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The living Constitution has as a characteristic a strong president.
The coverage of the Personal Auto Policy (PAP) is limited to claims arising from the
"use and operation" of an automobile.
The Sherman Act applies only to buying and selling activities, not manufacturing and
production activities.
Under the "known-user" rule, it is sufficient if a user is a member of a known class,
even if the identity of the particular user is not known to the accountant.
Every limited partnership must have at least one general partner.
Suretyship is a pledge to pay one's own debts and obligations.
Under a freehold estate, a person owns property only for a specified number of years.
In most states contracts of guaranty do not have to be in writing to be enforceable.
In order for a bailment to be valid, the bailor must be the owner of the subject property.
When parties are not equally guilty, the least guilty party is granted relief when it is in
the public interest.
The statute of frauds applies to promises to answer for another party's debt, but does not
apply to a promise to answer for another party's default.
Customs and trade usage can override the express provisions of a contract.
In applying the stakeholder model of business ethics, only the interests of important
constituencies affected by an action need to be satisfied.
In performing agency duties, the agent must exercise the care that a reasonably prudent
person would exercise under the same circumstances.
The Bill of Rights provides protection for corporations.
The object of zoning is to ensure an orderly physical development of the geographic
area that is regulated.
An auto manufacturer is excused from liability if it can be shown the defect was in a
component part purchased from a manufacturer.
Embezzlement involves fraud.
Article 3 of the UCC establishes a four year statute of limitations for most actions
involving negotiable instruments.
Drawers are secondary parties on a note.
