BLAW 73393

subject Type Homework Help
subject Pages 6
subject Words 868
subject Authors Frank B. Cross, Roger LeRoy Miller

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Reformation allows a court to rewrite a contract to reflect the parties true intentions.
The basic duty of a trustee is to collect and reduce to cash the property in the
bankruptcy estate that is not exempt.
General Construction Company (GCC) tells Industrial Supplies, Inc., that it needs an
adhesive to do a particular job. Industrial provides a five-gallon bucket of a certain
brand. When it does not perform to GCCs specifications, GCC sues Industrial, which
claims, "We didnt expressly promise anything. What should GCC argue?
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If a person breaches a duty of care and another person suffers an injury, the breach must
have caused the harm for liability to result.
Trade dress has the same legal protection as trademarks.
A debt-collection agency is someone who regularly attempts to collect debts on behalf
of someone else, usually for a percentage of the amount owed.
If a customers debit card is lost or stolen and used without permission, the customer
shall be required to pay no more than $50 in any event.
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A courts review of an arbitrators award may be restricted.
The Securities and Exchange Commission administrative law judges hear cases
involving alleged securities law violations.
A contract that exculpates one party for wrongdoing no matter who is at fault can be
unconscionable.
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On a trade acceptance, the drawer is also the drawee.
A warranty is an assurance by the buyer to the seller that he or she will pay valid con-
sideration for a product.
No offer may be revoked before it is accepted.
Intent to deceive is an element of fraud.
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Because embezzlement is considered a white-collar crime, it cannot be considered a
computer crime.
A statute of limitation may restrict the time within which an action in product liability
may be brought.
The Environmental Protection Agency defines wetlands as "lands that are wet.
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Delgado is a retail seller of television sets. He sells a 3D HD TV set to Cummings.
Cummings cannot pay cash, so she signs a security agreement, paying a certain amount
down and agreeing to pay the balance in twelve equal installments. The security
agreement gives Delgado a security interest in the set. Cummings makes six payments
on time then goes into default because of unexpected financial problems. Delgado
repossesses the set. Can he keep it in full satisfaction of the debt? Explain.
Compensatory damages compensate an injured party for damages arising directly from
the loss of a bargain caused by a breach of contract.

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