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Creditors receive an automatic 30-day temporary perfection in negotiable instruments
taken as collateral.
If questions of fact are involved, the court will decide the case based on the pleadings
alone.
Licensees are on the premises with the permission of the landowner.
Perfection can occur merely by possession of the collateral by the creditor.
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.
Morris rented an apartment in a relatively safe neighborhood of a major city. The door
to Morris' apartment had two locks, and one of these was of the deadbolt variety
designed to prevent burglaries. Morris left for work and engaged both locks. When
Morris returned from work, Morris found that a burglar had broken into the apartment
by forcibly breaking the locks. Morris sustained a substantial loss of money and
property from this burglary. Morris notified the building superintendent and the owner
who had the locks repaired. The attempted repairs were not entirely successful,
inasmuch as the locks did not properly lock on some occasions. This enabled the door
to be readily opened whenever anyone pushed against the door. Morris complained
frequently about the condition of the locks, but the owner would take no further action
regarding them. Finally, a burglar again broke into Morris' apartment, stealing
substantial sums. This time, there was no breaking of the locks. The evidence was that
the locks were not working properly at the time of the burglary. Morris sued the owner
for the losses from the two burglaries. Decide.
An employer has a 'shop right" to use an invention of an employee without payment to
the employee if the invention was made during working hours with the employer's
material and equipment.
A cause of action may not be assigned.
A seller's insurable interest in goods always terminates with the passage of the title to
the buyer.
Careless actions that result in injuries to others usually are not deemed to be torts.
An agreement by an employee to refrain from disclosing trade secrets is generally not
binding.
Whenever a contract is intended to benefit a third person, this person is referred to as a
delegator.
Thomas works for an internationally-renowned computer company. As a condition of
his employment, Thomas signed a confidentiality agreement, in which he agreed not to
disclose any trade secrets of the firm. The company has been researching a new
computer advancement, and is on the brink of introducing this product to the buying
public. Before the official product release, Thomas is considering offering information
related to this new advancement to one of his company's competitors for a price. What
categories of ethical behavior might be impacted by Thomas' decision to disclose this
information to his employer's competitor?
The filing of an involuntary bankruptcy case petition results in an order of relief.
A security interest is a property right that enables the creditor to take possession of the
property if the debtor does not pay the amount owed.
