The International Monetary Fund was established in 1945 to promote international
monetary cooperation and now has approximately 50 member countries.
Legal detriment means the obtaining by the promisor of that which he had no prior legal
right to obtain.
Stan orally agreed to sell his house to Humphrey and Humphrey made a down payment.
Humphrey wanted it ready for his family quickly, so he had a new roof put on, new
carpeting installed, and renovated the kitchen. Stan now thinks the place looks great and
has decided not to sell. A business law student told him he could refuse to sell because
the agreement was oral. Can he? Explain.
Jessica at the age of 15 entered into a contract to sell five acres of land to her uncle. She
may disaffirm this contract at any time before reaching her majority.
A partner’s receipt of notification of a fact relating to the partnership is not effective
against the other partners until the receiving partner enters the relevant fact on the
minutes at the next business meeting of the partnership.
A principal owes to any agent the same duties under tort law that the principal owes to
all parties.
An agent hired to buy gems for his principal can buy a diamond to give to his wife only
if he asks his principal first; otherwise, he has breached his fiduciary duty.
The fictitious payee rule is based on the idea that employers should bear the risk of their
own unscrupulous employees.
A commercial unit may be a set of articles, such as an assortment of sizes.
Given a transaction involving two innocent persons, the true owner and the good faith
purchaser for value, the law will not disturb the legal title but will rule in favor of the
one who has it.
In an election of directors, solicitations of proxies by a person other than the issuer must
include an annual report with a written proxy statement.
The Council on Environmental Quality is not a legislative agency.
The warranty of habitability benefits only the original purchaser of a house.
The seller’s tender of performance does not have to conform to the Code’s perfect tender
rule.
If Sharpe Finance Co. has a secured interest in Jeff’s car and Jeff is in default, in most
states Sharpe may take the car from in front of Jeff’s house without getting a court
order.
A person, who represents himself to third persons as being a partner, when in fact he is
not, may have the liability of a partner.
A shareholder may bring a derivative suit on behalf of the corporation and any recovery
usually goes to the corporation’s treasury, or a shareholder may bring a direct suit to
enforce a claim he has against the corporation based on his ownership of shares and any
recovery goes to the shareholder plaintiff.
Costs incurred to acquire a nondelivered performance from some other source are
consequential damages.
Intent, for purposes of tort law, does not require an evil or hostile motive.