Labels on vegetables and fruits are not required to indicate where the food originated.
Buying or selling securities on the basis of nonpublic information is illegal only if the
profit from the transaction is unreasonable.
During a storm on Blue Lake, a boat sinks, but its owner Cappy survives. Cappy plans
to return to the site of wreck to salvage its equipment and his possessions, but he
delays. Meanwhile, Dick, an amateur diver, discovers the wreck and strips it clean of
useful items. Cappy learns of the recovery and files a suit against Dick, claiming that
the items are his. Dick responds that the sunken boat was abandoned and therefore he
has good title to everything to which he took possession. What is the court likely to
rule, and why?
Stare decisis is a doctrine obligating judges to help persons who have failed to protect
their own rights.
Quasi contract allows a court to act as if a contract exists when there is no contract.
A limited liability company must be managed by non-member managers.
In a limited liability partnership, a partner can be exempt from personal liability for the
malpractice of other partners.
A buyer who obtains substitute goods to replace goods that a seller did not deliver can
also recover damages from the seller.
An agency relationship can only be formed with a written agreement.
To take goods free of any security interest, a buyer in the ordinary course of business
cannot know about the interest.
Most contracts need to be performed only to the satisfaction of a reasonable person
unless they expressly state otherwise.
In mediation, the mediator proposes a solution that includes what compromises are
necessary to reach an agreement.
A will must normally be attested to by two or three witnesses.
An assignee’s rights are subject to the defenses that the obligor has against the assignor.
There can be no satisfaction unless there is first an accord.