If a buyer breaches a contract while the seller is still in possession of the goods, the
seller can resell the goods and hold the buyer liable for any loss.
Alternative dispute resolution refers to any method for resolving a dispute outside the
court system.
The UCC imposes the same rules of conduct on all parties in all circumstances.
Colby contracts in writing to sell his 2005 Dodge-brand pick-up truck to Efrem for
$10,500. Colby agrees to deliver the truck on Friday, and Efrem promises to pay the
$10,500 on the following Monday. On Thursday, Efrem tells Colby that he changed his
mind and will not buy the truck. Over the weekend, Efrem changes his mind again and
tenders $10,500 to Colby on Monday. Colby has not sold the truck to another party but
refuses the tender and refuses to deliver. Efrem claims that Colby has breached their
contract. Colby contends that Efrem’s repudiation released him from his duty to perform
under the contract. Who is correct, and why?
A contract must be in writing to be enforceable unless its performance is impossible
within one year.
It may be unethical for a company with a product that is outlawed in one country to
look elsewhere for a market.
A generic term is not protected under trademark law unless it acquires a secondary
meaning.
Pam borrows $5,000 from Quality Auto Sales to buy a car. When Pam does not pay the
loan or return the car, Quality wants to transfers the right to the payment to Rapid
Collection Agency. Rapid agrees to pay Quality for this right, but for a price that is less
than the amount owed. Can Quality transfer this right to Rapid without Pam’s consent?
If so, and Quality committed fraud in the deal with Pam, could Pam legitimately refuse
to pay Rapid? Explain.
Some promises are not legally binding.
A service mark distinguishes products used by the government.
A suggestive use of ordinary words may not be trademarked.
A party’s intent to enter into a contract is judged by their personal, subjective intent or
belief.
Pretexting is the process of obtaining information by false means.
Generally, government inspectors have the right to enter business premises without a
warrant.
Implied powers of a corporation are expressed in state statutes.
An agent’s actions must be strictly for the benefit of the principal.