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Any shareholder owning more than five (5) percent of any class of the corporation's
equity securities is statutorily defined as an insider and must file with the SEC a
disclosure statement regarding such ownership and all related transactions.
There is consideration for a partial payment by a debtor in satisfaction of a debt when
the payment is made before the debt is due.
A trustee is not permitted to profit personally from the position of trustee, other than to
receive the compensation allowed by contract or law.
A contract made by an incompetent person after a guardian has been appointed is
voidable.
The finder of lost property is usually entitled to a judicially-determined reward for
finding and caring for the property until the rightful owner reclaims it.
Individuals and corporations, but not partnerships, may be reorganized under the
Bankruptcy Code.
When the main purpose of the promisor's promise to pay the debt of another is to
benefit the promisor, the statute of frauds is not applicable, and the oral promise to pay
the debt is binding.
Under the United States Supreme Court's "doctrine of equivalents," infringers may not
avoid liability for patent infringement by substituting insubstantial differences for some
of the elements of the patented product or process.
If adequate assurance of performance is not given within five (5) business days from
the time of the demand for assurance, the demanding party may treat the contract as
repudiated.
The EPA is the primary federal agency responsible for the enforcement of
environmental laws.
Consideration is what a promisor demands and receives as the price for a promise.
Corporate securities evidenced by a certificate are negotiable.
For business crimes, managers cannot be held criminally responsible for the conduct of
their employees.
Securities acquired under a SEC Regulation D exemption from registration are
considered restricted securities, and their resale may require registration.
A deed is not effective to pass title unless it is properly recorded.
