at least every three years.
The UETA has been adopted by all of the states to give full effect to emergency
transactions.
The tort of appropriation is also known as the right of publicity.
Ann makes a material misrepresentation of fact to Brian, and based upon the
misrepresentation, Brian enters into a contract. Ann now thinks that the contract is not
fair to her. This contract is voidable at Ann’s option.
A valid offer may be in the form of an act for a promise, which is an offer to enter into
an inverted unilateral contract.
Revised Article 3 provides that the impostor rule does not include an impostor who
impersonates an agent of a principal and who induces someone to create a negotiable
instrument payable to the principal.
Ann, in the presence of Betty, tells Thomas that Ann is Betty’s agent. In reality, Ann had
no authority. Betty hears the statement, but she says nothing. In reliance, Thomas ships
goods to Betty on Ann’s order. Betty is liable even though no actual authority existed.
Charitable subscriptions are one of the most frequently occurring applications of the
doctrine of promissory estoppel.
The shareholders elect the key corporate officers.