The time for performance is typically essential in a contract for the sale of perishable
property.
When a court decides a new question or problem, the decision is called a precedent.
The right to cut firewood from another’s property would constitute a profit.
Alice, Betty, and Cathy are interested in forming a business venture. Alice is quite
wealthy and is ready to contribute money to the venture. Betty has a degree in business
from an excellent university, worked for five years as a manager in a major corporation,
and currently is a leadership/management consultant. Cathy is a scientist who has
developed a process that will, according to her, “revolutionize cancer treatment
throughout the world.” Alice, Betty, and Cathy believe it is in their best interest to form
a general partnership. Do you agree? Is there a more appropriate form of business you
might recommend?
When a term of an acceptance conflicts with a term of an offer but it is clear that the
parties intended to be bound by a contract, the UCC still recognizes the formation of a
contract, and the conflicting terms cancel each other and are ignored.
An express contract is one in which the agreement is shown by the acts and conduct of
the parties.
An injured party who rescinds a contract after having performed services may recover
the reasonable value of the performance rendered under restitutionary or
quasi-contractual damages.
A person has an insurable interest in property if destruction of that property would
cause a monetary or pecuniary loss to that person.
Franchise agreements frequently contain an arbitration provision under which a neutral
party is to make a final and binding determination whether there has been a breach of
the contract sufficient to justify cancellation of the franchise.
One of the main goals of the Organization of Petroleum Exporting Countries (OPEC)
was to reduce taxes from crude oil production.
Insurance is a contract by which one party for a stipulated consideration promises to
pay another party a sum of money on the destruction of, loss of, or injury to something
in which the other party has an interest, or to indemnify that party for any loss or
liability to which that party is subjected.
Some of the powers delegated to the national government still may be exercised by the
states.
A merger is subject to antitrust law, while a consolidation is not.
Fran had a very rare, and therefore expensive, automobile that she wished to sell. Fran
worried that if the first attempt at selling the auto failed, the value of the auto might
come into question. To prevent any potential loss of profit if the auto needed to be
resold, Fran created a sales contract that provided for an estimation of damages should
the contract later be breached by the potential buyer. A potential buyer was found, and
the contract was signed. Later, because of a lack of sufficient financing, the buyer
breached the sales contract. Fran requested the estimated damages provided for in the
contract. The buyer refused, calling the clause unconscionable and excessive. Can Fran
recover?
A license may be terminated at the will of the licensor.
The federal government is not subject to any type of environmental quality regulation
In a Chapter 7 bankruptcy, the debtor’s nonexempt assets are liquidated to pay debts.
When a person rents space in a locker or building under an agreement that gives the
renter the exclusive right to use that space, the placing of goods by the renter in that
space creates a bailment.
A buyer has a right to insist that all the goods be delivered at one time.
The “necessaries” of minors are precisely defined by law.