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What are the requisite elements of fraud?
Al owns a farm that he believes is worth $150,000. Betty knows that there is oil under
the farm and offers Al $160,000 for it. Al is suspicious and asks her why she wants to
buy the place. She says she would like to live in the country. Al then asks her if she
thinks there might be valuable minerals under the land. Betty laughs and says she
doubts that very much, so Al sells her the farm for $160,000. Al later realizes that the
land was worth more than he was paid. Betty's statement to Al was a misrepresentation
requisite for fraud.
A party to a contract that is unenforceable because of the statute of frauds may be able
to recover in restitution the benefits conferred on the other party in reliance on the
unenforceable contract.
Restitution is available as an alternative remedy for a party's repudiation of the contract.
General partnerships are frequently used in finance, accounting, real estate, and law.
Pointing an unloaded gun at someone who believes it is loaded and threatening to shoot
constitutes an assault.
Discharge of liability on an instrument is final; it cannot be revived.
The SEC has adopted rules requiring an issuer's chief executive and chief financial
officers to certify the financial and other information contained in the issuer's annual
and quarterly reports.
An implied contract is as enforceable as an express contract.
Widget Maker, Inc. manufactures and sells widgets. It sells widgets to Marklin of
Marklin's Department Store and gives him a preference in pricing that discriminates
against other retailers. Does Marklin have liability for price discrimination? Does
Widget Maker, Inc. have liability for price discrimination? Explain.
A lease for office space is considered to be personal property.
Members of the board of directors may not determine their own compensation.
If there is a novation, the original promisor remains liable to the original promisee if the
new promisor fails to perform.
The requirements for negotiation are the same for both order paper and bearer paper.
A promise to pay $1,000 a year to a local police officer to not have your store
vandalized is legally unenforceable under the rule that makes performance of a
pre-existing legal obligation legally insufficient consideration.
List and discuss the essential elements of a contract.
The seller has an insurable interest in goods even though he no longer owns them if he
continues to retain a security interest in them.
Bonds are not included in the definition of the term 'security."
Georgia's company may lawfully discover Samantha's company's trade secrets if
Samantha's company fails to take reasonable precautions to protect their trade secrets.
A finance lease is a special type of lease transaction that generally involves three parties
instead of two.
