The authority of an agency is limited to the technology in existence at the time the
agency was created.
The Robinson-Patman Act guarantees a seller the right to refuse to deal with anyone for
any reason or purpose.
In a complex funds transfer, an intermediary bank may receive and transmit the
payment order.
Workers’ compensation statutes provide the exclusive remedy for employees who are
covered by such statutes and who suffer job-related injuries.
If an employment contract provides that an employee can be fired only for “good cause”
or “just cause,” a lesser standard for discharge such as the employment-at-will doctrine
will not be allowed by a court.
Unfortunately, there is no evidence that commitment to ethical values is linked with
financial performance of business organizations.
The parol evidence rule generally precludes testimony that would contradict a complete
written contract.
The law gives certain holders of a negotiable instrument a preferred standing by
protecting them from all defenses when they sue to collect payment.
The authority of corporate employees and other officers is generally limited to the
duties of their offices.
The assignment of a lease discharges the original tenant from the duty to pay rent.
A promise to make a gift is enforceable.
The Sarbanes-Oxley Act (SOX) made minor adjustments to penalties and prison
sentences for executives of companies.
At common law, a tenancy by entirety or a tenancy by the entireties is created when
property is transferred to both husband and wife.
When a party expressly declares before the time for performance arrives that the
contract will not be performed, such a declaration is called an anticipatory repudiation.
In an administrative hearing, an administrative law judge hears the complaint and has
the authority to swear witnesses, take testimony, make evidentiary rulings, and make a
decision to recommend to the administrative agency heads for action.
A contract for the sale of shares must be evidenced in writing.
After the expiration of the incontestability period of a life insurance policy, the insurer
must pay the face amount of the policy when the insured dies and cannot claim that in
obtaining the policy, the insured had been guilty of misrepresentation, fraud, or any
other conduct that would entitle it to avoid the contract of insurance.
A holder is also known as an assignee of the paper
Because transfer of value is essential to a valid contract, contracts cannot arise in the
performance of personal services.