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Quasi-contractual liability will generally be imposed when the cost of performing a
contract is greater than had been expected.
A cured transaction is a pledge of property by the buyer-debtor that enables the seller to
take possession of the goods if the buyer fails to pay the amount owed.
The states may coin money as long as it is backed by gold.
Subject to statutory restrictions, parties are free to make an employment contract on any
terms that they wish.
Individuals can seek criminal and civil penalties against those who violate consumer
protection statutes.
The government can regulate not just businesses, but also business competition and
prices.
A gift is a free transfer of the title to property.
Contract provisions that limit the remedies of the parties are generally unenforceable.
Executives can be convicted on the basis that something went wrong at their company.
A manufacturer with distributors in New York City may give its newer distributors free
advertising and other services to help them compete with the distributors who have
been doing business for a number of years and have become firmly established.
An action for breach of warranty generally must be brought within three (3) years of the
breach.
The use of letters of credit arose in international trade.
"Preemption" means that the federal regulatory scheme is controlling.
A security interest needs to be perfected, whether or not there are competing claims for
the collateral.
If the offeree purports to accept an offer but in so doing makes any change to the terms
of the offer, such action is a counteroffer that rejects the original offer.
