A debtor has the option of using either federal or state exemptions; however, the 2005
Act imposes limits on the use of a state homestead exemption to the extent that the
homestead was obtained through fraudulent conversion of nonexempt assets at any time
before filing the bankruptcy petition.
A negotiation obtained by duress, mistake, or fraud is ineffective to transfer the
instrument.
Ted is informed that his eight-year-old child is shooting in the street with a .22 rifle. Ted
fails to take the gun away from the child. The child unintentionally shoots Bill, a
pedestrian. Ted is liable to Bill.
The Federal Trade Commission was created in 1968 in response to the consumer
movement of the 1960s.
A bond, which is an evidence of indebtedness, may serve as collateral.
A copyright would protect a photograph.
Horizontal privity pertains to remote sellers within the chain of distribution.
Mail fraud does not require the victim to be actually defrauded.
In the absence of agreement, payment is due at the time and place the buyer is to
receive the goods, even though the place of shipment is the place of delivery.
An act that is contrary to public policy or is morally reprehensible may constitute
duress.
In order to constitute a battery, contact need not cause physical injury.
Robert and John entered into a bilateral contract. If they agree to a rescission of the
contract while it is executory, there is a lack of consideration for the rescission.
Bearer paper runs to whomever is in possession of it.
In some states, minors are liable for contracts involving bank accounts and student
loans and cannot avoid these contracts even though they can avoid other types of
contracts.
The courts readily enforce a covenant not to compete during the period of employment.
All conversions of personal property are trespasses, but not all trespasses to personal
property are conversions.
A proxy is effective until the shareholder revokes it.
A few states provide by statute that the parties need to provide no new consideration
when modifying any contract.
Constructive notice of termination of an agency may not occur by mere publication in a
newspaper.
Brad doesn’t like Rob and especially dislikes Rob’s new felt hat, so he intentionally
knocks it off Rob’s head in order to embarrass Rob. Brad has committed a battery.