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A written stop payment order is valid for only thirty days.
Confiscation occurs when a government seizes private property for an illegal purpose or
without just compensation.
A buyer who obtains substitute goods to replace goods that a seller did not deliver can
also recover damages from the seller.
A corporation cannot be formed without a profit-making purpose.
Whistleblower statutes protect employers who report their employee' wrongdoing.
A promise that an employer makes in an employee handbook regarding discharge will
not be considered part of an implied contract.
A joint venturer can be held personally liable for the venture's debts.
A credit-card company is not required to provide advance notice to consumers before
changing credit-card terms.
Efrem owns Fans & Players, a retail sporting goods shop. When Great Hill Lodge, a
new ski resort, is built in the area, Efrem decides to expand and borrows a large sum
from Hometown Bank. The bank takes a security interest in Efrem's present inventory
and any after-acquired inventory as collateral for the loan. The bank properly perfects
the security interest by filing a financing statement. Efrem's business is profitable, and
he begins doubling his inventory. A year later, an avalanche destroys the ski slope and
lodge. Efrem's business takes a turn for the worse, and he defaults on his debt to the
bank. The bank seeks possession of his entire inventory, even though the inventory is
twice as large as it was when the loan was made. Efrem claims that the bank has rights
to only half of his inventory. Is Efrem correct? Explain.
Many different laws may apply to a single business transaction.
Only a statement made after a contract is entered into can be an express warranty.
An employee who is fired outside of the terms of an implied employment contract may
succeed in an action for breach of contract.
"Blue sky laws" regulate securities data stored in cloud computing servers.
Employers that fall under the provisions of the Federal Unemployment Tax Act of 1935
are taxed at regular intervals.
Owen plans to open Owen's Pets Store, a pet sales and pet supplies outlet, and to hire
Quimby and Ruth. Owen will invest only his own money. He does not expect to make
any profit for at least two years and to make almost no profit for the first three years,
but he hopes to expand eventually. Which form of business organization would be most
appropriate? What are the chief characteristics, advantages, and disadvantages of this
form of business organization? If Owen wants to obtain additional capital to expand the
business, but does not want to lose control of the firm, what is his best option?
A principal owes an agent a duty of compensation.
Those who knowingly violate the Clean Air Act are exempt from criminal penalties.
If a party to a franchise contract fails to perform, he or she may be subject to a suit for
breach of contract.
A tenant cannot withhold rent for any reason.
