Consideration is the value given in return for a promise.
A buyer in the ordinary course of business has priority over any security interest created
by the seller.
Substantive due process focuses on the substance of legislation.
A failure to follow generally accepted accounting principles and generally accepted
auditing standards is proof of a lack of due diligence.
A suspect cannot be tried twice in the same court for the same crime.
Force majeure clauses in international business contracts commonly set forth the major
clauses of the contracts.
A business firm’s profits may suffer if the firm is not a “good corporate citizen.”
A discharge will be denied to a debtor who received a discharge within eight years of
filing the current petition.
Forbearance is the act of refraining from doing something that one has a legal right to
do.
For a party to take by adverse possession, the party’s possession must not be open,
visible, or notorious.
An assumption of risk defense does not require that a risk be voluntarily assumed.
An insurance policy is an example of a right that can be assigned.
Norwest Trucking Corporation files a suit in a state court against Bob’s Service
Company (BSC), and wins. BSC appeals the court’s decision, asserting that the
evidence presented at trial to support Norwest’s claim was so scanty that no reasonable
jury could have found for the plaintiff. Therefore, argues BSC, the appellate court
should reverse the trial court’s decision. Is the appellate court likely to reverse the trial
court’s findings with respect to the facts? If not, why not? What are an appellate court’s
options after reviewing a case?
Private offerings of securities in unlimited amounts can be exempt from the registration
requirement of the Securities Act of 1933.
In a manufacturing arrangement, a franchisor transmits to a franchisee the ingredients to
make a particular product.
Through agents, a principal can conduct multiple business operations simultaneously.
The chief aim of the European Union and other trade organizations is to minimize trade
barriers among their members.
International franchisees usually do not pay fees for the license to use a trademark or
trade name.
There are no circumstances under which a contract can be tendered by multiple
deliveries of goods.
The owner of a fee simple absolute has the right to use property for whatever purpose
he or she sees fit.