Generally, a secured creditor who has repossessed collateral may retain the collateral
and cancel the debt.
An offer is effective only if it is communicated by the offeror in person.
Bill decided that it was time to remodel his home. Among the features that Bill had
included in his remodeling plan was the addition of several very large picture windows.
Because of the great expense of the windows, Bill financed the cost through the
issuance of a promissory note. The manufacturer of the windows sold the promissory
note to a bank. Just after the promissory note matured, the windows began to leak
badly. Bill refused to pay on his promissory note and brought action against the
manufacturer for breach of contract. Will the bank recover on the promissory note?
Megan owns a manufacturing business in a nonattainment area under federal air
pollution law. She wishes to triple the size of the manufacturing operation using land
she just purchased next to her current location. What must Megan demonstrate in order
to secure a permit to operate in the nonattainment area?
A party to a sales contract may demand at any time that the other party provide
adequate assurance of performance.
The FTC requires that only descriptive and non-ambiguous terms such as jumbo, giant,
or full be used in product labeling.
If an instrument is payable to alternative payees or if it has been negotiated to
alternative indorsees, it may be indorsed and delivered by either of them.
A franchisor or franchisee could be a sole proprietor, a partnership, a limited liability
company, or a corporation.
A copyright is the exclusive right given by federal statutes to the creator of a literary or
an artistic work to use, reproduce, and display the work.
In a case of the sale of property, time is not regarded as of the essence when there has
not been any appreciable change in the market value or condition of the property and
when the person who delayed does not appear to have done so for the purpose of
speculating on a change in market price.
A reservation of rights is an assertion by a party to a contract that even though a
tendered performance is accepted, the right to damages for the nonconformity to the
contract is reserved.
Bart and his brother-in-law, Ted, owned a small corporation. Ted was basically an
investor, and Bart ran the entire business. As Ted became increasingly remote from
day-to-day operations, Bart began to falsify some records so that Bart could take a
greater share of the profits. This continued for years with Bart mailing falsified
financial statements to Ted. When Bart suddenly became ill, Ted was forced to assume a
greater role in the business on a temporary basis. During this time, Ted discovered the
past deceptions and sued Bart under Rule l0b-5 of the Securities Exchange Act of 1934.
Bart defended on the procedural ground that the business was local and had never been
involved in interstate transactions of any kind. Moreover, the corporation was not listed
on any stock exchange, nor did it have assets in excess of $10 million or 500 or more
shareholders. Comment on the outcome of this case.
Because administrative agencies have broad powers, they are subject to strict
procedural rules as well as disclosure requirements.
Under no-fault insurance, an insurer is obligated to pay an injured person without
regard to whose fault caused the harm.
Legal issues in cyberspace include appropriation and competition issues.
Recording statutes provide that a person purchasing land from the last holder of record
will take title free of any unrecorded claim to the land of which the purchaser does not
have notice or knowledge.
The tort of false imprisonment requires the detention of a person without his or her
consent.
A trademark is any word, name, symbol, device, or combination of these used to
identify a product.